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IQ and the R&D Market Value PuzzleAnne Marie KnottWashington University in Saint Louis - John M. Olin Business School Carl ViereggerWashington University in Saint Louis - John M. Olin Business School James YenWashington University in Saint Louis - John M. Olin Business School August 22, 2011 Abstract: The dominant measures of R&D effectiveness in studies of innovation are patent counts and R&D expenditures. Patent counts are problematic because they are neither universal (less than 50% of firms conducting R&D have any patents) nor uniform (10% of patents account for 85% of economic value). R&D expenditures are problematic because they are an input rather than an output. Moreover both measures exhibit anomalies in models of market value. Thus they are unreliable We propose and test a novel measure of R&D effectiveness (IQ) that appears to be universal, uniform and reliable.
Number of Pages in PDF File: 34 Keywords: R&D, market value, IQ JEL Classification: D24 working papers seriesDate posted: November 19, 2009 ; Last revised: September 7, 2011Suggested CitationContact Information
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