Особенности оценки рыночной стоимости объектов интеллектуальной собственности при проведении судебных экспертиз

Illicit use of intellectual property violates the rights of the person/company that owns it. The expertise of intellectual property in many ways helps to restore justice in cases of rights violation. To conduct such expertise the knowledge of not only the intellectual property rights is required, but also of the activity to which the disputed intellectual property belongs. The article discusses some approaches to assessment of the market value of intellectual property, for instance it is assumed that when calculating the discount rate of intellectual property (for example, a brand), a company’s weighted average cost of capital (WACC) can be used. A hypothesis is substantiated that the methodology for determining discount rates using the “traditional” approach, when the discount rate takes all risks into account and is applied to the most probable values of the income measure, is based on the direct observations on the capital value market for a business. It is noted that the discount rate for intangible assets not necessarily should differ from that for a business. Thus, WACC assessment method is a discount rate for the invested capital. The method of estimating the discount rate based on WACC, shows the rate of return to be paid for the use of investment capital. The latter may consist of two sources of financing: own capital and debt capital. The article provides a thorough and detailed analysis of the WACC and notes that it can be used in both financial and investment analysis to assess future returns on investments, considering the initial conditions for profitability of investment capital.Незаконное использование интеллектуальной собственности нарушает права человека/компании, которому она принадлежит. Экспертиза объектов интеллектуальной собственности во многом способствует восстановлению справедливости в случае нарушения прав. Для ее проведения необходимы знания не только в области интеллектуальных прав, но и в сфере деятельности, к которой относится спорная интеллектуальная собственность. В статье рассмотрены некоторые подходы к оценке рыночной стоимости объектов интеллектуальной собственности, в частности использование оценки средневзвешенной стоимости капитала (WACC) компании при расчете ставки дисконтирования объектов интеллектуальной собственности (например, бренда). Обоснована гипотеза, согласно которой методология определения ставок дисконтирования при «традиционном» подходе, когда ставка дисконтирования учитывает все риски и применяется к наиболее вероятным значениям измерителя дохода, основана на непосредственных наблюдениях на рынке стоимости капитала для бизнеса. Отмечено, что ставка дисконтирования для нематериальных активов не обязательно должна отличаться от ставки дисконтирования для бизнеса. Таким образом, метод оценки WACC – это ставка дисконтирования для инвестированного капитала. Метод оценки ставки дисконтирования на основе WACC показывает норму дохода, которую следует выплатить за использование инвестиционного капитала. Последний может состоять из двух источников финансирования: собственного капитала и заемного. В статье дан детальный анализ WACC и показано, что он может быть использован как при финансовом, так и при инвестиционном анализе оценки будущей доходности инвестиций с учетом первоначальных условий доходности (рентабельности) инвестиционного капитала

Immunomodulation Targeting Abnormal Protein Conformation Reduces Pathology in a Mouse Model of Alzheimer's Disease

Many neurodegenerative diseases are characterized by the conformational change of normal self-proteins into amyloidogenic, pathological conformers, which share structural properties such as high β-sheet content and resistance to degradation. The most common is Alzheimer's disease (AD) where the normal soluble amyloid β (sAβ) peptide is converted into highly toxic oligomeric Aβ and fibrillar Aβ that deposits as neuritic plaques and congophilic angiopathy. Currently, there is no highly effective treatment for AD, but immunotherapy is emerging as a potential disease modifying intervention. A major problem with most active and passive immunization approaches for AD is that both the normal sAβ and pathogenic forms are equally targeted with the potential of autoimmune inflammation. In order to avoid this pitfall, we have developed a novel immunomodulatory method that specifically targets the pathological conformations, by immunizing with polymerized British amyloidosis (pABri) related peptide which has no sequence homology to Aβ or other human proteins. We show that the pABri peptide through conformational mimicry induces a humoral immune response not only to the toxic Aβ in APP/PS1 AD transgenic mice but also to paired helical filaments as shown on AD human tissue samples. Treated APP/PS1 mice had a cognitive benefit compared to controls (p<0.0001), associated with a reduction in the amyloid burden (p = 0.0001) and Aβ40/42 levels, as well as reduced Aβ oligomer levels. This type of immunomodulation has the potential to be a universal β-sheet disrupter, which could be useful for the prevention or treatment of a wide range of neurodegenerative diseases

The Features of Market Value Assessment of the Objects of Intellectual Property When Conducting Forensic Expertise

Illicit use of intellectual property violates the rights of the person/company that owns it. The expertise of intellectual property in many ways helps to restore justice in cases of rights violation. To conduct such expertise the knowledge of not only the intellectual property rights is required, but also of the activity to which the disputed intellectual property belongs. The article discusses some approaches to assessment of the market value of intellectual property, for instance it is assumed that when calculating the discount rate of intellectual property (for example, a brand), a company’s weighted average cost of capital (WACC) can be used. A hypothesis is substantiated that the methodology for determining discount rates using the “traditional” approach, when the discount rate takes all risks into account and is applied to the most probable values of the income measure, is based on the direct observations on the capital value market for a business. It is noted that the discount rate for intangible assets not necessarily should differ from that for a business. Thus, WACC assessment method is a discount rate for the invested capital. The method of estimating the discount rate based on WACC, shows the rate of return to be paid for the use of investment capital. The latter may consist of two sources of financing: own capital and debt capital. The article provides a thorough and detailed analysis of the WACC and notes that it can be used in both financial and investment analysis to assess future returns on investments, considering the initial conditions for profitability of investment capital

Impulse control disorders in Parkinson's disease:a psychosocial perspective

Parkinson's disease (PD) is a progressive neurodegenerative disease primarily characterised by motor symptoms. However, another feature of PD which is receiving increasing attention is the phenomenon of impulse control disorders (ICDs), such as pathological gambling. To date, research into ICDs in PD has centred on a biomedical model of cause, related to the effects of dopamine replacement therapy. However, there are several areas of discrepancy in the current biomedical account of ICDs in PD. In addition, we argue that social and psychological factors also need to be considered to achieve a more complete understanding of the phenomenon. We present a novel conceptual model which combines biomedical and psychosocial factors in the genesis of ICDs in PD and use the model to identify a number of potential treatment intervention points and to highlight important outstanding questions concerning the inter-relationship between psychosocial and biomedical factors in the genesis of ICDs in PD