106 research outputs found
Chance and Competitive Advantage
No full textChance or randomness as a mechanism to induce performance heterogeneity among originally homogeneous firms has recently been introduced to the resource-based view of the firm. In this paper, we demonstrate how chance can engender variation in performance among initially identical firms even in the absence of firm-level capability differences. Departing from the positional school of strategy, we show how and when firms in systemic industries benefit from the chance of staking positions vis-à-vis competitors in complex technology landscapes. Expectedly, the chance of making choices early and repeatedly increases a firm’s profitability. Also, the value of repeated chance is higher during the early stages of an industry’s evolution than during its later phases. Importantly, however, this latter effect is exacerbated by increases in competition
Engineering Java 7's Dual Pivot Quicksort Using MaLiJan
No full textWild S, Nebel M, Reitzig R, Laube U. Engineering Java 7's Dual Pivot Quicksort Using MaLiJan. In: Proceedings of the 15th Meeting on Algorithm Engineering and Experiments, ALENEX 2013, New Orleans, Louisiana, USA, January 7, 2013. Philadelphia, PA: Society for Industrial and Applied Mathematics; 2013: 55--69
Who do you trust while Shares are on a Roler-Coaster Ride? Balance Sheet and Patent Data as Sources of Investor Information During Volatile Market Times
No full textWe originally investigate the comparative usefulness of patent data as a source of investor information depending on the market cycle (bull/bear market). Based on comprehensive data for firms listed on German exchanges between 1997 and 2002, we demonstrate that patent data contain complementary explanatory power to accounting data irrespective of the standard used to prepare the financial statement (German GAAP, IAS and US GAAP). Moreover, we provide original evidence that only patent data are able to provide plausible investor information in both bull-market and bear-market periods, whereas accounting information overvalues intangible assets in bull markets and undervalues them in bears.Investor information, market value, patents
Comparing the value revelance of R&D reporting in Germany: standard and selection effects
No full textOn the basis of accounting and market data for firms and groups listed on German stock exchanges between 1997 and 2003, we show that the value relevance of R&D information under German accounting standards can be superior to that provided by US-GAAP and IAS. The results, obtained while dynamically controlling for partial freedom of firms to choose a standard in a modified Q model, show that the risk of IAS/US-GAAP misinforming investors during "bear market" periods is more relevant than their comparative advantage over the prudence principle of the German Commercial Code in "bull market" periods. Using the approach chosen for this study, it is possible not only to draw a clear dividing line between standard and selection effects but also to disentangle them along theoretical lines more clearly than in earlier studies. --Accounting standards,standard selection,R&D,value relevance,Germany
The private values of 'thickets' and 'fences': towards an updated picture of the use of patents across industries
No full textOn the basis of a novel data set of 612 European patents and related inventions from five different industries, it is shown that multiple patents per invention are filed in both discrete and complex technologies. Multivariate analysis of the data suggests that in selected discrete technologies, patent 'fences' may serve to exclude competitors whereas in complex technologies, 'thickets' represent exchange forums for complementary technology. The results expand on traditional views of profitable patent exploitation across industries and elaborate on the most recent findings by Cohen et al. (Cohen, W.M., Nelson, R.R. and Walsh, J.P. (2000) Protecting Their Intellectual Assets: Appropriability Conditions and Why U.S. Manufacturing Firms Patent (or not). Cambridge, MA: NBER.) The analysis suggests that different legislative issues arise from multiple patenting per innovation in complex and discrete technologies depending on the degree of technological complementarity. The results have unexpected policy implications in that they illustrate how patentees could eliminate competition in the form of substitute technologies through fencing. They have wide managerial implications regarding the valuation of patent portfolios and the design of corporate IP strategies.Patent thicket, Patent fence, Invention value, Patent use, Patenting strategies,
Valuing Patents and Patent Portfolios from a Corporate Perspective: Theoretical Considerations, Applied Needs and Future Challenges
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