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Intangible capital in the pharmaceutical & chemical industry

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Author Info
Gleason, Katherine I. (University of New Orleans)
Klock, Mark S. (George Washington University)

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Abstract

We investigate whether measures of intangible capital based on advertising and R&D can explain variation in Tobin’s Q ratio for the pharmaceutical & chemical industry using data from 1982 to 2001. The study is motivated by prior literature studying this relation in other industries, recent literature investigating intangible capital in this industry, and the larger controversy about whether stock valuations have been high due to irrational investors or large investment in intangible capital. We find that our measures of intangible capital are statistically significant determinants of Tobin’s Q and explain twenty percent of the variation in our sample.

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Publisher Info
Paper provided by University of New Orleans, Department of Economics and Finance in its series Working Papers with number 2003-04.

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Length: 21 pages
Date of creation: 15 Feb 2003
Date of revision:
Handle: RePEc:uno:wpaper:2003-04

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Postal: New Orleans, Louisiana 70148
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Related research
Keywords: Intangibles; Research and Development (R&D); Advertising; Chemicals; Pharmaceuticals;

Find related papers by JEL classification:
G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)

References listed on IDEAS
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  1. Lustgarten, Steven & Thomadakis, Stavros, 1987. "Mobility Barriers and Tobin's q," Journal of Business, University of Chicago Press, vol. 60(4), pages 519-37, October. [Downloadable!] (restricted)
  2. Griliches, Zvi, 1981. "Market value, R&D, and patents," Economics Letters, Elsevier, vol. 7(2), pages 183-187. [Downloadable!] (restricted)
    Other versions:
  3. 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:
  4. Shane, Hilary & Klock, Mark, 1997. " The Relation between Patent Citations and Tobin's Q in the Semiconductor Industry," Review of Quantitative Finance and Accounting, Springer, vol. 9(2), pages 131-46, September. [Downloadable!] (restricted)
  5. Megna, Pamela & Klock, Mark, 1993. "The Impact on Intangible Capital on Tobin's q in the Semiconductor Industry," American Economic Review, American Economic Association, vol. 83(2), pages 265-69, May. [Downloadable!] (restricted)
  6. Martin Neil Baily & Robert Z. Lawrence, 2001. "Do We Have a New E-conomy?," American Economic Review, American Economic Association, vol. 91(2), pages 308-312, May. [Downloadable!] (restricted)
  7. 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. [Downloadable!] (restricted)
  8. Kee H. Chung & Stephen W. Pruitt, 1994. "A Simple Approximation of Tobin's q," Financial Management, Financial Management Association, vol. 23(3), Fall.
  9. White, Halbert, 1980. "A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity," Econometrica, Econometric Society, vol. 48(4), pages 817-38, May. [Downloadable!] (restricted)
  10. Megna, Pamela & Mueller, Dennis C, 1991. "Profit Rates and Intangible Capital," The Review of Economics and Statistics, MIT Press, vol. 73(4), pages 632-42, November. [Downloadable!] (restricted)
  11. Martin N. Baily & Robert Lawrence, 2001. "Do We Have A New E-Conomy?," NBER Working Papers 8243, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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