The market value of R&D, patents, and trademarks

This paper investigates the effects of trademarks on the market value of firms. The results show that trademarks have a positive effect on firm value. Next, the firms’ market values are regressed on indicators of trademark value such as trademark seniorities, the number of oppositions filed, and the number of product and services classes covered. We found that they at least partially reflect trademark value.

► Estimation of the market value of both patents and trademarks. ► Application of Tobin's q framework to analyze the value of intangible assets. ► Identification and empirical validation of trademark value indicators. ► Trademark oppositions filed against other firms reflect trademark value. ► Discussion of trademarks as a way to protect marketing assets.