Who do you trust while Shares are on a Roller-Coaster Ride?

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Who do you trust while Shares are on a Roller-Coaster Ride?

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dc.contributor.author Ramb, Fred
dc.contributor.author Reitzig, Markus
dc.date.accessioned 2009-08-20
dc.date.accessioned 2009-08-20T09:36:45Z
dc.date.available 2009-08-20T09:36:45Z
dc.date.issued 2009-08-20
dc.identifier.isbn 8778731801
dc.identifier.uri http://hdl.handle.net/10398/7886
dc.description.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. en_US
dc.format.extent 40 s. en_US
dc.language eng en_US
dc.publisher DRUID en_US
dc.relation.ispartofseries DRUID Working Paper;05-15
dc.title Who do you trust while Shares are on a Roller-Coaster Ride? en_US
dc.type wp en_US
dc.accessionstatus modt09aug20 liga en_US
dc.contributor.corporation Copenhagen Business School. CBS en_US
dc.contributor.department Danish Research Unit for Industrial Dynamics en_US
dc.contributor.departmentshort DRUID en_US
dc.contributor.departmentuk Danish Research Unit for Industrial Dynamics en_US
dc.contributor.departmentukshort DRUID en_US
dc.idnumber 8778731801 en_US
dc.publisher.city Frederiksberg en_US
dc.publisher.year 2005 en_US
dc.title.subtitle Balance Sheet and Patent Data as Sources of Investor Information During Volatile Market Times en_US


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