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Innovation and Market Value

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Author Info

  • Hall, B.H.

Abstract

This paper surveys recent findings about how the financial markets value the knowledge assets of publicly traded firms. The motivation for using market value equation to price knowledge assets is discussed and the theory behind this equation is briefly presented. Then the empirical literature that relates Tobin's q to R&D and patent measures is surveyed and new results based on the US data through 1995 are presented.

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Bibliographic Info

Paper provided by Economics Group, Nuffield College, University of Oxford in its series Economics Papers with number 1999-w3.

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Length: 34 pages
Date of creation: 1999
Date of revision:
Handle: RePEc:nuf:econwp:1999-w3

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Web page: http://www.nuff.ox.ac.uk/economics/

Related research

Keywords: FINANCIAL MARKET ; INNOVATIONS ; PRICES;

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References

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  1. Bronwyn H. Hall., 1999. "Innovation and Market Value," Economics Working Papers, University of California at Berkeley E99-265, University of California at Berkeley.
  2. Bronwyn H. Hall and Fumio Hayashi., 1989. "Research and Development as an Investment," Economics Working Papers, University of California at Berkeley 89-108, University of California at Berkeley.
  3. Thompson, Peter, 1996. "Technological Opportunity and the Growth of Knowledge: A Schumpeterian Approach to Measurement," Journal of Evolutionary Economics, Springer, Springer, vol. 6(1), pages 77-97, February.
  4. White, Fred C., 1995. "Valuation Of Intangible Capital In Agriculture," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, Southern Agricultural Economics Association, vol. 27(02), December.
  5. Bronwyn H. Hall & Robert E. Hall, 1993. "The Value and Performance of U.S. Corporations," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 24(1), pages 1-50.
  6. Jaffe, Adam B, 1986. "Technological Opportunity and Spillovers of R&D: Evidence from Firms' Patents, Profits, and Market Value," American Economic Review, American Economic Association, American Economic Association, vol. 76(5), pages 984-1001, December.
  7. Griliches, Zvi, 1981. "Market value, R&D, and patents," Economics Letters, Elsevier, Elsevier, vol. 7(2), pages 183-187.
  8. Cockburn, Iain & Griliches, Zvi, 1988. "Industry Effects and Appropriability Measures in the Stock Market's Valuation of R&D and Patents," American Economic Review, American Economic Association, American Economic Association, vol. 78(2), pages 419-23, May.
  9. Trajtenberg, Manuel, 1989. "The Welfare Analysis of Product Innovations, with an Application to Computed Tomography Scanners," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 97(2), pages 444-79, April.
  10. Pakes, Ariel, 1985. "On Patents, R & D, and the Stock Market Rate of Return," Scholarly Articles 3436409, Harvard University Department of Economics.
  11. Dietmar Harhoff & Francis Narin & Frederic M. Scherer & Katrin Vopel, 1997. "Citation Frequency and the Value of Patented Innovation," CIG Working Papers, Wissenschaftszentrum Berlin (WZB), Research Unit: Competition and Innovation (CIG) FS IV 97-26, Wissenschaftszentrum Berlin (WZB), Research Unit: Competition and Innovation (CIG).
  12. Michael C. Jensen, 2010. "The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems," Journal of Applied Corporate Finance, Morgan Stanley, Morgan Stanley, vol. 22(1), pages 43-58.
  13. Fisher, Franklin M & McGowan, John J, 1983. "On the Misuse of Accounting Rates of Return to Infer Monopoly Profits," American Economic Review, American Economic Association, American Economic Association, vol. 73(1), pages 82-97, March.
  14. Megna, Pamela & Klock, Mark, 1993. "The Impact on Intangible Capital on Tobin's q in the Semiconductor Industry," American Economic Review, American Economic Association, American Economic Association, vol. 83(2), pages 265-69, May.
  15. Manuel Trajtenberg, 1990. "A Penny for Your Quotes: Patent Citations and the Value of Innovations," RAND Journal of Economics, The RAND Corporation, vol. 21(1), pages 172-187, Spring.
  16. Austin, David H, 1993. "An Event-Study Approach to Measuring Innovative Output: The Case of Biotechnology," American Economic Review, American Economic Association, American Economic Association, vol. 83(2), pages 253-58, May.
  17. Lev, Baruch & Sougiannis, Theodore, 1996. "The capitalization, amortization, and value-relevance of R&D," Journal of Accounting and Economics, Elsevier, Elsevier, vol. 21(1), pages 107-138, February.
  18. Zvi Griliches & Bronwyn H. Hall & Ariel Pakes, 1988. "R&D, Patents, and Market Value Revisited: Is There Evidence of A SecondTechnological Opportunity Related Factor?," NBER Working Papers 2624, National Bureau of Economic Research, Inc.
  19. Connolly, Robert A & Hirsch, Barry T & Hirschey, Mark, 1986. "Union Rent Seeking, Intangible Capital, and Market Value of the Firm," The Review of Economics and Statistics, MIT Press, vol. 68(4), pages 567-77, November.
  20. Sundaram, Anant K. & John, Teresa A. & John, Kose, 1996. "An empirical analysis of strategic competition and firm values The case of R&D competition," Journal of Financial Economics, Elsevier, Elsevier, vol. 40(3), pages 459-486, March.
  21. Connolly, Robert A. & Hirschey, Mark, 1988. "Market value and patents : A Bayesian approach," Economics Letters, Elsevier, Elsevier, vol. 27(1), pages 83-87.
  22. Blundell, Richard & Griffith, Rachel & van Reenen, John, 1999. "Market Share, Market Value and Innovation in a Panel of British Manufacturing Firms," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 66(3), pages 529-54, July.
  23. Hirschey, Mark, 1985. "Market Structure and Market Value," The Journal of Business, University of Chicago Press, University of Chicago Press, vol. 58(1), pages 89-98, January.
  24. Fumio Hayashi & Tohru Inoue, 1990. "The Relation Between Firm Growth and Q with Multiple Capital Goods: Theory and Evidence from Panel Data on Japanese Firms," NBER Working Papers 3326, National Bureau of Economic Research, Inc.
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