The Valuation of Intangible Assets

Intangible assets such as knowledge or brands are increasingly important to companies. Such assets are essentially needed to develop new innovative products and to introduce them to the market. Philipp Sandner is one of the first researchers to approach the valuation of both technology- and market-based intangibles simultaneously by relying on portfolios of intellectual property (IP) derived from patents and trademarks. He empirically analyzes how technology- and market-based assets drive the company value of stock-market listed companies. He finds that both patents and trademarks substantially contribute to the value of companies.