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http://hdl.handle.net/10397/110402
| Title: | Valuation of new trademarks | Authors: | Hsu, PH Li, D Li, Q Teoh, SH Tseng, K |
Issue Date: | Jan-2022 | Source: | Management science, Jan. 2024, v. 68, no. 1, p. 257-279 | Abstract: | Firms often register trademarks as they launch new products or services. We find that the number of new trademark registrations positively predicts firm profitability, stock returns, and underreaction by analysts in their earnings forecasts. Using the Federal Trademark Dilution Act (FTDA) as an exogenous shock to trademark protection, we find that greater trademark protection strengthens the predictability of new trademark registrations. Together, our evidence suggests that investors undervalue new trademark registrations. | Keywords: | Analyst forecast Anomalies Exploratory trademarks Innovation Limited attention Market efficiency Stock returns Trademarks Trading strategies Uncertainty |
Publisher: | Institute for Operations Research and the Management Sciences (INFORMS) | Journal: | Management science | ISSN: | 0025-1909 | EISSN: | 1526-5501 | DOI: | 10.1287/mnsc.2020.3887 | Rights: | This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License. You are free to download this work and share with others, but cannot change in any way or use commercially without permission, and you must attribute this work as “Management Science. Copyright © 2021 The Author(s). https://doi.org/10.1287/mnsc.2020.3887, used under a Creative Commons Attribution License: https://creativecommons.org/licenses/by-nc-nd/4.0/.” The following publication Po-Hsuan Hsu, Dongmei Li, Qin Li, Siew Hong Teoh, Kevin Tseng (2021) Valuation of New Trademarks. Management Science 68(1):257-279 is available at https://doi.org/10.1287/mnsc.2020.3887. |
| Appears in Collections: | Journal/Magazine Article |
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| hsu-et-al-2021-valuation-of-new-trademarks.pdf | 1.62 MB | Adobe PDF | View/Open |
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