STUDIES & WHITE PAPERS
As part of the optimization of our own patent valuation indicators and patent valuation methodology, we regularly conduct studies, some of which we publish here
USING QUALITY OF LIFE ASPECTS–AND INTELLECTUAL PROPERTY-AS AN INDICATOR OF A COMPANY'S FUTURE SUCCESS
The world is obsessed with innovation. “Development” and “progress” have become watchwords, and we all expect things to continue to get more convenient, to be able to have what we want delivered to our doorstep more quickly, and to get wherever we need to go, faster. We describe it as wonderful, and various innovations have fundamentally changed and improved lives around the globe. But this drive towards progress—this drive to increase economic growth and life span—sometimes causes us to stop paying attention to aspects of new innovations that affect the quality of life.
Andreas Zagos, Dana Colarulli, Ichiro Nakatomi, March 2023
DEFAULT RISKS OF COMPANIES WITH VALUE PATENTS
This study shows that the existence of a valuable patent portfolio has a correlation to the survival rate of a company. It has been demonstrated that companies with the lowest threshold of 8 mUSD of patent portfolio value show already a significant risk decrease. This is especially important for small companies, which have in average a higher default rate compared to large companies . This result can be used to e.g. create a product with high-yield bonds and reduced risk by monitoring the corporates' patent portfolio values.
Markus Dollmann, Dierk-Oliver Kiehne, Andreas Zagos, Ioannis Zagos, February 2023
BÖRSENSTRATEGIEN 2023: PATENTE & INNOVATIONEN ALS SCHLÜSSELFAKTOREN FÜR LANGFRISTIGEN ANLAGEERFOLG
Börsenstrategien 2023: Patente & Innovationen als Schlüsselfaktoren für langfristigen Anlageerfolg
Innovationen & Patente sind Schlüsselfaktoren für den Erfolg von Unternehmen. Doch wie können diese Themen effizient analysiert werden, vor allem mit Blick auf die Börsen-Bewertung von Aktien-Gesellschaften? Und wie lässt sich messen, welchen Einfluss Patente auf die Kursentwicklung haben? Antworten von Dr. Dierk-Oliver Kiehne, Geschäftsführer der InTraCoM GmbH, im Interview mit Börsenmoderator Andreas Franik - aufgezeichnet auf dem Parkett der Börse Frankfurt
Dr. Dierk-Oliver Kiehne, January 2023
PATENTE ALS ASSETKLASSE?
HOW TO DETERMINE PATENT QUALITY BASED ON THE QUALITATIVE CLAIMS-ANALYSIS
Beschreibung einer indikatorbasierten Bewertungsmethode für Patente
Andreas Zagos, October 2022
The most important part of a patent representing the legal core of the invention are the claims: they reflect what the owner claims to be his monopole with his invention for the lifetime of the patent. Some statistical and textual approaches investigate in this analysis what makes a claim valuable in terms of a big claims coverage. The direct quality indication is derived from secondary indicators like foreign forward citations and oppositions being a value-driving blocking effect indicator. The analysis shows that there is a significant scheme that leads to a higher citation frequency as well as a higher opposition frequency and thereby a higher quality.
Dierk-Oliver Kiehne, November 2021
GENERATING ALPHA WITH INNOVATIVE IDEAS
USING BIBLIOMETRIC INDICATORS FROM PATENT PORTFOLIO VALUATION AS VALUE FACTOR FOR GENERATING SMART BETA PRODUCTS
QUANTIFYING SUSTAINABLE PATENTS FOR ENHANCING ESG FACTORS USING BIBLIOMETRIC INDICATORS FROM PATENT PORTFOLIO VALUATION
UNCOVERING MOST SUSTAINABLE SECTORS AND HIDDEN ESG CHAMPIONS ANALYSING THEIR PATENTS
LUST AUF MEHR RENDITE? DANN SCHAUT AUF DIE PATENTE
THE CORRELATION BETWEEN THE NUMBER OF PATENTS AND THE PATENT PORTFOLIO VALUE OF COMPANIES
ENVIRONMENTAL, SOCIAL AND CORPORATE GOVERNANCE (ESG) – ALSO AN INNOVATION DRIVER?
INTANGIBLE ASSETS AND COMPANY VALUE
CORRELATION BETWEEN R&D EXPENSES AND PATENT VALUE
Since the carrying amount of patents provides precious little support in this respect, Quoniam uses alternative data provided by IPR Strategies, a company specialising in performing patent valuations for enterprises. IPR Strategies has set up a database for traded patents which is based on information gained from M&A transactions, auctions, and manual valuations. The dataset is trained using a learning process and identifies indicators which are relevant to valuation – including market-based, legal or technical details of patents. To assess individual patents, they are compared to traded patents with similar characteristics.
Dr Oliver Murschall, Executive Director, Research, Quoniam Asset Managment, October 2020
This paper goal is to present the results of the use of patent valuation indicators as alternative data which can generate a value factor which is suitable to design financial products. Based on different patent value indicators which address the areas “assignee”, “technology” and “market” an “IP portfolio index” was designed and backtested with real market data. The outperformance of the IP portfolio index is shown in the current paper.
The paper was presented at 2020 International conference on Modern Management based on Big Data (MMBD2020), Oct. 18th-21st, 2020
Andreas Zagos, Stelian Brad, Oct 2020
This paper goal is to present the results the use of patent valuation indicators as alternative data which can determine sustainable patents inside a patent portfolio and generate a ratio of sustainable technologies which are developed by a company. Based on different qualitative patent indicators which address the areas “technology” and “market” the enhancement of an ESG rating was prepared and discussed.
The paper was presented at 2020 Etria world conference TRIZ (TFC2020), Oct. 14th-18th, 2020
Andreas Zagos, Stelian Brad, Oct 2020
Sustainability has become the driving factor in analyzing and evaluating companies. Sustainability is now the most important factor for all stakeholders, be it: customers, employees, business partners and investors. The assessment from companies is mainly based on self-reporting and objective measures exist only in part thus greenwashing is to a large extent possible. The study shows, how patents can be used to identify active sustainability in companies, show the most sustainable sectors and companies in it. It compares the "most sustainable companies" rated by other organisations with the "patent ESG score" with surprising results.
Wolfgang Engshuber, Dierk-Oliver Kiehne, Feb 2020
Interview mit Dierk-Oliver Kiehne auf Finanzen TV über Patentwert und Rendite
Dierk-Oliver Kiehne, October 2019
According to the uncertainty about patent quality it may make sense to simply have a look at the quantities of patents that are filed. Indeed, when analysing all patents worldwide, the correlation between patent filings and and patent portfolio values shows a significant correlation. This phenomenon is known as the law of large numbers a statistical trap. But when doing a segmentation, e.g. by comparing groups of industrial sectors, countries or company sizes, the correlation becomes more and insignificant. The study shows a lot of unexpected surprises in terms of value averages and patent filings when different segmentations were used.
Dierk-Oliver Kiehne, July 2019
ESG stands for “Environmental, Social and Governance”. These three central factors are used in order to measure the sustainability and ethical impact of an investment in a company. In this study it is shown how patents can be used in order to determine at least the environmental aspect of "ESG". The used method can be used to assign each company an ESG related score. Within this study it should also be investigated, if the ESG rules for investment also drive companies to invent more in the enviromental related fields.
Dierk-Oliver Kiehne, June 2019
This analysis was performed for equities in the S&P500, STOXX600 and Nikkei300 index. The main aim of the analysis is to determine the share of the intangible assets related to the comapny value and related to other financials indicators from the balance sheet.
Andreas Zagos, April 2019
The benchmark analysis was done on the DJ STOXX600 Index in order to determine if there is a correlation between the espenses for research and development and the patent value for companies.
Andreas Zagos, April 2019
THE INFLUENCE OF THE AMOUNT OF INVENTORS ON PATENT QUALITY
ASSETS ON ARTIFICIAL INTELLIGENCE TECHNOLOGIES
Within the study the size of inventor teams was measured statistically and correlated with other patent quality indicators. Example: How often were patents cited, that were invented by one inventor or a certain set of inventors. By correlating the inventor-team size with indicators that are known from literature to be value relevant, it is possible to derive an additional indicator by the inventor-team size.
Dierk-Oliver Kiehne, Benjamin Krill, Apr 2017
The benchmark analysis was done by comparing the values of the patent portfolios in the area of artificial intelligence "AI" of all global companies. The study is based on the published patent applications and grants in the year 2017. The study covers as well macro-anylsis for global regions as well on corporate level.
Andreas Zagos, April 2019
MIT DEM IP VALUE FAKTOR SIGNIFIKANTES ALPHA GENERIEREN
Im Gespräch mit Hedgework News erklärt Prof. Andreas Zagos, wie dieser Faktor als Art Frühindikator für die Aktienselektion genutzt werden kann.
Andreas Zagos, October 2018
THE INFLUENCE OF THE AMOUNT OF INVENTORS ON PATENT QUALITY
FINTECH - THE HIDDEN CHAMPIONS FROM THE PATENT VALUE PERSPECTIVE
Within the study the size of inventor teams was measured statistically and correlated with other patent quality indicators. Example: How often were patents cited, that were invented by one inventor or a certain set of inventors. By correlating the inventor-team size with indicators that are known from literature to be value relevant, it is possible to derive an additional indicator by the inventor-team size.
Dierk-Oliver Kiehne, Benjamin Krill, Apr 2017
The basic idea of this study is to identify the most interesting companies in the fintech industry by valuating their intellectual property portfolio, namely patents and utility models. This will be achieved by compiling a comprehensive list of fintech companies, evaluation of their patents and utility models and comparison and benchmarking it in its respective sector.
Andreas Zagos, Feb 2017