Sandner The Valuation of Intangible Assets

An Exploration of Patent and Trademark Portfolios
2010
ISBN: 978-3-8349-8393-0
Verlag: Betriebswirtschaftlicher Verlag Gabler
Format: PDF
Kopierschutz: 1 - PDF Watermark

E-Book, Englisch, 220 Seiten, eBook

Reihe: Innovation und Entrepreneurship

Intangible assets such as knowledge or brands are increasingly important to companies. Such assets are essentially needed to develop new innovative products and to introduce them to the market. Philipp Sandner is one of the first researchers to approach the valuation of both technology- and market-based intangibles simultaneously by relying on portfolios of intellectual property (IP) derived from patents and trademarks.



Dr. Philipp Sandner has been a research fellow and lecturer at the Institute for Innovation Research, Technology Management and Entrepreneurship of Prof. Dietmar Harhoff, Ph.D. (Ludwig-Maximilians-Universität Munich).

Zielgruppe

Research

Autoren/Hrsg.

Sandner, Philipp

Inhaltsverzeichnis

1;Foreword;6
2;Acknowledgements;7
3;Table of Contents;11
4;List of Figures;15
5;List of Tables;16
6;List of Abbreviations;18
7;1 Introduction;19
7.1;1.1 Motivation;19
7.2;1.2 Structure of the Dissertation;25
8;2 The European Trademark System;28
8.1;2.1 The Role of Trademarks for Companies;28
8.1.1;2.1.1 The Function of Information Transmission;29
8.1.2;2.1.2 The Function of Product Identification;30
8.2;2.2 The Structure of the European Trademark System;32
8.3;2.3 The Process of Trademark Registration;33
8.4;2.4 Requirements for Registrability;35
8.5;2.5 Ways to Challenge Trademarks Before and After Registration;38
8.6;2.6 Insights into the Trademark Register;41
8.6.1;2.6.1 Applications and Registered Trademarks;43
8.6.2;2.6.2 Trademark Applicants;48
9;3 The Market Value of R&D, Patents, and Trademarks;52
9.1;3.1 Introduction;52
9.2;3.2 Trademarks and the Market Value Approach;56
9.2.1;3.2.1 The Market Value Approach;56
9.2.2;3.2.2 Including Trademarks in the Market Value Equation;58
9.2.3;3.2.3 Indicators of Trademark Value;60
9.2.4;3.2.4 Accounting for Trademark Value in the Market Value Equation;63
9.2.5;3.2.5 Estimation Method;64
9.3;3.3 Data Sources, Operationalization and Descriptive Statistics;65
9.3.1;3.3.1 Data Source and Sample;65
9.3.2;3.3.2 Variables;67
9.3.2.1;3.3.2.1 Tobin’s q;67
9.3.2.2;3.3.2.2 Knowledge Assets;68
9.3.2.3;3.3.2.3 Trademark Stocks;70
9.3.2.4;3.3.2.4 Control Variables;71
9.3.3;3.3.3 Descriptive Statistics;71
9.4;3.4 Estimation and Discussion of Results;78
9.5;3.5 Conclusions;87
10;4 Trademark Filing Strategies and Their Valuation: Creating, Hedging, Modernizing, and Extending Brands;90
10.1;4.1 Introduction;90
10.2;4.2 The Connection Between Market Value, Brand Management, and Trademarks;95
10.2.1;4.2.1 Brand Assets;96
10.2.2;4.2.2 Brand Management;99
10.2.3;4.2.3 Creating Versus Developing Brands;101
10.2.4;4.2.4 Informational Leverage, Transferable Reputation, and Spillover Effects;104
10.2.5;4.2.5 Trademark Filing Strategies Reflecting Brand Management;107
10.3;4.3 Revealing the Structure of Trademark Portfolios;110
10.3.1;4.3.1 Data Source and Sample;111
10.3.2;4.3.2 Building Trademark Portfolios;112
10.3.3;4.3.3 Identifying Trademark Families;113
10.3.4;4.3.4 Trademark Filing Strategies;127
10.4;4.4 The Market Value Approach;135
10.5;4.5 Dataset, Variables, and Descriptive Statistics;139
10.5.1;4.5.1 Dataset;140
10.5.2;4.5.2 Variables;141
10.5.3;4.5.3 Descriptive Statistics;144
10.6;4.6 Empirical Model and Results;150
10.6.1;4.6.1 Multivariate Specification;150
10.6.2;4.6.2 Estimation and Discussion of Results;151
10.7;4.7 Conclusions;156
11;5 The Importance of Technologyand Market-Based Assets in Stock Movement;160
11.1;5.1 Introduction;160
11.2;5.2 Sources of Comovement and Development of a Theoretical Model;164
11.2.1;5.2.1 Fundamentals-Based Comovement;164
11.2.2;5.2.2 Industry-Specific Comovement;166
11.2.3;5.2.3 Other Sources of Comovement;167
11.2.4;5.2.4 Theoretical Model;168
11.3;5.3 Construction of Dataset;171
11.3.1;5.3.1 Data Source and Sample;171
11.3.2;5.3.2 Operationalization of Variables;172
11.3.2.1;5.3.2.1 Comovement of Stock Returns;173
11.3.2.2;5.3.2.2 Financial Market-Related Comovement;174
11.3.2.3;5.3.2.3 Technology Proximity;175
11.3.2.4;5.3.2.4 Product Market Proximity;177
11.3.2.5;5.3.2.5 Industry-Specific Comovement;179
11.3.3;5.3.3 Timing Issues Associated with Comovement and Proximity Measures;179
11.4;5.4 Descriptive Statistics;182
11.4.1;5.4.1 Companies;182
11.4.2;5.4.2 Company Pairs;184
11.4.3;5.4.3 Proximity Measures and Comovement;185
11.4.4;5.4.4 Proximity Measures and Industries;189
11.5;5.5 Estimation of the Theoretical Model and Results;193
11.5.1;5.5.1 Dealing with Non-Independent Observations in Dyadic Datasets;193
11.5.2;5.5.2 Estimation and Discussion of the Results;196
11.5.3;5.5.3 Robustness Checks: Pairwise Data, Frequency of Comovement, and Proximity Measures;201
11.6;5.6 Conclusions;205
12;6 Summary of the Results and Outlook;209
13;Appendix: Connecting Companies with Patent and Trademark Applicants;214
14;List of References;218

The European Trademark System.- The Market Value of R&D, Patents, and Trademarks.- Trademark Filing Strategies and Their Valuation: Creating, Hedging, Modernizing, and Extending Brands.- The Importance of Technology- and Market-Based Assets in Stock Movement.- Summary of the Results and Outlook.

Über Autor(innen)

Dr. Philipp Sandner has been a research fellow and lecturer at the Institute for Innovation Research, Technology Management and Entrepreneurship of Prof. Dietmar Harhoff, Ph.D. (Ludwig-Maximilians-Universität Munich).