The Value of Trademarks

61 Pages Posted: 22 Nov 2022 Last revised: 5 Dec 2023

See all articles by Pranav Desai

Pranav Desai

Nova School of Business and Economics

Ekaterina Gavrilova

Nova School of Business and Economics

Rui Silva

Nova School of Business and Economics; Centre for Economic Policy Research (CEPR)

Margarida Soares

Nova School of Business and Economics

Date Written: November 18, 2022

Abstract

We create a new measure of the value of an important, but previously understudied, intangible asset--trademarks. We quantify the stock market reaction to the publication of almost one million individual trademarks manually matched to firms. We find that trademarks are used ubiquitously and possess substantial value: the median trademark is worth $22.5 million. Firms that publish trademarks subsequently launch new products, increase sales, invest more in physical capital, hire more employees, increase production output, become more profitable, and increase their market share considerably. For identification, we exploit the quasi-random assignment of USPTO examining attorneys to trademarks.

Keywords: Trademarks; Intangible capital; Patents; Innovation; Product differentiation; Firm growth: Brands; Intellectual Property

JEL Classification: G30, L11, L25, O31

Suggested Citation

Desai, Pranav and Gavrilova, Ekaterina and Silva, Rui and Soares, Margarida, The Value of Trademarks (November 18, 2022). Available at SSRN: https://ssrn.com/abstract=4280505 or http://dx.doi.org/10.2139/ssrn.4280505

Pranav Desai

Nova School of Business and Economics ( email )

Campus de Carcavelos
Rua da Holanda, 1
Carcavelos, 2775-405
Portugal

Ekaterina Gavrilova

Nova School of Business and Economics ( email )

Campus de Carcavelos
Rua da Holanda, 1
Carcavelos, 2775-405
Portugal

Rui Silva (Contact Author)

Nova School of Business and Economics ( email )

Campus de Carcavelos
Rua da Holanda, 1
Carcavelos, 2775-405
Portugal

Centre for Economic Policy Research (CEPR) ( email )

London
United Kingdom

Margarida Soares

Nova School of Business and Economics ( email )

R. Holanda n1
Carcavelos
Lisbon, 2775-405
Portugal

HOME PAGE: http://https://sites.google.com/view/margaridasoares

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