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1. Accordingly, an R&D-based measure of a firm’s technological knowledge has been often computed as the capitalization of present and past R&D expenditures using a perpetual inventory formula like that used for tangible capital (Griliches and Mairesse, 1984; Hall, 1990): Kit = (1 2 d) Ki,t-1 + Rit [A2.2] where Kit is the R&D capital at time t, Rit is annual R&D expenditures at time t and d is the depreciation rate of the R&D capital from year t-1 to year t. The use of expression [A2.2] to capitalize R&D investments is needed because the Generally Accepted Accounting Principles (GAAP) in the US and the IAS accounting standards in Europe require R&D costs to be expensed as incurred (with a few exceptions) because of the lack of a clear link between these expenses and subsequent earnings. The use of a depreciation rate is justified by the fact that knowledge tends to decay or become obsolescent over time, losing economic value due to advances in technology.
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27. Guo, R., Lev, B., and Shi, C. (2006), ‘Explaining the short and long-term IPO anomalies in the US by R&D’, Journal of Business Finance & Accounting, (33) 550–579.

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31. Hall, B.H. (1993a), ‘Industrial research during the 1980s: did the rate of return fall?’, Brookings Papers on Economic Activity. Microeconomics: 289–343.
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36. Hall, B.H., Jaffe, A.B. and Trajtenberg, M. (2005), ‘Market value and patent citations ’, Rand Journal of Economics 36, 16–38.

37. Haneda, S. and Odagiri, H. (1998), ‘Appropriation of returns from technological assets and the values of patents and R&D in Japanese high-tech firms’, Economics of Innovation and New Technology 7, 303–322.

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39. Healy, P.M. and Palepu, K. (2001), ‘Information asymmetry, corporate disclosure, M2685 - MUNARI TEXT.indd 355 M2685 - MUNARI TEXT.indd 355 29/07/2011 10:03 29/07/2011 10:03 Federico Munari and Raffaele Oriani - 9781848445482 Downloaded from Elgar Online at 10/06/2016 04:38:53PM via CitEc (NOT FOR DISTRIBUTION, SHARING or POSTING) The economic valuation of patents and the capital markets: a review of the empirical disclosure literature’, Journal of Accounting and Economics 31, 405–440.

40. Heeley, M.B., Matusik, S.F. and Jain, N. (2007), ‘Innovation, appropriability, and the underpricing of initial public offerings’, Academy of Management Journal, (50) 209–225.
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41. Hirschey, M., and Richardson, V.J. (2001), ‘Valuation effects of patent quality: A comparison for Japanese and US firms’, Pacific-Basin Finance Journal 9: 65–82.

42. Hirschey, M., and Richardson, V.J. (2004), ‘Are scientific indicators of patent quality useful to investors?’, Journal of Empirical Finance 11: 91–107.

43. Hirschey, M., Richardson J. and Scholtz, S. (2001), ‘Value Relevance of Nonfinancial Information: The Case of Patent Data’, Review of Quantitavive Finance and Accounting, 17, 223–236.

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48. Lev, B. and Sougiannis, T. (1996), ‘The capitalization, amortization, and valuerelevance of R&D’, Journal of Business, Accounting & Economics 21, 107–138.

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50. Ljungqvist, A. (2005), ‘IPO underpricing’. In B. Espen Eckbo (eds.), Handbook of corporate finance: Empirical corporate finance. Handbooks in Finance Series, Elsevier/North-Holland, 2005.
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51. Loughran, T., and Ritter, J. (2004), ‘Why has IPO underpricing changed over time?’, Financial Management, (33) 5–37.

52. Loughran, T., and Ritter, J. R. (2002), ‘Why don’t issuers get upset about leaving money on the table in IPOs?’, Review of Financial Studies, 15, 413–444.

53. M2685 - MUNARI TEXT.indd 354 M2685 - MUNARI TEXT.indd 354 29/07/2011 10:03 29/07/2011 10:03 Federico Munari and Raffaele Oriani - 9781848445482 Downloaded from Elgar Online at 10/06/2016 04:38:53PM via CitEc (NOT FOR DISTRIBUTION, SHARING or POSTING) Stock market valuation of patent portfolios 355 Fama, E.F. (1970), ‘Efficient capital markets: A review of theory and empirical work’, Journal of Finance, 25, 383–417.
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54. M2685 - MUNARI TEXT.indd 359 M2685 - MUNARI TEXT.indd 359 29/07/2011 10:03 29/07/2011 10:03 Federico Munari and Raffaele Oriani - 9781848445482 Downloaded from Elgar Online at 10/06/2016 04:38:53PM via CitEc (NOT FOR DISTRIBUTION, SHARING or POSTING) The economic valuation of patents APPENDIX 2 MEASURES OF R&D AND PATENT STOCKS The studies on innovation and market value have used two main proxies for the knowledge capital (K): R&D- and patent-based. In the absence of patent data, Griliches (1995) defines the following formal relationship between a firm’s stock of technological knowledge and R&D investments: K = G [W(B)R, w] [A2.1] where K is the current level of technological knowledge, W(B)R is an index of current and past R&D expenditures and w is the set of unmeasured influences on the accumulated level of knowledge described above.

55. M2685 - MUNARI TEXT.indd 361 M2685 - MUNARI TEXT.indd 361 29/07/2011 10:03 29/07/2011 10:03 Federico Munari and Raffaele Oriani - 9781848445482 Downloaded from Elgar Online at 10/06/2016 04:38:53PM via CitEc (NOT FOR DISTRIBUTION, SHARING or POSTING) The economic valuation of patents APPENDIX 3 EMPIRICAL MODELS FOR VALUE RELEVANCE ANALYSIS The studies analyzing the value relevance of patent data can be distinguished on the basis of the methodology adopted.
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56. M2685 - MUNARI TEXT.indd 363 M2685 - MUNARI TEXT.indd 363 29/07/2011 10:03 29/07/2011 10:03 Federico Munari and Raffaele Oriani - 9781848445482 Downloaded from Elgar Online at 10/06/2016 04:38:53PM via CitEc (NOT FOR DISTRIBUTION, SHARING or POSTING) M2685 - MUNARI TEXT.indd 364 M2685 - MUNARI TEXT.indd 364 29/07/2011 10:03 29/07/2011 10:03 Federico Munari and Raffaele Oriani - 9781848445482 Downloaded from Elgar Online at 10/06/2016 04:38:53PM via CitEc (NOT FOR DISTRIBUTION, SHARING or POSTING)
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57. Marginal information content studies investigate the effect of a patent event on firm market value. For example, Austin (1993) estimates the following event model: (rit 2 rft) 5 ai 1 bi (rmt 2 rft) 1 a v dvDvt 1 ei [A3.3] where rit is return on shares in firm i over the time t event window; rft is the risk-free rate of return at time t, rmt is the return on value-weighted S&P 500 market index at time t and Dvt is an indicator variable equal to 1 if event v occurs within the time t window, 0 otherwise. In particular, the Dvt dummy stands for various types of patent events such the grant of a new patent.
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58. Megginson, W. and Weiss, K. (1991), ‘Venture capitalist certification in initial public offerings’, Journal of Finance, 46, 879–903.

59. Megna, P. and Klock, M. (1993), ‘The impact of intangible capital on Tobin’s q in the semiconductor industry’, American Economic Review, 83(2), 265–269.
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60. Morricone, S., Munari, F. and Oriani, R. (2009), ‘Patent Commercialization Strategy and IPO Underpricing: Evidence from the US Semiconductor Industry’, Paper presented at the fourth Annual Conference of the EPIP Association, Bologna, Italy, 24–25 September 2009.
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61. Most of the studies that have estimated the hedonic model have used a constant annual 15 percent depreciation rate (Jaffe, 1986; Cockburn and Griliches, 1988; Hall, 1993; Hall and Oriani, 2006). Other studies have used an estimation procedure that allows one to determine industryand time-specific economic depreciation rates (for example, Lev and Sougiannis, 1996).1 There also exist analyses using annual R&D expenditures as an alternative measure of R&D capital (Cockburn and Griliches, 1988; Hall, 1993b; Munari and Oriani, 2005). Some studies have used patent-based measures of technological knowledge.
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62. Munari, F., and Oriani, R. (2005), ‘Privatization and economic returns to R&D investments’, Industrial and Corporate Change 14, 61–91.

63. Nelson, T. (2003), ‘The persistence of founder influence: Management, ownership and performance effects at initial public offering’, Strategic Management Journal, 24, 707–724.

64. Oriani, R. and Sobrero, M. (2003), ‘A meta-analytic study of the relationship M2685 - MUNARI TEXT.indd 356 M2685 - MUNARI TEXT.indd 356 29/07/2011 10:03 29/07/2011 10:03 Federico Munari and Raffaele Oriani - 9781848445482 Downloaded from Elgar Online at 10/06/2016 04:38:53PM via CitEc (NOT FOR DISTRIBUTION, SHARING or POSTING) Stock market valuation of patent portfolios 357 between R&D investments and corporate value’, in M. Calderini, P. Garrone and M. Sobrero (eds.), Corporate Governance, Market Structure and Innovation, Cheltenham: Edward Elgar.

65. Pakes, A. (1985), ‘On patents, R&D, and the stock market rate of return’, Journal of Political Economy, 93, 390–409.

66. Pakes, A. and Griliches, Z. (1984), ‘Patents and R&D at firm level: A first look’, in Z. Griliches (ed.), R&D, Patents, and Productivity, Chicago: NBER and University of Chicago Press.

67. Recently, the wider availability of patent data in an electronic format and the creation of freely usable databases have spurred the adoption of M2685 - MUNARI TEXT.indd 360 M2685 - MUNARI TEXT.indd 360 29/07/2011 10:03 29/07/2011 10:03 Federico Munari and Raffaele Oriani - 9781848445482 Downloaded from Elgar Online at 10/06/2016 04:38:53PM via CitEc (NOT FOR DISTRIBUTION, SHARING or POSTING) Stock market valuation of patent portfolios 361 patent-based measures in the studies on innovation and market value. The first analyses were based on patent counts (for example, Griliches, 1981; Cockburn and Griliches, 1988), where the number of patents substitutes for R&D investment. However, such a measure often turns out to be barely significant in the presence of R&D.
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68. Ritter, J.R. (1984), ‘The hot issue market of 1980’. Journal of Business, (57), 215–240.

69. Ritter, J.R. (1991), ‘The long-run performance of initial public offerings’, Journal of Finance, 46: 3–27.

70. Ritter, J.R. (1998), ‘Initial public offerings’, Contemporary Finance Digest, 2(1), 5–30.
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71. Ritter, J.R. and Welch, I. (2002), ‘A review of IPO activity, pricing, and allocations ’, Journal of Finance, (57): 1795–828.

72. Rock, K. (1986), ‘Why new issues are underpriced’, Journal of Financial Economics, (15), 187–212.

73. Rose, C., Cronin, J. and Schwartz, R. (2007) ‘Communicating the value of your Intellectual Property to Wall Strett’, Research Technology Management, 50(2), 36–46.
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74. Scherer, F.M., Harhoff, D. and Kukies, J. (2000), ‘Uncertainty and the size distribution of rewards from technological innovation’, Journal of Evolutionary Economics 10, 175–200.

75. Shane, H. and Klock, M. (1997), ‘The relation between patent citations and Tobin’s q in the semiconductor industry, Review of Quantitative Finance and Accounting 9, 131–146.

76. Toivanen, O., Stoneman, P. and Bosworth, D. (2002), ‘Innovation and market value of UK firms, 1989–1995’, Oxford Bulletin of Economics and Statistics 64, 39–61.

77. Trajtenberg, M. (1990), ‘A penny for your quotes: patent citation and the value of innovations’, Rand Journal of Economics 21, 172–187.

78. Wang, Y.H., Hsieh, T.P. and Chuang, Y.H. (2009), ‘Market reaction to patent infringement litigations on stock return in Taiwan’, Working paper.
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26. Do Birds of a Feather Flock Higher? The Effects of Partner Similarity on Innovation in Strategic Alliances in Knowledge‐Intensive Industries. (2009). luo, xiaowei ; Deng, Lina.
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27. Cash Breeds Success : The Role of Financing Constraints in Patent Races. (2008). Szalay, Dezsoe ; Schroth, Enrique.
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28. Cash Breeds Success: The Role of Financing Constraints in Patent Races. (2008). Szalay, Dezsoe ; Schroth, Enrique.
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29. Issued US patents, patent-related global academic and media publications, and the US market indices are inter-correlated, with varying growth patterns. (2007). Daizadeh, Iraj.
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30. A longitudinal analysis of the impact of firm resources and industry characteristics on firm-specific profitability. (2007). Chi, Tailan ; Acquaah, Moses.
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31. The Value of Certainty in Intellectual Property Rights: Stock Market Reactions to Patent Litigation. (2006). Marco, Alan.
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32. The Private Value of Software Patents. (2006). MacGarvie, Megan ; Hall, Bronwyn.
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33. Profiting from technological innovation by others: The effect of competitor patenting on firm value. (2006). Silverman, Brian ; McGahan, Anita M..
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34. Concentrated Announcements on Clustered Data: An Event Study on Biotechnology Stocks. (2006). Hübner, Georges ; Bastin, Veronique ; Hubner, Georges.
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35. Learning by Suing: Structural Estimates of Court Errors in Patent Litigation. (2005). Marco, Alan.
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36. Measuring Intangible Capital: A Review of Current Practice. (2005). Webster, Elizabeth ; Hunter, Laurie ; Wyatt, Anne.
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37. Picking winners or building them? Alliance, intellectual, and human capital as selection criteria in venture financing and performance of biotechnology startups. (2004). Silverman, Brian ; Baum, Joel A. C., .
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38. Patterns of knowledge flows and MNE innovative performance. (2004). Yamin, Mo., ; Otto, Juliet .
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39. R&D and the growth of firms: empirical analysis of a panel of Italian firms. (2003). Papagni, Erasmo ; del Monte, Alfredo.
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40. Market Value and Patent Citations: A First Look. (2002). Trajtenberg, Manuel ; Jaffe, Adam ; Hall, Bronwyn.
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41. Market Value and Patent Citations: A First Look. (2001). Trajtenberg, Manuel ; Jaffe, Adam ; Hall, Bronwyn.
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42. A relationship between technology indicators and stock market performance. (2001). Thomas, Patrick.
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43. Market Value and Patent Citations: A First Look. (2001). Trajtenberg, Manuel ; Jaffe, Adam ; Hall, Bronwyn.
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44. Market Value and Patent Citations: A First Look.. (2000). Trajtenberg, Manuel ; Jaffe, Adam ; Hall, Bronwyn.
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45. Market Value and Patent Citations: A First Look. (2000). Trajenberg, Manuel ; Hall, Bronwyn ; Jaffe, Adam.
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46. Using patents in growth models. (2000). Keely, Louise.
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47. Patents, Spillovers, and Competition in Biotechnology. (2000). Austin, David.
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48. Einflußfaktoren auf die Glaubwürdigkeit kundenorientierter Produkt-Vorankündigungen: Ein signaltheoretischer Ansatz. (1999). Ernst, Holger ; Wickede, Anje.
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49. The Quality of Ideas: Measuring Innovation with Multiple Indicators. (1999). Schankerman, Mark ; Lanjouw, Jean O..
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50. Innovation and Market Value. (1999). Hall, Bronwyn.
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