Value of intangibles arising from R&D activities

Ana Maria Bandeira () and Oscar Afonso
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Ana Maria Bandeira: Instituto Superior de Contabilidade e Administração do Porto, EDGE and Faculdade de Economia da Universidade do Porto

FEP Working Papers from Universidade do Porto, Faculdade de Economia do Porto

Abstract: This paper develops an empirical approach using econometric techniques for panel data which aims to contribute to the reduction/elimination of the deviation between the book and market value of firms. Based on 20 of the firms with the largest number of patents granted between 1996 and 2006, the results show that: (i) the increase in the return on equity following from an increase in the share of investment in R&D is greater in the long run; (ii) there is a positive relationship between the results (and the value of firms) and R&D activities; (iii) by updating the additional periodical results generated by investment in R&D, the present value of the intangible asset can be determined.

Keywords: R&D; Financial information; Value of intangibles; Market value; Panel Data (search for similar items in EconPapers)
JEL-codes: C23 G12 G31 M41 O32 (search for similar items in EconPapers)
Pages: 34 pages
Date: 2010-04
New Economics Papers: this item is included in nep-acc and nep-ino
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:por:fepwps:372

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