Handbook on Valuation of Intellectual Property Assets
Total Page:16
File Type:pdf, Size:1020Kb
Load more
Recommended publications
-
Social Justice in an Open World – the Role Of
E c o n o m i c & Social Affairs The International Forum for Social Development Social Justice in an Open World The Role of the United Nations Sales No. E.06.IV.2 ISBN 92-1-130249-5 05-62917—January 2006—2,000 United Nations ST/ESA/305 DEPARTMENT OF ECONOMIC AND SOCIAL AFFAIRS Division for Social Policy and Development The International Forum for Social Development Social Justice in an Open World The Role of the United Nations asdf United Nations New York, 2006 DESA The Department of Economic and Social Affairs of the United Nations Secretariat is a vital interface between global policies in the economic, social and environmental spheres and national action. The Department works in three main interlinked areas: (i) it compiles, generates and analyses a wide range of economic, social and environ- mental data and information on which States Members of the United Nations draw to review common problems and to take stock of policy options; (ii) it facilitates the negotiations of Member States in many intergovernmental bodies on joint course of action to address ongoing or emerging global challenges; and (iii) it advises inter- ested Governments on the ways and means of translating policy frameworks devel- oped in United Nations conferences and summits into programmes at the country level and, through technical assistance, helps build national capacities. Note The views expressed in this publication do not necessarily reflect those of the United Nations. The designations employed and the presentation of the mate- rial do not imply the expression of any opinion whatsoever on the part of the Secretariat of the United Nations concerning the legal status of any country or territory or of its authorities, or concerning the delimitations of its frontiers. -
Patent Valuation Standards in the United States Applying Existing Standards and Terminology to a Developing Field of Practice by Glenn Perdue
Patent Valuation Standards Patent Valuation Standards In The United States Applying Existing Standards And Terminology To A Developing Field Of Practice By Glenn Perdue I. Introduction standard terminology and conceptual models in an ntellectual property continues to develop as an attempt to provide greater consistency, comparability asset class worthy of ever increasing levels of and reliability. Iinvestment. The last two years have seen some In considering standards relevant to patent valua- of the biggest patent-related transactions ever with tion, we can look to existing standards, particularly Nortel’s patent portfolio being purchased out of bank- within the business valuation domain. Some of these ruptcy for $4.5 billion; Microsoft’s acquisition of 800 standards address intangibles directly. Given the rich AOL patents for more than $1 billion; and Google’s body of existing work acquisition of Motorola Mobility—and its expansive that extends back near- ■ Glenn Perdue, patent portfolio - for $12.5 billion. Yet beyond these ly one-hundred years, Kraft Analytics, LLC, intellectual property headline-grabbing deals, patents are being bought, Managing Member, sold, licensed, financed and infringed every day. In- professionals need not creasingly, we must reasonably estimate and account re-invent the valuation Nashville, TN, USA for the value of patents in business. standards wheel. E-mail: [email protected] When it becomes necessary to estimate and account For purposes of this for the value of a certain type of asset on a recur- article, standards are viewed broadly to include cer- ring basis, standard approaches, terminology, and tain legal, regulatory, and professional definitions and conceptual models tend to emerge. -
Enhancing Patent Valuation with the Pay-Off Method
Journal of Intellectual Property Rights Vol 16, September 2011, pp 377-384 Enhancing Patent Valuation with the Pay-off Method Mikael Collan† University of Turku, School of Economics, Pori Unit, PO-Box 170, Pori, Finland 28101 and Markku Heikkilä Institute for Advanced Management Systems Research, Abo Akademi University, Joukahaisenkatu 3-5 A, 4 th Floor, Turku, Finland 20520 Received 14 June 2011, revised 13 August 2011 Numerical valuation of patents is a difficult task due to great uncertainty regarding the future and inaccuracy in estimation. The pay-off method is an easy to use and understand analysis method that is based on using value scenarios and real options-thinking. The method is designed for the analysis of assets that suffer from difficulties in estimation precision and often face high uncertainty. This paper shows how patent valuation can be enhanced with the help of the pay-off method, based on any of the three ‘conventional’ patent valuation methods. A numerical case about how the pay-off method can be used together with the discounted cash flow method is presented. The method is already in use by a number of multi- national companies for valuation of R&D and is on its way to be introduced into the IPR functions of a number of corporations. Keywords : Pay-off method, patent valuation, discounted cash flow method In practical IPR management, the evaluation of on whether certain innovations are patentable or not, existing patents takes place on a regular basis, usually than the actual valuation of the individual patents or once every year. During the evaluation, managers patent families held by a given company. -
The Cambridge School Richard Bourke
The Cambridge School Richard Bourke 1. What are the origins of the Cambridge School? The existence of a “Cambridge School” was first identified by J. G. A. Pocock in the early 1970s, but the description was intended to refer to an approach to the history of ideas that began to achieve prominence in the 1960s. The practitioners whom Pocock had in mind as exemplary members of this School included himself, Quentin Skinner and John Dunn. Over time, it became clear that these three figures had distinct concerns in the fields of intellectual history and political theory. Pocock himself has tended to focus his research on the history of historiography, Skinner on the history of philosophy, and Dunn on political theory understood as a branch of historical inquiry. However, in the 1960s they shared much common ground. By the end of the decade, they had all contributed to methodological debates in the history of ideas. At the same time, each of them had made significant contributions to the study of the history of political thought itself: Pocock, the eldest of the three, had produced a major account of the ideology of ancient constitutionalism in seventeenth-century English political debate; Dunn had produced his classic treatment of the political thought of John Locke; and Skinner had published original studies of the political philosophy of Thomas Hobbes. What distinguished these works was their use of properly historical forms of investigation to explore the writings of past thinkers. This meant eschewing a range of historical fallacies: most importantly, anachronism, prolepsis, and teleology. It also entailed treating ideas as arguments rather than as disembodied entities. -
Empirical Rigour, Reflexivity, and Archiving in the Social Sciences and Humanities in African Studies Marie-Aude Fouéré, Ophélie Rillon, Marie-Emmanuelle Pommerolle
Why Sources ? Empirical Rigour, Reflexivity, and Archiving in the Social Sciences and Humanities in African Studies Marie-Aude Fouéré, Ophélie Rillon, Marie-Emmanuelle Pommerolle To cite this version: Marie-Aude Fouéré, Ophélie Rillon, Marie-Emmanuelle Pommerolle. Why Sources ? Empirical Rigour, Reflexivity, and Archiving in the Social Sciences and Humanities in African Studies. Sources. Material & Fieldwork in African Studies, IFRA Nairobi, 2020, pp.23-42. halshs-02863918v2 HAL Id: halshs-02863918 https://halshs.archives-ouvertes.fr/halshs-02863918v2 Submitted on 7 Jul 2020 HAL is a multi-disciplinary open access L’archive ouverte pluridisciplinaire HAL, est archive for the deposit and dissemination of sci- destinée au dépôt et à la diffusion de documents entific research documents, whether they are pub- scientifiques de niveau recherche, publiés ou non, lished or not. The documents may come from émanant des établissements d’enseignement et de teaching and research institutions in France or recherche français ou étrangers, des laboratoires abroad, or from public or private research centers. publics ou privés. Distributed under a Creative Commons Attribution - ShareAlike| 4.0 International License SOURCES Materials & Fieldwork in African Studies Varia no. 1 | 2020 Introduction: Why Sources ? Empirical Rigour, Reflexivity, and Archiving in the Social Sciences and Humanities in African Studies Marie-Aude Fouéré, Ophélie Rillon, et Marie-Emmanuelle Pommerolle URL: https://www.sources-journal.org/81 HAL Id: halshs-02863918 Cite this article: Fouéré, Marie-Aude, Ophélie Rillon, & Marie-Emmanuelle Pommerolle. 2020. “Why Sources ? Empirical Rigour, Reflexivity, and Archiving in the Social Sciences and Humanities in African Studies” Sources. Materials & Fieldwork in African Studies no. 1: 23-42. -
Patent Valuation
Patent Valuation Practical Applications Robert F. Reilly Robert Reilly has been a managing director of Willamette Management Associates for about 25 years. Willamette Management Associates provides business valuation, forensic analysis, and financial opinion services for transaction, financing, taxation, bankruptcy, litigation, and planning purposes. Robert frequently provides valuation, fairness, economic damages, intercompany transfer price, and other financial advisory opinions related to intellectual property. Robert has testified in both federal and state courts related to intellectual property taxation, infringement and other torts, breach of contract, and other disputes. Robert holds a BA degree in economics and an MBA degree in finance, both from Columbia University. He is a certified public accountant, accredited in business valuation, and certified in financial forensics. He is also a chartered financial analyst, chartered global management accountant, certified management accountant, certified business appraiser, and certified valuation analyst. Robert is the co-author of 12 books, including Guide to Intangible Asset Valuation (revised edition published by the AICPA in 2014) and Practical Guide to Bankruptcy Valuation (published by the American Bankruptcy Institute in 2013). Robert can be reached at (773) 399-4318 or at [email protected]. 2 Discussion Outline • Types of intellectual property (IP) • Reasons to analyze intellectual property • Types of patents • Patent-related intangible assets • Generally accepted valuation approaches and methods • Cost approach patent valuation example • Market approach patent valuation example • Income approach patent valuation example • Summary and conclusion 3 Types of Intellectual Property • An IP is a commercial intangible asset that enjoys special legal recognition and legal protection. • The IP special legal status comes from either federal or state statutes. -
Comparison of Constitutionalism in France and the United States, A
A COMPARISON OF CONSTITUTIONALISM IN FRANCE AND THE UNITED STATES Martin A. Rogoff I. INTRODUCTION ....................................... 22 If. AMERICAN CONSTITUTIONALISM ..................... 30 A. American constitutionalism defined and described ......................................... 31 B. The Constitution as a "canonical" text ............ 33 C. The Constitution as "codification" of formative American ideals .................................. 34 D. The Constitution and national solidarity .......... 36 E. The Constitution as a voluntary social compact ... 40 F. The Constitution as an operative document ....... 42 G. The federal judiciary:guardians of the Constitution ...................................... 43 H. The legal profession and the Constitution ......... 44 I. Legal education in the United States .............. 45 III. THE CONsTrrTION IN FRANCE ...................... 46 A. French constitutional thought ..................... 46 B. The Constitution as a "contested" document ...... 60 C. The Constitution and fundamental values ......... 64 D. The Constitution and nationalsolidarity .......... 68 E. The Constitution in practice ...................... 72 1. The Conseil constitutionnel ................... 73 2. The Conseil d'ttat ........................... 75 3. The Cour de Cassation ....................... 77 F. The French judiciary ............................. 78 G. The French bar................................... 81 H. Legal education in France ........................ 81 IV. CONCLUSION ........................................ -
Economic Valuation of Patents As Real Options
View metadata, citation and similar papers at core.ac.uk brought to you by CORE provided by Institutional repository of Tomas Bata University Library ECONOMIC VALUATION OF PATENTS AS REAL OPTIONS Ing. Eva Kramna Abstract In today´s high competitive business world is for the successful firms necessary to manage not only their tangible property but also intangible assets. The main goal of this article is to approximate the application of real option methodology for patent valuation that takes into account the value of flexibility in investment decision making. In this paper is shown how to use real options methodology for valuation of patent. The theoretical background of real options is illustrated by the Black-Scholes model in the sample case adapted to Aswath Damodaran (Damodaran, 2001). This paper is completed by estimation of contemporary situation of patents granted by the Industrial property office in the last five years. The last part discuss in which situations make sense to use real options for valuation patent and what is the most common problems of using real options. Key words in English: patents management, real options, investment decision, valuation, performance 1 INTRODUCTION Intellectual property is the part of business assets. The valuation of intellectual property rights, specifically patents, has been one of the most difficult investment problems of managers. Patents represent investment opportunities. Investment decisions are associated with long-term impact on business. It is therefore associated with higher risk and higher sums of money. The role of financial manager is to evaluate the effectiveness of the proposed investment. So far, the best known methods are based on projections of future cash flow that are compared with an estimated capital expenditure. -
Inventing 'Humanity': Early- Modern Perspectives
[Intellectual History Archive 5, 2018] Kontler, Inventing ‘humanity’ INVENTING ‘HUMANITY’: EARLY- MODERN PERSPECTIVES László Kontler1 Central European University I. Introduction This essay addresses a crucial chapter in the development of the modern concept of humanity (mankind , humanité, Menschheit) in European culture. 2 It is not an empirical study based on primary research, rather an attempt to sketch an analytical framework for approaching and understanding a broad array of specific historical topics and phenomena within the parameters of an encompassing theme. The methodological assumption at its heart is trivial: our concept of ‘humanity’ is not an intrinsic one, but a contextually defined cultural product shaped by processes of philosophical, historical, social-anthropological and political self-reflection, and of encounter with ‘others’ in modern times, which all raised important and disturbing questions about the differentiae specifica of the human kind. In tackling some of these questions and significant answers to them during the sixteenth to the nineteenth centuries, I focus on early-modern versions of three important intellectual frameworks that determined the consideration of the diversity versus unity, and diversity within unity, of mankind. These are, first, the temporalization of human difference: the notion that such difference is largely a matter of patterns in the development of human faculties and relations both among men and between them and their environment across (virtual) time. Second, the historicization of nature: the study of nature on the basis of the collection and ordering of data about phenomena as they actually exist in space as well as in time. Third, the naturalization of man: the study of humans without the ascription of a special status to them, with the approach of the naturalists, as coequal from the methodological point of view with any other product of the Creation. -
Spring 2014 Volume 19, Issue 2
SurFACTS in Biomaterials Spring 2014 Volume 19, Issue 2 How New Biomaterials Will Enable Next- Generation Structures Inside By Josh Simon, Ph.D., business development manager, Secant Medical, Inc. (Perkasie, PA) This Issue Through the introduction of new materials, the latest generation of bio- pg. 1 - How New medical textile structures will take the leap from minimizing interference Biomaterials Will with the natural healing process to structures that actively participate in tissue regeneration. Most resorbable devices on the market are made Enable Next- from a combination of poly lactic acid (PLA), poly glycolic acid (PGA), poly caprolactone (PCL), or poly dioxanone (PDO). In general, many engineers Generation Structures gravitate toward materials that have a long and successful track record, pg. 3 - Call for because taking a new biomaterial to market is associated with high costs and high risk. More stringent FDA and EU regulations for today’s new bio- Abstracts materials can involve additional testing requirements to demonstrate safety and biocompatibility. pg. 5 - Member News pg. 7 - Patent Overcoming the challenges associated with using new biomaterials is not impossible. First, it requires relinquishing the fear of failure. Second, it Valuations, Unlocking requires partnering with entities that can conduct the studies that provide the Value in your safety and biocompatibility data. In this scenario, it is important to sepa- rate the device developer from the material developer, as this can spread Patent Portfolio out the cost and risk. In addition, if material development companies or laboratories invest in the early research necessary to satisfy regulatory pg. 9 - Options for FDA requirements, corporate interests will be more confident in their use of the Clarification of Device material. -
Intellectual Property and the Academic Community
NAPAG NATIONAL ACADEMIES POLICY ADVISORY GROUP Intellectual Property & the Academic Community THE BRITISH ACADEMY THE CONFERENCE OF MEDICAL ROYAL COLLEGES THE BRITISH ACADEMY OF ENGINEERING THE ROYAL SOCIETY INTELLECTUAL PROPERTY AND THE ACADEMIC COMMUNITY MARCH 1995 ISBN 0 85403 496 X © NAPAG Copies of this report may be obtained from: The Royal Society 6 Carlton House Terrace London SW1Y 5AG £19.90 FOREWORD In 1983 in her foreword to Intellectual Property Rights and Innovation – the Nicholson report – the Prime Minister Margaret Thatcher stated: ‘individuals generating new ideas, whether in universities, companies, Government research establishments, or even in schools, should take very seriously indeed the protec- tion of those ideas’. This philosophy has been promoted vigorously since that report and there is now a greater awareness of the value of ideas. However, which ideas should be protected and when? Who should exploit them and how? Who should profit? These questions have become increasingly difficult to answer. There is inevitably a potential conflict between the openness of scientific research and the competitiveness of the commercial world. The fundamental problem is how to operate the patent system in a way that encourages both research and its exploitation. The National Academies Policy Advisory Group was formed in 1992 and in Spring 1993 it was agreed that the spectrum of issues thrown up by intellectual property required the mul- tifaceted approach that NAPAG could offer. Thus, a working party comprising scientific, tech- nological, medical, ethical, commercial and legal expertise began work in June 1993. The working party consulted widely and I would like to thank all those who contributed to its deliberations. -
Teaching Patents As Real Options Andrew Chin
NORTH CAROLINA LAW REVIEW Volume 95 | Number 5 Article 4 6-1-2017 Teaching Patents as Real Options Andrew Chin Follow this and additional works at: http://scholarship.law.unc.edu/nclr Part of the Law Commons Recommended Citation Andrew Chin, Teaching Patents as Real Options, 95 N.C. L. Rev. 1433 (2017). Available at: http://scholarship.law.unc.edu/nclr/vol95/iss5/4 This Article is brought to you for free and open access by Carolina Law Scholarship Repository. It has been accepted for inclusion in North Carolina Law Review by an authorized editor of Carolina Law Scholarship Repository. For more information, please contact [email protected]. 95 N.C. L. REV. 1433 (2017) TEACHING PATENTS AS REAL OPTIONS* ANDREW CHIN** As a framing device for an introductory course in patent law, the study of patent valuation can deepen students’ understandings of patents as business assets and as instruments of industrial policy. In particular, the real options approach to patent valuation highlights patent owners’ strategic postures toward future income opportunities in the face of legal uncertainty and change. This Article describes the author’s experience with teaching patent valuation in connection with a show-and-tell exercise in which students consider the economic role of patents in markets for products they have purchased. The exercise utilizes an online calculator designed by the author to foster student intuitions regarding the financial implications of characterizing the option to commercialize a patent as an American call option. INTRODUCTION ..................................................................................... 1434 I. CURRICULUM ............................................................................. 1435 A. Patents in the Classroom ..................................................... 1435 B. Patent Valuation as a Frame for Class Discussions .........