This file is part of IDEAS, which uses RePEc data


[ Papers | Articles | Software | Books | Chapters | Authors | Institutions | JEL Classification | NEP reports | Search | New papers by email | Author registration | Rankings | Volunteers | FAQ | Blog | Help! ]

Intangible Assests and Market Value: Evidence from Biotechnology Firms

Author info | Abstract | Publisher info | Download info | Related research | Statistics
Author Info
Lionel Nesta () (SPRU, University of Sussex)
Pier-Paolo Saviotti (Institut National de la Recherche Agronomique, University Pierre Mendès)

Additional information is available for the following registered author(s):

Abstract

We examine the relationship between the characteristics of the firms' knowledge base in terms of knowledge capital and knowledge integration and the stock market value of 99 firms active in biotechnology during the nineties. Panel data regression models show that our measure of knowledge integration better explains the variance of a firm's market value than the more conventional variable of knowledge capital. This econometric relationship becomes stronger as the technology cycle reaches more mature phases. Meanwhile, profitable and research-intensive firms reach higher levels of market value.

Download Info
To download:

If you experience problems downloading a file, check if you have the proper application to view it first. Information about this may be contained in the File-Format links below. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL: http://www.sussex.ac.uk/Units/spru/publications/imprint/sewps/sewp87/sewp87.pdf
File Format: application/pdf
File Function:
Download Restriction: no

Publisher Info
Paper provided by University of Sussex, SPRU - Science and Technology Policy Research in its series SPRU Electronic Working Paper Series with number 87.

Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Length: 28 pages
Date of creation: 01 Jun 2003
Date of revision:
Handle: RePEc:sru:ssewps:87

Contact details of provider:
Postal: The Freeman Centre, Brighton, East Sussex, BN1 9QE
Phone: +44 (0)1273 686758
Fax: +44 (0)1273 685865
Email:
Web page: http://www.sussex.ac.uk/spru/
More information through EDIRC

For technical questions regarding this item, or to correct its listing, contact: (Julie Fletcher).

Related research
Keywords: Knowledge integration; intangible assets; market value; biotechnology; GMM.;

Find related papers by JEL classification:
G12 - Financial Economics - - General Financial Markets - - - Asset Pricing
O31 - Economic Development, Technological Change, and Growth - - Technological Change - - - Innovation and Invention: Processes and Incentives
L65 - Industrial Organization - - Industry Studies: Manufacturing - - - Chemicals; Rubber; Drugs; Biotechnology

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Bronwyn H. Hall, Adam Jaffe and Manuel Trajtenberg., 2000. "Market Value and Patent Citations: A First Look," Economics Working Papers E00-277, University of California at Berkeley. [Downloadable!]
    Other versions:
  2. Scott, John T & Pascoe, George, 1987. "Purposive Diversification of R and D in Manufacturing," Journal of Industrial Economics, Blackwell Publishing, vol. 36(2), pages 193-205, December. [Downloadable!] (restricted)
  3. Robert E. Hall, 2001. "The Stock Market and Capital Accumulation," American Economic Review, American Economic Association, vol. 91(5), pages 1185-1202, December. [Downloadable!] (restricted)
    Other versions:
  4. 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, vol. 78(2), pages 419-23, May. [Downloadable!] (restricted)
    Other versions:
  5. 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, vol. 76(5), pages 984-1001, December. [Downloadable!] (restricted)
    Other versions:
  6. Breschi, Stefano & Lissoni, Francesco & Malerba, Franco, 2003. "Knowledge-relatedness in firm technological diversification," Research Policy, Elsevier, vol. 32(1), pages 69-87, January. [Downloadable!] (restricted)
  7. Lionel Nesta & Pier Paolo Saviotti, 2005. "COHERENCE OF THE KNOWLEDGE BASE AND THE FIRM'S INNOVATIVE PERFORMANCE: EVIDENCE FROM THE U.S. PHARMACEUTICAL INDUSTRY -super-* ," Journal of Industrial Economics, Blackwell Publishing, vol. 53(1), pages 123-142, 03. [Downloadable!] (restricted)
  8. Connolly, Robert A. & Hirschey, Mark, 1988. "Market value and patents : A Bayesian approach," Economics Letters, Elsevier, vol. 27(1), pages 83-87. [Downloadable!] (restricted)
  9. Pakes, Ariel, 1985. "On Patents, R&D, and the Stock Market Rate of Return," Journal of Political Economy, University of Chicago Press, vol. 93(2), pages 390-409, April. [Downloadable!] (restricted)
  10. Teece, David J. & Rumelt, Richard & Dosi, Giovanni & Winter, Sidney, 1994. "Understanding corporate coherence : Theory and evidence," Journal of Economic Behavior & Organization, Elsevier, vol. 23(1), pages 1-30, January. [Downloadable!] (restricted)
Full references

Statistics
Access and download statistics

Did you know? IDEAS uses the data collected within the RePEc project, the largest online bibliographic database in Economics.

This page was last updated on 2009-11-15.

This information is provided to you by IDEAS at the Department of Economics, College of Liberal Arts and Sciences, University of Connecticut using RePEc data on a server sponsored by the Society for Economic Dynamics.