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Supplemental materials are not guaranteed for textbooks (access codes, DVDs, workbooks.)Tech Stock Valuation: Investor Psychology and Economic Analysis
Textbook Description: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... More »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 valuationWritten by authorities in Economics, Tech Stock Valuation: Investor Psychology and Economic Analysis by Mark Hirschey provides an excellent foundation for Economics studies. Mark Hirschey's style is excellently suited towards Economics studies, and will teach students the material clearly without overcomplicating the subject. What's more, the text is available in the Hardcover format shown above (ISBN 9780123497048), as well as a number of other formats. As of July 2003, this revision raises the bar for Tech Stock Valuation: Investor Psychology and Economic Analysis's high standard of excellence, making sure that it stays one of the foremost Economics studies textbooksSorry, there are no rentals currently available for this title. Check back soon!
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