Tag Archive | "Tobin’s Q"

Comparison of different sources of patent granted on economic effects

Nowadays, innovation and patents is a tool for enterprise to generate competency. Besides, most countries protect their patents with “Territorialism” and the annual-fee system. This study emphasis on the relationship between the patent from difference applied area and the generated benefits, which forms patent portfolio the best set of coherent strategy and combines with high value-creating , and attempts to find out a rule to assist enterprise in applying patent to the proper area where create the highest benefits and match their cost-benefit. Enterprises view patent portfolio as an integration of patent strategy to construct overall business strategy. From the results, benefits created by patents are very difference not only because of the theology, but also the applied area. Through this study, enterprises could realize that they must consider where could create the highest benefits under the restriction while applying patent.

  JKMEIT_PATENT.pdf (353.5 KiB, 1,351 hits)

Posted in Economics, Information Technology, Knowledge Management, Volume VI, Issue no. 6

Heterogeneity of Capital Stocks in Japan: Classification by Factor Analysis

This paper examines the heterogeneity of capital stocks using financial statement data of publicly listed Japanese firms. We conduct factor analysis on investment rates among various capital goods and estimate factor loadings of each as its reactions to common factors like total factor productivity (TFP) shocks. Then we estimate the uniqueness for each investment rate, which is the percentage of its variance that is not explained by the common factors. If the estimated factor loadings are similar between some of the heterogeneous capital goods, it may well imply that the adjustment cost structure of these investments is also similar. Further, if some of the estimated values of uniqueness are small, it suggests that certain theoretical models may track the dynamics of the investment rates well.

Our estimation results show that Building and Structure have similar factor loadings as do Machinery & Equipment, Vehicles & Delivery Equipment, and Tools, Furniture, & Fixture. This suggests that we could remedy the Curse of Dimensionality by bundling the investments that have similar factor loadings together and that identifying the functional structures of each group of capital goods can greatly improve the performance of empirical investment equations.

  Heterogeneity of Capital Stocks in Japan: Classification by Factor Analysis (687.0 KiB, 2,657 hits)

Posted in Economics, Volume IV, Issue no. 2