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Investor Psychology and Economic Analysis
To order this title, and for more information, click here
By
Mark Hirschey, University of Kansas, Lawrence, U.S.A.
Description
The contribution of research and development to a company's market value has grown considerably in recent years. In the mid-1970s, accountants
were able to capture on their ledgers 90-95% of a firm's book value, but by 2000 the importance of intangible assets had grown to the
point where they could account for only 13-15%. Financial economists and accountants have investigated the link between a firm's market
value and its R&D spending, and various factions advocate a variety of positions on the amount and rate of investment, investors' ability
to capture returns on that investment, and ways to measure value, investment, and returns.
'Tech Stock Valuation' extends the R&D literature
by providing detailed direct evidence on the market value implications of inventive and innovative output. Specifically, the book demonstrates
that stock-price effects of patent output are most pronounced in the case of of high-quality patents, where patent quality is measured
by scientific merit. Scientific measures of patent quality give tech stock investors and R&D managers a valuable new tool that can be
used to measure R&D program effectiveness. At the same time, it gives investors a new tool to help them assess the value of hard-to-measure
intangible assets.
Audience
Professionals working in finance and accounting; investment professionals and industry analysts who work for companies that engage in
research and development; MBA students; economists working in industrial organizations, microeconomics, and contract theory.
Contents
Making Sense of the Market Environment; What Caused the Tech Bubble? Investment Advice on the Internet; A Dissertation on Tulips and AOL;
The Crash of 2000-2002; Making Sense of Company Valuation; Stock-Price Effects of R&D Expenditures; Valuation Effects of Patent Quality;
Goodwill Write-off Decisions; Shark Repellents and R Corporate Governance and the Legal Environment.
| Bibliographic details |
Hardbound, 271 pages, publication date: JUN-2003
ISBN-13: 978-0-12-349704-8
ISBN-10: 0-12-349704-3
Imprint: ACADEMIC PRESS
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| Price and Ordering |
Price:
EUR 75.95
USD 94.95
GBP 64
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Last update: 4 Sep 2009
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