Resource title

Who do you trust while Shares are on a Roller-Coaster Ride? - Balance Sheet and Patent Data as Sources of Investor Information During Volatile Market Times

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Resource description

We originally investigate the comparative usefulness of patent data as a source of investorinformation depending on the market cycle (bull/bear market). Based on comprehensive data forfirms listed on German exchanges between 1997 and 2002, we demonstrate that patent data containcomplementary explanatory power to accounting data irrespective of the standard used to preparethe financial statement (German GAAP, IAS and US GAAP). Moreover, we provide originalevidence that only patent data are able to provide plausible investor information in both bull-marketand bear-market periods, whereas accounting information overvalues intangible assets in bullmarkets and undervalues them in bears.

Resource author

Fred Ramb, Markus Reitzig

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Resource language

eng

Resource content type

application/pdf

Resource resource URL

http://hdl.handle.net/10398/7886

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