ارزیابی سهام فناوری: روانشناسی سرمایه‌گذار و تحلیل اقتصادی

* ''The impact of the highly variable capital market conditions--such as we saw during the late 1960s, the mid 1980s, and the late 1990s--on the evolution of high-technology industries remains little understood, but is critically important to the future growth of the U.S. economy. **Tech Stock Valuation** takes an initial look at some of these very important but complex issues.'' --Josh Lerner, Jacob H. Schiff Professor of Investment Banking, Harvard Business School, Boston, Massachusetts, U.S.A. The contribution of research and development to a company's market value has grown considerably in recent years. In the mid-1970s, accountants were able to capture on their ledgers 90-95% of a firm's book value, but by 2000 the importance of intangible assets had grown to the point where they could account for only 13-15%. 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.
'Tech Stock Valuation' extends the R&D literature by providing detailed direct evidence on the market value implications of inventive and innovative output. Specifically, the book demonstrates that stock-price effects of patent output are most pronounced in the case of 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. At the same time, it gives investors a new tool to help them assess the value of hard-to-measure intangible assets.

*Provides detailed direct evidence on the market value implications of inventive and innovative output
*Based on recent research, much of which Dr. Hirschey has pioneered
*Gives financial professionals a new tool for assessing R&D quality and its relation to market valuation The contribution of research and development to a company's market value has grown considerably in recent years. In the mid-1970s, accountants were able to capture on their ledgers 90-95% of a firm's book value, but by 2000 the importance of intangible assets had grown to the point where they could account for only 13-15%. 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. 'Tech Stock Valuation' extends the R & D literature by providing detailed direct evidence on the market value implications of inventive and innovative output. Specifically, the book demonstrates that stock-price effects of patent output are most pronounced in the case of 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. At the same time, it gives investors a new tool to help them assess the value of hard-to-measure intangible assets. *Provides detailed direct evidence on the market value implications of inventive and innovative output *Based on recent research, much of which Dr. Hirschey has pioneered *Gives financial professionals a new tool for assessing R & D quality and its relation to market valuation Tech Stock Valuation extends the R&D literature by providing detailed direct evidence on the market value implications of inventive and innovative output. Specifically, the text demonstrates 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 students a valuable new tool that can be used to measure R&D program effectiveness. At the same time, it gives investors a new tool to help them assess the value of hard-to-measure intangible assets. The book is an ideal resource for professionals working in finance and accounting; investment professionals and industry analysts who work for companies that engage in research and development; MBA students; economists working in industrial organizations, microeconomics, and contract theory. Content: Acknowledgments , Page xiii Preface , Pages xv-xvii 1 - The tech bubble , Pages 1-27 2 - What caused the tech bubble? , Pages 29-49 3 - Investment advice on the Internet , Pages 51-80 4 - A dissertation on tulips and America online , Pages 81-101 5 - The crash of 2000–2002 and imminent rebound , Pages 103-124 6 - Stock-price effects of research and development expenditures , Pages 125-156 7 - Valuation effects of patent quality , Pages 157-181 8 - Goodwill write-off decisions: Do they matter? , Pages 183-204 9 - Shark repellents and research and development: Does management have a long-run perspective? , Pages 205-227 10 - Corporate governance and the legal environment , Pages 229-263 Index , Pages 265-271 The contribution of research and development to a company's market value has grown considerably in recent years. In the mid-1970s, accountants were able to capture on their ledgers 90-95 per cent of a firm's book value, but by 2000 the importance of intangible assets had grown to the point where they could account for only 13-15 per cent. 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 In the early-1970s, a group of institutional investor favorites known as the Nifty 50 were widely touted as "one-decision" buy-and-hold stocks.