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Tech Stock Valuation

Investor Psychology and Economic Analysis

  • 1st Edition - June 17, 2003
  • Latest edition
  • Author: Mark Hirschey
  • Language: English

Tech Stock Valuation extends the R&D literature by providing detailed direct evidence on the market value implications of inventive and innovative output. Specifica… Read more

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Description

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.

Key features

  • 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

Readership

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.

Table of contents

Making Sense of the Market Environment; What Caused the Tech Bubble? Investment Advice on the Internet; A Dissertation on Tulips and AOL; The Crash of 2000-2002; Making Sense of Company Valuation; Stock-Price Effects of R&D Expenditures; Valuation Effects of Patent Quality; Goodwill Write-off Decisions; Shark Repellents and R&D; Corporate Governance and the Legal Environment.

Review quotes

"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.

Product details

  • Edition: 1
  • Latest edition
  • Published: September 18, 2003
  • Language: English

About the author

MH

Mark Hirschey

Mark Hirschey is the Anderson Chandler Professors of Business at the University of Kansas.
Affiliations and expertise
University of Kansas, Lawrence, U.S.A.

View book on ScienceDirect

Read Tech Stock Valuation on ScienceDirect