Global Recession Impact on the Market Value of Intangible Assets

Antanina Garanasvili

2019 Papers from Job Market Papers

Abstract: Aim of this analysis is to study whether the global recession of 2008 had a significant effect on how stock markets value firmsâ investments in knowledge and branding as well as complementary investments in patents and trademarks. Building on data from European Intellectual Property Office (EUIPO) and European Patent Office (EPO) we construct a firm panel covering R&D, marketing and IP investments over the period 2005-2012. In addition, we estimate market value equations for the years 2005-2008 and 2009-2012. Empirical findings suggest that there are interesting differences in which investments contributed to market value before and after 2008. First, investments in R&D contribute far more significantly to the market value after the crisis than before. Second, it becomes apparent that after the crisis patent quality arises as a significant factor which increases value of the companies. At the same time patent quantity ceases to be an influencing factor in the market value equation after 2008.

JEL-codes: E32 G32 O32 O34 (search for similar items in EconPapers)
Date: 2019-11-05
New Economics Papers: this item is included in nep-cfn, nep-eur, nep-ino, nep-mac and nep-tid
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