5 research outputs found
Management of patents and companies valuation
De nos jours, nous remarquons la transition marquante dâune Ă©conomie fondĂ©e sur les actifs matĂ©riels vers une Ă©conomie basĂ©e sur les actifs immatĂ©riels. Cette tendance s'illustre Ă travers lâaugmentation des investissements en R&D donnant lieu au dĂ©pĂŽt dâun nombre important de brevets. NĂ©anmoins, une minoritĂ© seulement dĂ©tient une valeur financiĂšre. Ces constats nous ont conduits Ă nous interroger sur les facteurs favorisant le renouvellement ou lâabandon dâun brevet. Dans notre quĂȘte dâĂ©lĂ©ments de rĂ©ponse Ă cette premiĂšre problĂ©matique, nous avons dĂ©fini trois phases stratĂ©giques du cycle de vie des brevets : lâabandon de procĂ©dure, lâabandon naturel, et lâabandon tardif. De plus, les rĂ©sultats des rĂ©gressions logistiques mettent en Ă©vidence deux variables : la durĂ©e de dĂ©livrance et le nombre cumulĂ© de brevets citant. En lâabsence dâun traitement adĂ©quat, la valorisation des intangibles demeure au centre des recherches et dĂ©bats. Les thĂ©oriciens et chercheurs confirment que ces actifs influencent significativement la perception du marchĂ© de la valeur financiĂšre des entreprises dĂ©tentrices dâactifs immatĂ©riels (surĂ©valuation). Ce faisant, cette recherche tente de rĂ©pondre par ailleurs Ă la question : comment le marchĂ© financier rĂ©agit-il Ă la diffusion de nouvelles informations relatives aux brevets dĂ©tenus par une firme ? Nos recherches nous ont permis de mettre en Ă©vidence le rĂŽle de lâasymĂ©trie dâinformation dans la valorisation des brevets. Ainsi, la capitalisation boursiĂšre de lâentreprise dĂ©tentrice du brevet est positivement corrĂ©lĂ©e avec lâinformation disponible relative aux brevets mĂȘme si lâampleur de la rentabilitĂ© anormale cumulĂ©e est fonction de lâindustrieRecently we notice a striking transition from an economy based on tangible assets to a knowledge economy based on intangible assets. This trend is illustrated through increased investment in R&D resulting in the filing of a large number of patents. However, only a minority of these has a financial value. These facts led us to wonder about the factors that lead to the renewal or abandonment of a patent.In our quest for answers to this first issue, we defined three strategic phases of patent life cycle: process abandonment, natural abandonment, and late abandonment. In addition, results of simple logistic regressions reveal two variables: the duration of delivery and the cumulative number of citing patents.The incorporation of intangible assets in the balance sheet is a real dilemma without an adequate treatment. Even though the valuation of intangibles remains at the heart of many studies and debates, theorists and researchers confirm that these assets significantly influence the market's perception of the financial value of holding companies (overvalued). Within this framework, this research attempts to answer this question as well: How does the financial market react to the dissemination of new information on patents held by a company?Our research allowed us to highlight the role of informational asymmetry in the valuation of patents. Thus, the market capitalization of the patent holder is positively correlated with available information. Finally, we notice that the magnitude of the cumulative abnormal return is a function of the industr
Financial decisions of the financially literate
International audienceThis paper investigates the portfolio performance of the company-based savings of a cross section of approximately 30,000 employees of a listed French bank. We have detailed information about each job position in the bank, which enables us to study the employeesâ financial literacy, specific knowledge of the plans offered, and private information. These better-informed bank employees supposedly adopt behavior that is the closest to that of an informed rational investor. We explore the employeesâ portfolio performance in the savings plans and find that financial expertise and knowledge of the plans are related to participation in the plans offered by the company. Financial expertise is related to better employee stock purchase plan (ESPP) individual portfolio performance but not to the company-based savings plan (CSP) and the overall performance of the companyâs plans. For both offered plans, participation is more likely among the job categories (including finance experts), female employees, more educated employees and less financially constrained employees. We find evidence of the mental accounting of company stock highlighted by Benartzi and Thaler (2001).Cet article Ă©tudie la performance du portefeuille d'Ă©pargne d'entreprise d'une cohorte d'environ 30 000 employĂ©s d'une banque française cotĂ©e. Nous disposons d'informations dĂ©taillĂ©es sur chaque poste de travail dans la banque, ce qui nous permet d'Ă©tudier les connaissances financiĂšres, les connaissances spĂ©cifiques des plans offerts et les informations privĂ©es des employĂ©s. Ces employĂ©s de banque mieux informĂ©s sont censĂ©s adopter un comportement qui est le plus proche de celui d'un investisseur rationnel averti. Nous Ă©tudions la performance du portefeuille des employĂ©s dans les plans d'Ă©pargne et montrons que l'expertise financiĂšre et la connaissance des plans sont liĂ©s Ă la participation aux plans offerts par l'entreprise. L'expertise financiĂšre amĂ©liore la performance individuelle du portefeuille d'achat d'actions des employĂ©s (ESPP) mais pas celle du plan d'Ă©pargne d'entreprise (CSP) et Ă la performance globale des deux plans proposĂ©s. Dans les deux cas, la participation est plus probable parmi toutes les catĂ©gories d'emploi (y compris les experts financiers), les femmes, les employĂ©s plus diplĂŽmĂ©s et les employĂ©s plus contraints financiĂšrement. Nous mettons en Ă©vidence la comptabilitĂ© mentale liĂ©e Ă l'actionnariat salariĂ© mise en Ă©vidence par Benartzi et Thaler (2001)
Estimates of the macroeconomic costs of cyberâattacks
International audienceThis paper estimates the macroeconomic losses related to the cyber-attacks originating from the information and communications technology (ICT) and the financial sectors. The study accounts for the interdependency of various economic sectors and looks to the cascading effect of cyber-attacks on production network in the United States and leading Organisation for Economic Co-operation and Development countries with the help of the inputâoutput methodology and the World InputâOutput Database. Our results suggest that cyber-attacks that affect the ICT and finance sectors result in losses which also impact different economic sectors, due to cascading effects
Financial market reaction to cyberattacks
International audienceDrawing upon an extensive dataset comprising 3,680 cyberattacks on firms listed in 5 stock markets, our main objective is to ascertain the financial market reaction based on a hybrid valuation inspired by the event study methodology and a counterfactual analysis. Analyses concern three dates that are specific to cyberattacks: 1) the accident date; 2) the first notice date; and 3) the original loss start date. Results indicate that there is a negative abnormal return for the NASDAQ after the accident date. The reactions of the NASDAQ and NYSE are similar, and negative for the first notice date but positive after the original loss start date. In the European context, cumulative abnormal returns are negative for French and German companies after the first notice date