Browsing by Author "Ramb, Fred"
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A comparative analysis of the explanatory power of accounting and patent information for the market values of German firmsRamb, Fred; Reitzig, Markus (København, 2004)[More information][Less information]
Abstract: We present a theoretical and empirical analysis of the fitness of national German (German Commercial Code – Handelsgesetzbuch (HGB)) and international (IAS and US-GAAP) accounting information, as well as European patent data to explain the market values of German manufacturing firms. For the chosen volatile period from 1997 to 2002, cautious national accounting information does not correlate with the firms’ residual market values (RMV). International accounting information makes no meaningful contribution to explaining firms’ RMV and seems to measure overinvestment only. Finally, patents counted at the individual country level correlate with the firms’ RMV. Keywords: Accounting standards, investor information, market value, patents JEL-classifications: D82, M40, M41, K11 URI: http://hdl.handle.net/10398/6814 Files in this item: 1
wplefic072004.pdf (390.9Kb) -
Balance Sheet and Patent Data as Sources of Investor Information During Volatile Market TimesRamb, Fred; Reitzig, Markus (Frederiksberg, 2005)[More information][Less information]
Abstract: We originally investigate the comparative usefulness of patent data as a source of investor information depending on the market cycle (bull/bear market). Based on comprehensive data for firms listed on German exchanges between 1997 and 2002, we demonstrate that patent data contain complementary explanatory power to accounting data irrespective of the standard used to prepare the financial statement (German GAAP, IAS and US GAAP). Moreover, we provide original evidence that only patent data are able to provide plausible investor information in both bull-market and bear-market periods, whereas accounting information overvalues intangible assets in bull markets and undervalues them in bears. URI: http://hdl.handle.net/10398/7886 Files in this item: 1
DRUID_05_15.pdf (457.5Kb)
Now showing items 1-2 of 2