1,721,071 research outputs found
The valuation of patent real options — An analysis using patent- and firm-level datasets
No full textThis paper presents a novel methodology for patent valuation that combines the real option approach with the Tobin's q market value model of the firm. Econometric evidence is provided in support of this view, using datasets regarding patents as well as those regarding firms
Combining Large Datasets of Patents and Trademarks
No full textUsing the STATA entity names in patents and trademarks have been linked by the means of a matching algorithm which accounts for differences due to the position of the same word between otherwise identical strings. In particular, I have taken into the consideration the string similarity J index proposed by Thoma, Torrisi, Gambardella, Guellec, Hall and Harhoff (2010), which computes the fraction of common words after breaking up the strings into words at the blank spaces. ../..
EPO patent applications during 2021
No full textEPO patent applications during 2021 parsed from the EBD weekly files in XML ST36 format. The database contains bibliographic data of all new EPO patent applications and specifications
Market valuation of international patenting using a real option approach: the moderating role of uncertainty
No full textThe article assesses the option value embedded in a firm’s patent assets relying on the Tobin's q market value model. In particular, novel empirical evidence on the market valuation of patent strategies is provided with regard to the universe of R&D reporting firms in France, Germany, Italy, and the U.K. The international patent applications filed under the Patent Cooperation Treaty are found to enhance the option value effect significantly more than IP protection pursued through a national patenting strategy. Furthermore, the paper reports that conditions of uncertainty regarding the firm and the market positively moderate the relative impact of the international patent application on market value and that the two sources of uncertainty mutually reinforce the moderating effect. These extended findings with uncertainty are in line with the real option theoretical framework, claiming that the bigger the uncertainty in the decision-making process, the larger the real option value effect. The paper concludes by discussing some relevant managerial implications, that take into the account not only the prosecution and maintenance costs of a firm’s IP protection strategy but also the relative flexibility in the decision-making process
Composite value index of design patent indicators
No full textPrevious literature on the market valuation of knowledge assets has to a large extent analysed R&D investment, advertising expenditures, and other IP assets such as patents and trademarks, while overlooking the appraisal of how design IP rights contribute to the value of a firm. Furthermore, the analysis of IP indicators appraising the value heterogeneity of design IP rights is almost an unexplored topic. This paper aims to fill this gap by devising a composite value index combining multiple indicators regarding the quality of a patent’s prior art, the patent prosecution characteristics, and the economic impact of the patent. Regression analysis of a patent’s enforcement value demonstrated that the proposed composite value index showed a satisfactory explanatory power as compared to when the indicators are analysed as such. The firm-level analysis employing Tobin’s q model confirmed that the proposed composite value index of design patent indicators is positively and significantly correlated with a firm’s market value above and beyond other knowledge assets of the firm, including R&D investment, advertising expenditures, patents, trademarks, and relative value indices of IP assets
Composite value index of design patent indicators
No full textPrevious literature on the market valuation of knowledge assets has to a large extent analysed R&D investment, advertising expenditures, and other IP assets such as patents and trademarks, while overlooking the appraisal of how design IP rights contribute to the value of a firm. Furthermore, the analysis of IP indicators appraising the value heterogeneity of design IP rights is almost an unexplored topic. This paper aims to fill this gap by devising a composite value index combining multiple indicators regarding the quality of a patent’s prior art, the patent prosecution characteristics, and the economic impact of the patent. Regression analysis of a patent’s enforcement value demonstrated that the proposed composite value index showed a satisfactory explanatory power as compared to when the indicators are analysed as such. The firm-level analysis employing Tobin’s q model confirmed that the proposed composite value index of design patent indicators is positively and significantly correlated with a firm’s market value above and beyond other knowledge assets of the firm, including R&D investment, advertising expenditures, patents, trademarks, and relative value indices of IP assets
The Value of Patent and Trademark Pairs
No full textThis paper analyzes what are the determinants of patent value with respect to a complementary intellectual property strategy such as trademarks. I elaborate an algorithm to gauge combinations of patent and trademark pairs regarding the same innovative project and validating it with market value of patents. I find ample evidence that the proposed algorithm can predict the value of patents, even after controlling for several characteristics of the patent and its owner. The algorithm can also mimic significantly the tail of patent value distribution. Furthermore, I propose an uni-dimensional composite index to summarize several indicators that combine both patent and trademark information
Trademarks and the patent premium value: Evidence from medical and cosmetic products
Full text linkThe determinants of the premium value of patents for medical and cosmetic products are analyzed with respect to a complementary IP strategy such as trademarks. I discuss a novel method and database to gauge combinations of patent and trademark pairs regarding the same innovative project. The premium value is computed through a model of renewal decisions for the patent cohorts 1985-1990 that have been designated in the U.K. and Germany. After taking into the account several firm characteristics and patent indicators typically used in the literature, I find ample evidences that patent and trademark pairs are featured by higher valuations
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