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Do Analysts Understand Innovation? E...

Li, Qin.

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Do Analysts Understand Innovation? Evidence from Patents and Trademarks.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Do Analysts Understand Innovation? Evidence from Patents and Trademarks./
Author:	Li, Qin.
Published:	Ann Arbor : ProQuest Dissertations & Theses, : 2016,
Description:	66 p.
Notes:	Source: Dissertation Abstracts International, Volume: 78-05(E), Section: A.
Contained By:	Dissertation Abstracts International78-05A(E).
Subject:	Accounting. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10168435
ISBN:	9781369227208

Do Analysts Understand Innovation? Evidence from Patents and Trademarks.
Li, Qin.

Do Analysts Understand Innovation? Evidence from Patents and Trademarks. - Ann Arbor : ProQuest Dissertations & Theses, 2016 - 66 p.

Source: Dissertation Abstracts International, Volume: 78-05(E), Section: A.

Thesis (Ph.D.)--University of California, Irvine, 2016.

This study examines whether analysts efficiently impound information about innovation into their short-term (quarterly and annual) and long-term forecasts. I use patents to measure technological innovation outputs, and trademarks to measure non-technological product and marketing innovation outputs. Analysts appear to understand that patents increase only long-term earnings growth whereas trademarks increase both short-term earnings and long-term earnings growth. However, their forecasts contain systematic errors. Analysts underreact to the short-term earnings implications of trademarks, and overreact to the long-term earnings implications of both patents and trademarks. In addition, analysts' short-term forecast errors predicted from trademarks partially explain investor mispricing of trademarks. Collectively, my findings improve our knowledge of whether analysts understand innovation and how analysts' inefficient use of information about innovation affects the stock market valuation of innovation.

ISBN: 9781369227208Subjects--Topical Terms:

557516
Accounting.

Do Analysts Understand Innovation? Evidence from Patents and Trademarks.
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