Mark Hirschey – Tech Stock Valuation

MARK HIRSCHEY – TECH STOCK VALUATION

In the last few years, the contribution of research and development to a company’s market value has grown. By 2000 the importance of intangible assets had grown to the point where accountants could only account for 13-15% of the firm’s book value. Financial economists and accountants have investigated the link between a firm’s market value and its R&D spending, and various factions advocate a variety of positions on the amount and rate of investment, investors’ ability to capture returns on that investment, and ways to measure value, investment, and returns It’s not like it’s like it’s like it’s like it’s like it’s like it’s like it’s like it’s like it’s like it’s like it’s like it’s like it’s like it The Tech Stock Valuation extends the R&D literature by showing the market value implications of inventive and innovative output. The book shows that stock-price effects of patent output are most pronounced in the case of high-quality patents, where patent quality is measured by scientific merit. Scientific measures of patent quality give tech stock investors and R&D managers a valuable new tool that can be used to measure R&D program effectiveness. It gives investors a new tool to assess the value of intangible assets.

Direct evidence on the market value implications of inventive and innovative output is provided. Many of the things Dr. Hirschey has pioneered are based on recent research. Financial professionals can use a new tool to assess R&D quality.