Abstract Intangible Assets Pricing Model in Biotech industry In the era of knowledge-based economic, the revenue creation model of companies are transiting from conventional fixed-assets focus to new intellectual assets, brand names, and customer needs focus. Taiwan industries also jumped into this wagon and are gradually switching from the equipment manufacturers (OEM) model focused on production to a new type of model concentrated on the conjunction of technology, brand, and services. After the revision of corporation law in 2001 to stipulate that companies are allow to capitalization of their technology or goodwill, it is becomes a must to establish a well accepted pricing model for these intangible assets to the banks or industry-wide. The key of the pricing model is how to apply the valuation rules, which are commonly for the tangible assets, to the intangible assets. The pricing model will be able to act as a start point for the traders to negotiation, and decrease the transaction costs related to information non-transparence or information gathering. This paper tried to survey all the possible pricing models, regardless of theoretical and empirical ones, and make a comparison among these models. In addition, there is an analysis of market information in biotech development. At last, this paper explored some current applied pricing models by interviewing the people in the industries and using cases studies. Although there is no wide-accepted valuation l to apply, the searching as many models as possible may provide various ways to re-evaluate pricing models, and in the hope to come up a result reflected closer to the reality.

This Bachelor thesis deals with the definition of Intangible Assets in the context of financial reporting. The purpose is to integrate intangible assets into the balance sheet. After a thorough analysis of the ongoing research shows that there is general consensus concerning intellectual property, and general confusion concerning knowledge, information and organization capital. Some have what it takes to enter balance sheets, while others still lack a holistic concept that is generally accepted and fulfils the demand of accounting. Neither of them is reported according to the presently available and established knowledge. This thesis shows that a prerequisite for an improved reporting is the consequential extension of accounting principles for intangible assets. The fact that the term “intangible asset” became a gathering of all possible intangible phenomena demands counter-actions. One of its reasons is the demand for the measurement of relative performances of intangible assets. This thesis shows that reporting absolute figures for intangible assets does not stand in contrast with this, but can deliver the necessary data set for a holistic analysis that also deals with intangible assets.

<p> </p><p> </p><p>This Bachelor thesis deals with the definition of Intangible Assets in the context of</p><p>financial reporting. The purpose is to integrate intangible assets into the balance</p><p>sheet. After a thorough analysis of the ongoing research shows that there is general</p><p>consensus concerning intellectual property, and general confusion concerning</p><p>knowledge, information and organization capital. Some have what it takes to enter</p><p>balance sheets, while others still lack a holistic concept that is generally accepted</p><p>and fulfils the demand of accounting. Neither of them is reported according to the</p><p>presently available and established knowledge. This thesis shows that a prerequisite</p><p>for an improved reporting is the consequential extension of accounting principles for</p><p>intangible assets. The fact that the term “intangible asset” became a gathering of all</p><p>possible intangible phenomena demands counter-actions. One of its reasons is the</p><p>demand for the measurement of relative performances of intangible assets. This</p><p>thesis shows that reporting absolute figures for intangible assets does not stand in</p><p>contrast with this, but can deliver the necessary data set for a holistic analysis that</p><p>also deals with intangible assets.</p><p> </p><p> </p>

The diploma thesis focuses on comparing the accounting treatment and reporting of intangible assets in accordance with rules in the CR and IFRS. This thesis is concentrated on finding significant differences. A practical example shows the form of intangible assets in practice a few selected companies from different sectors.

The counterfeiting industry continues to grow worldwide, valued today at $461 billion according to the Global IP Center’s 2016 Report. This proliferation of counterfeiting has permeated many industries, but poses a unique threat to the luxury retail sector. Many factors have precipitated the expansion of this industry: expanded trade and manufacturing networks, enhanced technology, the rise of e-commerce, the globalization of trade, and others. Long viewed as a necessary evil in the luxury business, this booming counterfeit industry threatens retailers and governments alike. For individual retailers, counterfeiting deprives them of revenues, increases anti-counterfeiting expenses, devalues the brand, and disincentivizes growth and innovation. As a result, governments suffer slowed economic growth, higher unemployment and decreased tax revenues. Despite the economic and accounting consequences of luxury counterfeiting, steps can be taken to mitigate its impact. Legislation that defines and protects intellectual property rights, brand enforcement tools, supply chain management, public and private sector partnerships, authentication technology and consumer education present opportunities for building a strong anti-counterfeiting strategy. My research examines the luxury counterfeiting industry from its origins, investigating its history and the reasons for its rise in current global conditions. Taking an accounting-based perspective, I address both the ramifications of the luxury counterfeiting industry and propose strategies to combat it. Curtailing the expansion of this lucrative, black-market industry will be difficult and costly for luxury retailers and governments alike, but given the growing threat it poses around the world, it is in their best interest to pursue some of these proposed strategies.

This research has investigated factors that affect the successful commercialization of intellectual capital. The concept of social constructs of meaning for the interview participants provides the fundamental perspective of this research. The research was undertaken on the basis of a constructivist ontology, the epistemology was interpretivist, and a qualitative methodology was used. A constructivist ontology was selected due to the research aim to understand the perceptions of the interview participants. The interpretivist approach provided the framework to interpret meaning of the perceptions in the appropriate business context. The data collection methods included unstructured interviews of people holding key decision making positions within their organizations. The conceptual nature of intellectual capital and commercialization enabled the research to be viewed from a phenomenological perspective and aspects of grounded theory were applied in seeking meaning from interviewee perceptions to surface a theoretical model. The data analysis included coding of the interview transcripts utilizing NVivo qualitative research software and sorting the data into nodes. The nodes represented categories of information which became the foundations of the constructs. These nodes were examined for relationship and meaning until a theoretical model emerged from the data. The findings culminated in six (6) main constructs which were subsequently aggregated to form a composite model of factors which influence the commercialization process. / In addition a further discovery was made in terms of an `Intellectual Capital Approach' model which enables a classification and hierarchical relationship of intellectual capital to be mapped as a starting point for problem solving and strategy formulation. The results of this research have immediate application to business in terms of informing management about identification of intellectual capital and to consider alternative scenarios for wealth creation by way of commercialization.

The volatility of share prices is an important variable in most asset pricing models and option pricing formulas.Valuation of volatility of share prices have become a major challenge with the development of the knowledge-driven economy as evidence suggest that not all elements of company wealth are physical in nature. The purpose of this project entitled “The intensity of the firm’s intangible asset on the volatility of their stock price” is to check if the intensity of intangible assets in a firm’s balance sheet affects the volatility of their stock price. A brief overview of intangible assets is also included in this study. An OLS regression was run and the results of the entire data set gives a negative correlation between intensity of intangible assets and volatility of stock prices probably due to the fact that the volatility of the firm share prices are driven by uncertainty and expectation of future growth. An industry-grouping regression was carried out, the results shows that for basic pharmaceuticals there is a positive correlation between the intensity of intangible assets and their price volatility while the other three industry groups produce a negative correlation. The study relies on secondary data of randomly selected fourty (40) publicly traded companies in Europe from four different industry groupings namely: manufacture of basic pharmaceuticals, manufacture of food products and beverages, information technology and manufacture of basic metals.

<p>The volatility of share prices is an important variable in most asset pricing models and option pricing formulas.Valuation of volatility of share prices have become a major challenge with the development of the knowledge-driven economy as evidence suggest that not all elements of company wealth are physical in nature.</p><p>The purpose of this project entitled “The intensity of the firm’s intangible asset on the volatility of their stock price” is to check if the intensity of intangible assets in a firm’s balance sheet affects the volatility of their stock price. A brief overview of intangible assets is also included in this study.</p><p>An OLS regression was run and the results of the entire data set gives a negative correlation between intensity of intangible assets and volatility of stock prices probably due to the fact that the volatility of the firm share prices are driven by uncertainty and expectation of future growth. An industry-grouping regression was carried out, the results shows that for basic pharmaceuticals there is a positive correlation between the intensity of intangible assets and their price volatility while the other three industry groups produce a negative correlation.</p><p>The study relies on secondary data of randomly selected fourty (40) publicly traded companies in Europe from four different industry groupings namely: manufacture of basic pharmaceuticals, manufacture of food products and beverages, information technology and manufacture of basic metals.</p>

At the current level of the world and Russian economy development industrial enterprises can get important advantages due to the effective formation and use of intangible resources which have a significant impact on the activities of these enterprises. The purpose of the thesis is to assess the impact of intangible assets on the industrial complex enterprises activities. The information and empirical base of the research was based on legislative acts and regulations governing commercial organizations and enterprises accounting of intangible assets, normative acts, monographic research, periodical materials, international accounting and reporting standards, guidelines, scientific works and publications of foreign and domestic economists, official statistic data of the intangible assets use by commercial organizations, reporting documents of the investigated industrial enterprise. Domestic and foreign literary sources analysis shows the unified approaches absence to the study of the problems of accounting and valuation of industrial enterprises intangible assets. Therefore, in the course of writing the master’s thesis the author’s definition of “intangible assets” was given, the classification of industrial enterprises intangible assets was clarified, and a multifactor model for evaluating the industrial enterprise’s activities results taking into account the influence of various factors including intangible assets considered and not accounted for was developed. This multifactor model which was tested on research enterprise will help to give not only an assessment of the degree of these factors impact, but also allow for a predictive check of changes in the results of the enterprise’s activity under various development scenarios. / При современном уровне развития мировой и российской экономики промышленные предприятия могут получить существенные преимущества за счет эффективного формирования и применения нематериальных ресурсов, которые оказывают значительное влияние на деятельность этих предприятий. Целью диссертационной работы является оценка влияния нематериальных активов на результаты деятельности предприятий промышленного комплекса. Информационно-эмпирическая база исследования основывалась на законодательных актах и положениях, регламентирующих коммерческие организации и ведение бухгалтерского учета нематериальных активов предприятиями, нормативных актах, монографических исследованиях, материалах периодической печати, международных стандартах учета и отчетности, методических рекомендациях, научных трудах и публикациях зарубежных и отечественных экономистов, официальных статистических данных об использовании нематериальных активов коммерческими субъектами, отчетных документах исследуемого промышленного предприятия. Анализ отечественных и зарубежных литературных источников показывает отсутствие единых подходов в изучении проблематики учета и оценки нематериальных активов промышленных предприятий. Поэтому в ходе написания магистерской диссертации дано авторское определение «нематериальные активы», уточнена классификация нематериальных активов промышленных предприятий, а также разработана многофакторная модель оценки результатов деятельности промышленного предприятия с учетом влияния различных факторов, в том числе учитываемых и не учитываемых в балансе нематериальных активов. Данная многофакторная модель, которая была апробирована на исследуемом предприятии, поможет дать не только оценку степени воздействия этих факторов, но также позволит провести прогнозную проверку изменения результатов деятельности предприятия при различных сценариях развития.

A Internacionalização das empresas se impõe como um imperativo em tempos de globalização. O forte processo de concorrência nos mercados domésticos faz com que as empresas busquem novos mercados para competir, motivando a Internacionalização de suas operações. As empresas buscam o processo de Internacionalização visando manter e expandir suas trajetórias de crescimento, e logicamente, visando também melhorar sua performance empresarial. Este estudo analisou a relação entre o Grau de Internacionalização e a Performance de empresas brasileiras. O Grau de Internacionalização foi medido pela variável FSTS (Foreign Sales over Total Sales ou Vendas no Exterior sobre Vendas Totais). A performance foi avaliada sob duas dimensões: Performance Contábil (Retorno sobre o Ativo; Retorno sobre Vendas) e Performance de Mercado (Retorno das ações; Valor de Mercado). A relação entre Grau de Internacionalização e Performance foi avaliada sob diversas formas, a partir de regressões simples, multivariadas e polinomiais (usando modelos de Dados em Painel e Heteroscedasticidade-Corrigida). Adicionalmente, foi investigada a relação entre o valor (força) da Base de Ativos Intangíveis (medida pelo indicador Tobin’s Q) e o Grau de Internacionalização das companhias. Os resultados deste estudo sugerem associação positiva entre Grau de Internacionalização e Performance para a amostra analisada. Foram explorados modelos lineares e polinomiais. Tanto os modelos lineares quanto polinomiais demonstraram relação positiva entre as variáveis. Os modelos polinomiais Quadráticos apresentaram os melhores ajustes, indicando que a relação entre Grau de Internacionalização e Performance (Contábil, medida pelo ROA; de Mercado, medida pelo Valor de Mercado) apresenta o formato de uma curva em “U”, com retornos negativos no início do processo de Internacionalização, até um ponto de inflexão, a partir do qual a relação entre Grau de Internacionalização e Performance passa a ser positiva. Os resultados também sugerem relação positiva entre o valor (força) da Base de Ativos Intangíveis e o Grau de Internacionalização das firmas. / The Internationalization of firms is mandatory in an environment marked by globalization. The fierce competition in domestic markets pressures firms to find new markets to compete, motivating the Internationalization process of these firms. Firms seek Internationalization to maintain and to expand their growth trajectories, and, logically, to enhance their Business Performance. This study analyzed the relationship between Degree of Internationalization and Performance of Brazilian Firms. The Degree of Internationalization was measured by the variable FSTS (Foreign Sales over Total Sales). Performance was evaluated using two dimensions: Accounting measures (Return on Assets; Return on Sales) and Market measures (Return on Stocks; Market Value of Equity). Simple, Multivariate and Polynomial Regressions (using Panel Data and Heteroscedasticity-Corrected models) were used to analyze the relationship between variables. Additionally, it was analyzed the relationship between the value (strenght) of the Intangible Assets Base (measured by Tobin’s Q) and the Degree of Internationalization. The results suggest positive association between Degree of Internationalization and Performance for the sample studied. Both linear and polynomial models showed positive relationship between the two variables. The quadratic (second-order) polynomial models were found better adjusted than linear models, indicating that the relationship between Degree of Internationalization and Performance (measured by ROA and Market Value of Equity) is better explained by an “U-shaped” curve: at early stages of Internationalization the returns are negative. Later, at the second stage of the Internationalization process, there is an inflection point, when returns become positive. Results also suggest that there is a positive relationship between the value (strenght) of the Base of Intangible Assets and the Degree of Internationalization of firms.