A correct assessment of the innovation activities is critical to firm performance. To this purpose, some authors have analyzed the relationship between innovation and firm's market value within a framework based on the real options theory. However, in these papers there is not an explicit modeling of the 'real options'. Our model of market value formally includes a technology switch option, which allows the firm to exchange one technology with another when it achieves a major innovation. The model also accounts for the stochastic nature of the innovation. We test the model on a panel of publicly traded British firms operating in different manufacturing industries. The results provide support to the claim that the stock market recognizes and evaluates a technology switch option.
{"title":"Technology Switch Option and the Market Value of the Firm: A Model and an Empirical Test","authors":"R. Oriani","doi":"10.2139/ssrn.763544","DOIUrl":"https://doi.org/10.2139/ssrn.763544","url":null,"abstract":"A correct assessment of the innovation activities is critical to firm performance. To this purpose, some authors have analyzed the relationship between innovation and firm's market value within a framework based on the real options theory. However, in these papers there is not an explicit modeling of the 'real options'. Our model of market value formally includes a technology switch option, which allows the firm to exchange one technology with another when it achieves a major innovation. The model also accounts for the stochastic nature of the innovation. We test the model on a panel of publicly traded British firms operating in different manufacturing industries. The results provide support to the claim that the stock market recognizes and evaluates a technology switch option.","PeriodicalId":346559,"journal":{"name":"Innovation Measurement & Indicators eJournal","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2003-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128503642","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
A ‘Classification Scheme’ is a way of organizing a large amount of information or material in a way that helps users finding the required information quickly. Classification schemes are used widely in all fields. In academics, one type of classification schemes is subject-based classifications. In the field of economics, JEL Classification Scheme (codes) is the standard for indexing the literature in economics and its allied disciplines. However for reasons discussed in this paper, this Scheme is not suitable for classifying literature in the nascent discipline of Islamic economics and finance. The paper presents a new classification scheme called in brief “KAUJIE Classification Scheme”. The paper then uses case-experiments to show how the new scheme can index the literature in this discipline in a better way as compared to JEL Classification Scheme and the benefits that the writers and researchers in this arena will attain from the use of the new Scheme.
{"title":"An Innovative Scheme for Classifying Literature in Islamic Economics and Finance","authors":"M. Iqbal","doi":"10.4197/ISLEC.28-2.2","DOIUrl":"https://doi.org/10.4197/ISLEC.28-2.2","url":null,"abstract":"A ‘Classification Scheme’ is a way of organizing a large amount of information or material in a way that helps users finding the required information quickly. Classification schemes are used widely in all fields. In academics, one type of classification schemes is subject-based classifications. In the field of economics, JEL Classification Scheme (codes) is the standard for indexing the literature in economics and its allied disciplines. However for reasons discussed in this paper, this Scheme is not suitable for classifying literature in the nascent discipline of Islamic economics and finance. The paper presents a new classification scheme called in brief “KAUJIE Classification Scheme”. The paper then uses case-experiments to show how the new scheme can index the literature in this discipline in a better way as compared to JEL Classification Scheme and the benefits that the writers and researchers in this arena will attain from the use of the new Scheme.","PeriodicalId":346559,"journal":{"name":"Innovation Measurement & Indicators eJournal","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122353401","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The aim of this paper is to describe the indicators for measuring different types of collaboration activities between universities and industry. Popular indicators for measuring university-industry cooperation are the number and amount of patents or licences, but these do not express the knowledge transfer and university-industry cooperation most adequately, as the collaboration and knowledge transfer also takes place through other types of cooperation. Although it is easier use input and output indicators for measuring university-industry cooperation, the focus should be on the economic impact of the collaboration. Additionally, relationship-based indicators should also be used. In Estonia different input factors are widely used. As university-industry cooperation is an input in innovation processes, the desired outcome should be a higher level of innovation, productivity, competitiveness, and growth, which has to be considered in the development of policies.
{"title":"Indicators Measuring University-Industry Cooperation","authors":"Marge Seppo, Alo Lilles","doi":"10.15157/TPEP.V20I1.782","DOIUrl":"https://doi.org/10.15157/TPEP.V20I1.782","url":null,"abstract":"The aim of this paper is to describe the indicators for measuring different types of collaboration activities between universities and industry. Popular indicators for measuring university-industry cooperation are the number and amount of patents or licences, but these do not express the knowledge transfer and university-industry cooperation most adequately, as the collaboration and knowledge transfer also takes place through other types of cooperation. Although it is easier use input and output indicators for measuring university-industry cooperation, the focus should be on the economic impact of the collaboration. Additionally, relationship-based indicators should also be used. In Estonia different input factors are widely used. As university-industry cooperation is an input in innovation processes, the desired outcome should be a higher level of innovation, productivity, competitiveness, and growth, which has to be considered in the development of policies.","PeriodicalId":346559,"journal":{"name":"Innovation Measurement & Indicators eJournal","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116144482","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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