Innovation and Market Value

Bronwyn H Hall

Economics Papers from Economics Group, Nuffield College, University of Oxford

Abstract: This paper surveys recent findings about how the financial markets value the knowledge assets of publicly traded firms. The motivation for using market value equation to price knowledge assets is discussed and the theory behind this equation is briefly presented. Then the empirical literature that relates Tobin's q to R&D and patent measures is surveyed and new results based on the US data through 1995 are presented.

Keywords: FINANCIAL MARKET; INNOVATIONS; PRICES (search for similar items in EconPapers)
JEL-codes: G12 G13 (search for similar items in EconPapers)
Date: 1999
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Working Paper: Innovation and Market Value (1999)
Working Paper: Innovation and Market Value (1999)
Working Paper: Innovation and Market Value (1999)
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Persistent link: http://EconPapers.repec.org/RePEc:nuf:econwp:1999-w3

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