Valuation of Intellectual Property: A Review of Approaches and Methods

Harald Wirtz

25 citations0/0 files storedInternational Journal of Business and Management

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Intellectual Property and Patents Intellectual Property Law Financial Reporting and Valuation Research

Abstract

Intellectual property plays a crucial role in business performance and has become the central resource in almostall industries. This demands adequate methods for the valuation of IP. In valuation theory three basic approachescan be distinguished: cost approach, market approach and income approach. But these approaches can be appliedto IP only to a limited extent. In this treatise approaches and specific methods for intellectual property valuationare examined and its applicability is critically discussed with a special interest on technical IP. Conditions,weaknesses and frontiers are shown and practical advice is given where possible.

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References

1964CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK*1965The Valuation of Risk Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets 1975THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.]1966Equilibrium in a Capital Asset Market 1981Principles of Corporate Finance.1969The valuation of risk assets and the selection of risky investments in stock portfolios and capital budgets 1999Valuing intangible assets 2006

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