Tech stock valuation : investor psychology and economic analysis / Mark Hirschey.

Format:

Book

Author/Creator:

Hirschey, Mark.

Language:

English

Subjects (All):

Investments--Psychological aspects.

Investments.

Corporations--Valuation.

Corporations.

High technology industries--Valuation.

High technology industries.

Physical Description:

1 online resource (290 p.)

Edition:

1st edition

Other Title:

Investor psychology and economic analysis

Place of Publication:

Amsterdam ; Boston : Academic Press, c2003.

Language Note:

English

System Details:

text file

Summary:

The contribution of research and development to a company's market value has grown considerably in recent years. In the mid-1970s, accountants were able to capture on their ledgers 90-95% of a firm's book value, but by 2000 the importance of intangible assets had grown to the point where they could account for only 13-15%. Financial economists and accountants have investigated the link between a firm's market value and its R&D spending, and various factions advocate a variety of positions on the amount and rate of investment, investors' ability to capture returns on that investment, and ways

Contents:

Front Cover; TECH STOCK VALUATION; Copyright Page; CONTENTS; ACKNOWLEDGMENTS; PREFACE; Chapter 1. The Tech Bubble; I. The Nifty 50; II. NASDAQ 100 as the New Nifty 50; III. As Technology Goes, So Goes the NASDAQ 100; IV. How High is Up?; V. Conclusion; VI. References; Chapter 2. What Caused the Tech Bubble?; I. Efficient Market Hypothesis; II. The Time Series of Stock Prices; III. Daily Returns; IV. Random Walk Concept; V. Random Walk Research; VI. Stock Market Bubbles; VII. Stockholders and the Agency Problem; VIII. Risk Management Problems; IX. Investment Horizon Problems

X. Accounting Information ProblemsXI. Stock Fraud; XII. Fraud on the Internet; XIII. Conclusion; XIV. References; Chapter 3. Investment Advice on the Internet; I. Buy-Sell Recommendation Research; II. Investment Information on the Internet; III. The Motley Fool (TMF); IV. TMF's Rule Breaker Portfolio; V. Other TMF Portfolios; VI. Methodology; VII. All Portfolio Returns; VIII. Individual Portfolio Returns; IX. Conclusion; X. References; Chapter 4. A Dissertation on Tulips and America Online; I. How Much is a Tulip Worth?; II. The Tulip Mania; III. Estimating 17th Century Tulip Prices

IV. Psychology of ManiasV. The Late-1990s Internet Stock Mania; VI. AOL as a Growth Stock; VII. AOL Risk Assessment; VIII. AOL Growth Expectations; IX. AOL Valuation as a Growth Stock; X. AOL as a Value Stock; XI. AOL Customer Value; XII. Private-Market Value; XIII. Value of AOL-Time Warner; XIV. Conclusion; XV. References; Chapter 5. The Crash of 2000-2002 and Imminent Rebound; I. Mean Reversion in Business Profits; II. Business Cycles vs. Market Cycles; III. Return Reversal in the S&P 500 and the NASDAQ; IV. Nonoverlapping Period Analysis

V. Return Reversal or Simply Regression to the Mean?VI. Overreaction Hypothesis; VII. What About the Japanese Experience?; VIII. Conclusion; IX. References; Chapter 6. Stock-Price Effects of Research and Development Expenditures; I. R&D as a Source of Intangible Capital; II. Corporate Governance, R&D, and R&D Effectiveness; III. R&D Spending by Industry Group; IV. Corporate leaders in R&D Spending; V. Measuring R&D Capital Using Tobin's q Ratio; VI. The Sample; VII. Effects of R&D on Tobin's q; VIII. Firm Size Effects; IX. Institutional Ownership and R&D Effectiveness; X. Conclusion

XI. ReferencesChapter .7 Valuation Effects of Patent Quality; I. Usefulnesness of Nonfinancial Information; II. Questions about Long-Term Benefits of R&D; III. Patent Statistics; IV. Patent Citations; V. Scientific Merit of Patents; VI. Data; VII. Methodology; VIII. Stock-Price Effects of Patent Quality: U.S. Companies; IX. U.S. Companies: Effects of Size and Growth Opportunities; X. Patent Quality in Japan Versus the United States; XI. Valuation Effects of Patent Quality for Japanese Companies; XII. Conclusion; XIII. References; Chapter 8. Goodwill Write-Off Decisions: Do They Matter?

I. Goodwill

Notes:

Description based upon print version of record.

Includes bibliographical references and index.

ISBN:

9786611005269

9781281005267

1281005266

9780080492339

0080492339

OCLC:

191035058