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Abstract  

The relationship between R&D and market value has attracted the interest of many scholars within different fields, but scant attention has been paid to the countries with weak protection of intellectual property rights (IPR). This is unfortunate, since this problem is potentially highly relevant for IPR policy in developing countries. In particular, several questions arise when the problem of R&D market value is analyzed in a country where IPR protection is weak. First, there are concerns regarding incentives (i.e., private returns) for firms to invest in R&D when IPR is only weakly protected. Second, significant differences could emerge in the market valuation of R&D investments of domestic and foreign firms, above all in those industries where spillovers are more likely. To examine these issues, this paper investigates the market valuation of R&D investments of a panel of 219 R&D-reporting domestic and foreign firms publicly traded in India with an empirical analysis. First, the market valuation of the R&D capital for the whole sample is positive and higher than those obtained in U.S. or European countries from similar analyses. Second, in the sub-samples of the domestic and foreign firms, the market value of R&D investments of foreign firms is not significantly different from zero, while the valuation coefficient of domestic firms is four times higher than that obtained on the whole sample. Third, in science-based industries the difference between domestic and foreign firms is smaller than in the other industries. The policy implications of these findings are discussed.

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Abstract  

This study applies the artificial neural network technique to explore the influence of quantitative and qualitative patent indicators upon market value of the pharmaceutical companies in US. The results show that Herfindahl-Hirschman Index of patents influences negatively market value of the pharmaceutical companies in US, and their technological independence positively affects their market value. In addition, this study also finds out that patent citations of the American pharmaceutical companies have an inverse U-shaped effect upon their market value.

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The present transition from industrial to knowledge-based societies is characterised by major changes in working conditions and labour-market requirements. This process has resulted in a historically very fast restructuring in the scale of values. For example the flexibility, non-hierarchic structure and high adaptation capacity are becoming key factors both at individual and organisational level. The traditional educational system is slow to react effectively to this challenge, which may raise walls against further technical developments. Three interdependent parallel processes should be managed successfully in order to enjoy the advantages of our new age: (1) the renewal of knowledge, (2) the high-speed changes in labour-market demands and (3) the changes of applied tools and methods in learning. The existing mismatch between supply and demand in the labour market may lead to a very dangerous situation: a sharp division of the society into two groups by knowledge-based society skills, namely to small number of winners and a large majority of losers. Countries (like Hungary) should listen to these lessons and based on their best traditions they must react to the challenges in time and in a proper way. Otherwise the favourable foundations created by social, economic and political transformation in the 1990s may not serve the real adjustment to the global trends and the prices of social modernisation will become extremely high.

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The distinction between aesthetic and commercial value emerged in the later eighteenth century under the conditions of an emerging market for literature and music. Such a distinction was sharply pronounced in North German debate on music, especially concerning the “elitist” fantasia and the “populist” rondo. While Carl Philipp Emanuel Bach would pay lip service to the sharp reprobation of Forkel or Reichardt concerning commercialisation of music, he would nonetheless act as a businessman when it came to selling his music. Joseph Haydn and his Austrian contemporaries, on the other hand, seem to have had much less reservations concerning the idea of music as commodity; indeed, one could argue that Haydn consciously used his trade-marks like “originality” or “wit and humour” as a kind of branding. Commercial success, after all, allowed a composer to get a response from an otherwise anonymous and silent public. The issues at stake are exemplified by a comparison of two important piano pieces which combine elements of fantasia and rondo form: C. P. E. Bach’s Fantasia in C major, H. 291/Wq. 61,6, and Haydn’s Fantasia in C major, Hob. XVII:4.

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a measure of the power of an individual scholar over her school. The second component is a measure of the contribution a scholar would make to the competition, that is, a measure of the market value. Let us therefore define two new

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, Nanoroadmap project co-funded by the sixth framework program of the European Commission (NRM Project Report 2006 ). A recent research report (BCC 2011 ) has for example estimated global market value for nanotechnology of $15.7 billion in 2010, expected to

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Abstract  

The increase in patents is a main driving force for discussions of international competitiveness, knowledge spillovers, patent office efficiencies, and others. However, to the author’s knowledge, it is interesting that no work has investigated the impact of the growth in the number of patents on patent-related scholarly (peer-reviewed) and media (e.g., press release) literatures, or evidence of inter-relatedness among these three literatures with those of the US market indices (viz., Dow, S&P500, NASDAQ). Here, I report that the growth in the number of US issued patents, the patent-related media and peer-reviewed publications, and these indices are statistically correlated, but with drastically different growth rates. This general result affords data supporting a hypothesis that publicly traded companies, as drivers of innovation, are priming a new research area within the scholarly communities and simultaneously affecting market value through, what-may-be-called, “patent journalism.”

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Nyíri, L. (2002): Knowledge-based Society and its Impact on Labour-market Values. Society and Economy, 25(2): 201-218. Knowledge-based Society and its Impact on Labour-market Values. Society and

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Abstract  

Numbers of patents cannot indicate the state of research or the contents of patent documentation cannot indicate the true technological features achieved. Patent statistics though so used, is not a good indicator of the economic returns to investments in research. Use of this statistics for understanding the degree of competition and the competition-driven research strategy is attractive. A patent document is part of the public knowledge in such a way as to restrict the growth of the future public knowledge. This portent on the future content of research and on the number and areas of research, by a current application is a competition-defining aspect. This effect on the lagged future applications and accepting patent disclosure as an intentional strategic data — are the most significant characteristics of patent statistics. The present paper applied this understanding, and generated a number of indices derived from data bases on patenting. These are indicators on Competition, Technology Pool, Language Technology Pool, Modified Competition, Market Attractiveness and on the Strength of Patent Market. Values of these indicators for biotechnological research and for several countries have been derived as example.

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Croatia is faced with a low response to cancer-screening programs, especially the national cervical cancer screening program, which ultimately resulted in its suspension. If judged solely on the basis of revealed preferences, such a poor response would imply that the population assigns a low social value to preventive screening programs. However, the question arises as to whether revealed preferences (the population's response), in the case of the absence of response to a preventive program, provide insight into its value (utility). Therefore, the objective of this paper is to determine the value that respondents assign to different attributes of cervical screening and, in a broader sense, to decide whether the best-worst scaling (BWS) approach is appropriate for determining the marginal willingness to pay (MWTP) for public health programs. The MWTP for certain attributes of cervical cancer screening is derived from the results of a BWS study conducted in Primorje-Gorski Kotar County, Croatia. The cost function was estimated by regressing the conditional logit coefficients (level of utility) of three levels of the cost attribute on its corresponding values, that is, the hypothetical price. Because the sum of the MWTP corresponds with the market price of a gynecological examination in private practice, we conclude that the results obtained by the BWS confirm the revealed preferences (the market value of the service).

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