The valuation of intangible assets

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Companies increasingly rely on intangible assets like knowledge and brands to innovate and market new products. However, there are no formal procedures for reliably assessing their monetary value. Philipp Sandner's dissertation examines portfolios of intellectual property (IP) rights to evaluate the market valuation of these intangible assets, focusing on patents for technology-based assets and trademarks for market-based assets. Utilizing econometric methods on a unique dataset he compiled, the thesis is structured into four main chapters. The first chapter provides an in-depth overview of the European trademark system, addressing the lack of research in this area and establishing a foundation for subsequent analysis. This section also serves as a valuable resource for other researchers interested in the trademark system. The following chapter quantifies the contributions of R&D, patents, and trademarks to companies' market value, marking Sandner as one of the first to assess the impact of various intangibles. He then delves into trademark portfolios, examining different filing strategies used by companies. The final chapter investigates stock movement patterns and correlates them with the effects of technology- and market-based assets.