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Value of intangibles arising from R&D activities

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Author Info

  • Ana Maria Bandeira

    ()
    (Instituto Superior de Contabilidade e Administração do Porto, EDGE and Faculdade de Economia da Universidade do Porto)

  • Óscar Afonso

    ()
    (CEF.UP, OBEGEF and Faculdade de Economia, Universidade do Porto, Portugal)

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    Abstract

    This paper develops an empirical approach using econometric techniques for panel data which aims to contribute to the reduction/elimination of the deviation between the book and market value of firms. Based on 20 of the firms with the largest number of patents granted between 1996 and 2006, the results show that: (i) the increase in the return on equity following from an increase in the share of investment in R&D is greater in the long run; (ii) there is a positive relationship between the results (and the value of firms) and R&D activities; (iii) by updating the additional periodical results generated by investment in R&D, the present value of the intangible asset can be determined.

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    File URL: http://www.fep.up.pt/investigacao/workingpapers/10.04.27_wp372.pdf
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    Bibliographic Info

    Paper provided by Universidade do Porto, Faculdade de Economia do Porto in its series FEP Working Papers with number 372.

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    Length: 34 pages
    Date of creation: Apr 2010
    Date of revision:
    Handle: RePEc:por:fepwps:372

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    Related research

    Keywords: R&D; Financial information; Value of intangibles; Market value; Panel Data;

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