Intellectual property and the valuation of biotechnology

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Intellectual property and the valuation of biotechnology

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Elli Malki (Financial-Tip)

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Elli Malki

Abstract

The role of intellectual property (IP) as an important value determinant is widely recognized. This article tries to quantify the role of IP in companies valuation by comparing a sample of biotechnology companies (46 companies included in the Genetic Engineering News Index:GEN-Dex) to the companies included in the Dow Jones Index. Conventional wisdom suggests that the biotechnology sector derives more significant portion of its value from IP. The article proposes a new measure for the significance of IP in the determination of value, which is named the IP Intensity (IPI). Comparison of the distribution of IPI in the two samples demonstrates that this measure is a useful tool for the analysis of value determination.

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Paper provided by EconWPA in its series Finance with number 9709002.

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Date of creation: 25 Sep 1997
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Handle: RePEc:wpa:wuwpfi:9709002

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Find related papers by JEL classification:
G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
G12 - Financial Economics - - General Financial Markets - - - Asset Pricing
K11 - Law and Economics - - Basic Areas of Law - - - Property Law
L65 - Industrial Organization - - Industry Studies: Manufacturing - - - Chemicals; Rubber; Drugs; Biotechnology
M21 - Business Administration and Business Economics; Marketing; Accounting - - Business Economics - - - Business Economics
M40 - Business Administration and Business Economics; Marketing; Accounting - - Accounting - - - General
O34 - Economic Development, Technological Change, and Growth - - Technological Change - - - Intellectual Property Rights

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Elli Malki, 1997. "Intellectual Property Intensity (IPI) and the Value-Growth Effect," Finance 9711002, EconWPA. [Downloadable!]

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