Together with the number of patents and the value of Ramp;D expenditures, scientific measures of patent quality give investors a useful basis upon which to judge the economic merit of the firm's inventive and innovative activity. Especially in the case of small cap and relatively low P/E high...

This study examines the characteristics that make start-up biotechnology firms attractive alliance partners. We distinguish between firm specific and location-specific characteristics as well as between foreign and domestic corporate partners. We present and test a longitudinal model of alliance...

This paper surveys recent findings about how the financial markets value the knowledge assets of publicly traded firms. The motivation for using market value equation to price knowledge assets is discussed and the theory behind this equation is briefly presented. Then the empirical literature...

This paper argues that a large technological innovation may lead to a merger wave by inducing entrepreneurs to seek funds from technologically knowledgeable firms-experts. When a large technological innovation occurs, the ability of non-experts (banks) to discriminate between good and bad...

We formulate a knowledge-based model of direct investment through mergers and acquisitions. Mamp;As are realized to create comparative advantages by exploiting international synergies and appropriating local technology spillovers requiring geographical proximity, but can also represent a...

This paper develops five alternative structural quot;modelsquot; for formal efforts aimed at spinning off new companies from universities, government laboratories, and other research and development organizations. In various ways the models combine the roles of technology originator, the...

In this study we investigate the perceptions of US and Japanese managers toward advanced manufacturing technology (AMT) using data collected from l60 American Firms and l25 Japanese firms. We examine the importance managers from these countries attribute to l8 AMTs such as computer-aided design...

In this paper we examine the cross-sectional determinants of idiosyncratic volatility of biotech IPO firms. We extend current research in two directions. First, we test whether CEO stock options impact on idiosyncratic volatility. Second, we test new hypotheses that relate some easily...