This paper analyses market valuations of UK companies using a new data set of their R&D and IP activities (1989-1999). In contrast to previous studies, the analysis is conducted at the sector level, where the sectors are based on the technological classification in Pavitt (1984). The first main...

Investigates the stock market valuation of the research anddevelopment (R&D) and intellectual property (IP) activities of quotedcompanies in the United Kingdom. Unlike previous studies, this analysisconsiders the extent to which the stock market's valuation of firm-levelinnovation varies across...