Title:
Modelling stock market performance of firms as a function of the quality and quantity of intellectual property owned
Modelling stock market performance of firms as a function of the quality and quantity of intellectual property owned
dc.contributor.advisor | Hicks, Diana | |
dc.contributor.advisor | Rouse, William B. | |
dc.contributor.author | Chauhan, Lokendra Pratap Singh | en_US |
dc.contributor.committeeMember | Bodner, Douglas | |
dc.contributor.department | Public Policy | en_US |
dc.date.accessioned | 2007-08-16T17:51:47Z | |
dc.date.available | 2007-08-16T17:51:47Z | |
dc.date.issued | 2007-07-12 | en_US |
dc.description.abstract | This thesis attempts to analyze a part of the big and complex process of how intellectual property ownership and technological innovation influence the performance of firms and their revenues. Here I analyze a firm's stock market performance as a function of the quantity and quality of intellectual property (patents) owned by the firm in context of the three US high-technology sectors, Pharmaceuticals, Semiconductors and Wireless. In these sectors, value of a firm is predominantly driven by the technologies which a firm owns. I use citation based indicators and number of claims to measure the quality of patents. This research presents empirical evidence for the hypothesis that in high-tech sectors, companies which generate better quality intellectual property perform better than average in the stock market. I also posit that firms which are producing better quality technologies (good R&D) invest more in R&D regardless of their market performance. Furthermore, though smaller firms get relatively less returns on quality and quantity of innovation, they tend to invest a bigger fraction of their total assets in R&D when they are generating high quality patents. Larger firms enjoy the super-additivity effects in terms of market performance as the same intellectual property gives better returns to them. In addition, returns to R&D are relatively higher in the pharmaceutical industry than semiconductor or wireless industries. | en_US |
dc.description.degree | M.S. | en_US |
dc.identifier.uri | http://hdl.handle.net/1853/16218 | |
dc.publisher | Georgia Institute of Technology | en_US |
dc.subject | Intangible assets | en_US |
dc.subject | Citations | en_US |
dc.subject | Returns to R & D | en_US |
dc.subject | Lagged returns | en_US |
dc.subject | Patents | en_US |
dc.subject | IP valuation | en_US |
dc.subject | Patent analysis | en_US |
dc.subject | Tobin's Q | en_US |
dc.subject | Patent claims | en_US |
dc.title | Modelling stock market performance of firms as a function of the quality and quantity of intellectual property owned | en_US |
dc.type | Text | |
dc.type.genre | Thesis | |
dspace.entity.type | Publication | |
local.contributor.advisor | Hicks, Diana | |
local.contributor.advisor | Rouse, William B. | |
local.contributor.corporatename | School of Public Policy | |
local.contributor.corporatename | Ivan Allen College of Liberal Arts | |
relation.isAdvisorOfPublication | 678b9e3a-57a5-4b20-9e48-2bc2cf7b8dff | |
relation.isAdvisorOfPublication | ff24ae0c-679c-4011-92cb-a6f54955ecf4 | |
relation.isOrgUnitOfPublication | a3789037-aec2-41bb-9888-1a95104b7f8c | |
relation.isOrgUnitOfPublication | b1049ff1-5166-442c-9e14-ad804b064e38 |
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