Raffaele Oriani

Managing a Portfolio of Real Options

This study analyses the determinants of the value of a portfolio of real options and explores implications for strategic management. It focuses the analysis on four elements: the number of real options in the portfolio, constraints on the number of options that can be exercised, the volatility of underlying assets, and the correlation between underlying assets. These elements are articulated around a trade-off between growth options and switching options and are applied to different strategic situations of technological, market, and macroeconomic uncertainty.

The Economic Valuation of Patents

The Economic Valuation of Patents provides an original and essential analysis of patent valuation, presenting the main methodologies to value patents in different contexts.

R&D market value under weak intellectual property rights protection: the case of India

The relationship between R&D and market value has attracted the interest of many scholars within different fields, but scant attention has been paid to the countries with weak protection of intellectual property rights (IPR). This is unfortunate, since this problem is potentially highly relevant for IPR policy in developing countries. In particular, several questions arise when the problem of R&D market value is analyzed in a country where IPR protection is weak. First, there are concerns regarding incentives (i.e., private returns) for firms to invest in R&D when IPR is only weakly protected. Second, significant differences could emerge in the market valuation of R&D investments of domestic and foreign firms, above all in those industries where spillovers are more likely. To examine these issues, this paper investigates the market valuation of R&D investments of a panel of 219 R&D-reporting domestic and foreign firms publicly traded in India with an empirical analysis. First, the market valuation of the R&D capital for the whole sample is positive and higher than those obtained in U.S. or European countries from similar analyses. Second, in the sub-samples of the domestic and foreign firms, the market value of R&D investments of foreign firms is not significantly different from zero, while the valuation coefficient of domestic firms is four times higher than that obtained on the whole sample. Third, in science-based industries the difference between domestic and foreign firms is smaller than in the other industries. The policy implications of these findings are discussed.

Market Valuation of US and European Intellectual Property

This book brings together innovative contributions on the management of intellectual property (IP) and intellectual property rights by an esteemed and multi-disciplinary group of economists, management scientists, accountants and lawyers.

The Value Relevance of Intangible Assets and the Mandatory Adoption of IFRS

Using a sample of Italian publicly traded firms in the period of 1996-2006, we analyze whether and to what extent the mandatory adoption of IFRS has affected the value relevance of intangible assets. Prior literature has claimed that IFRS adoption should improve the quality of accounting information and reduce information asymmetries. We find a statistically significant decrease in the value relevance of intangible assets, and in particular of goodwill, after the IFRS adoption. In contrast, in the Italian setting investors’ evaluation of R&D expenditures seems not to be value relevant under either accounting standards.

Advanced Valuation Methods: The Real Options Approach

The Economic Valuation of Patents provides an original and essential analysis of patent valuation, presenting the main methodologies to value patents in different contexts.

Knowledge breadth of MNC subsidiaries and the duration of host-country firms' search

The aim of this paper is to investigate the factors influencing the speed at which knowledge flows from foreign to domestic firms. The focus is not on whether a knowledge spillover occurs, but on the time it takes to spread the MNC subsidiary knowledge in the local area. Filling the gap about spillover speed in International Business by means of the insights from Innovation Studies Ðspecifically, the literature on search and NK modelling-, we propose a conceptual model where the speed of local knowledge diffusion is influenced by subsidiariesO technology sourcing strategies. We then test our model using a database covering 1336 US patents from the semiconductors sector. We find that not only the breadth of the set of subsidiariesO knowledge sources slows down local knowledge diffusion, but that the delay is mainly related to the diversity of global and internal sources used by the subsidiary, hinting at strategies that MNCs can use to further protect their knowledge.

Patent licensing contracts

The Economic Valuation of Patents provides an original and essential analysis of patent valuation, presenting the main methodologies to value patents in different contexts.

Why, When and How to Value Patents? An Introduction

The Economic Valuation of Patents provides an original and essential analysis of patent valuation, presenting the main methodologies to value patents in different contexts.

Stock market valuation of patent portfolios

The Economic Valuation of Patents provides an original and essential analysis of patent valuation, presenting the main methodologies to value patents in different contexts.