STUDIES & WHITE PAPERS
In order to keep our own patent valuation indicators and the patent valuation method up-to-date and show the huge potential of it, we regularly conduct studies - some of those are published here.
How are companies valued? Based on their activities in the past according to their balance sheet or their future potential that is represented in their patent portfolio maybe? Here, 3 examples of in size and performance completely different companies operating in the same markets are analysed with amazing patent related facts.
Dierk-Oliver Kiehne, Andreas Zagos, Nov 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
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
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
According to the uncertainty about patent quality and the way to determine it, someone may simply have a look at the quantities of patents that are filed. Indeed, when correlating patents with patent values of all companies a significance is seen. This phenomenon is known as the law of large numbers - a statistical trap: when doing a market segmentation, e.g. by 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 analysis 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 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
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 different patent portfolios of all DAX (German stock index) listed companies. All applications, granted patents and utility models for the 30th September 2016 were taken into account. The valued patent data have been used in combination with business information, like amount of employees, revenues and total assets...
Dierk-Oliver Kiehne, Konstantinos Mavrakis, Julia Zhukova, Mar 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
Possible overperfomers in stock market (stoxx600 index) derived from patent activities of the companies. CETA will bring opportunities to different branches in Canada and to the European Union. Studies expect for Canada a boost in the field of raw materials like ore mining (Gold, Silver, nonferrous, copper, nickel, lead etc.), in the food market (beef, pork, soybean, fish, seafood, corn, wheat etc.) while for Europe manufacturers of pharmaceuticals, medicine, engines, vehicles, machineries will receive benefits from CETA...
Andreas Zagos, Nov 2016
Watches are made in Switzerland, robots in Japan, software in the US-silicon-valley and the Netherlands is the bicycles-country. Is it that simple? Is there a certain technology-field that a certain country represents more than all others? What are “typical markets” in certain countries?
Within a worldwide patent evaluation study this question was investigated and indeed there are technologies where in certain countries almost 90% of all patents worldwide are granted. These markets are very country-specific. ...
Dierk-Oliver Kiehne, Aug 2016
Valuing patents with indicators - how does the value determination work using indicators? The main principle to determine a value based on indicators is not new. The value of a used car or of a real estate is determined the same way. Example: location, square meters, year of construction, amount of rooms, equipment etc. these are all indicators. And without ever have seen a certain real estate, a value range can be assigned. For this purpose in real estate business catalogues and databases for different regions are available – for different years. The calculated value is a market value...
Dierk-Oliver Kiehne, Feb 2016
Valuation of intangible assets becomes a key issue for companies oriented towards continuous innovation since information and knowledge represent an important dimension of the market value. In this context, patents are relevant components of the intellectual property portfolio. Various methods have been proposed by now to valuate patents in monetary units. However, none of them is enough comprehensive to cover all facets that shape intangibles. For patenting strategy and internal decision making, as well as for bookkeeping, bibliometric indicators for patent valuation is of high relevance...
Andreas Zagos, Stelian Brad, Mar 2014
Finding and analyzing indicators is like reading the traces of a public community: Why can the indicator based model be an appropriate approach for evaluating and even valuating patents and be even more effective than other established approaches for valuating patents. Reading a patent and judging its technology is of cause an appropriate way in order to determine it’s potential use and if you are experienced in analyzing patent claims it may enable you even to figure out if the patent is able to lock out most competitors...
Dierk-Oliver Kiehne, Feb 2014
This paper goal is to introduce substantial improvements in patent valuation by using two of the most significant bibliometric indicators: the size of the patent family and the backwards and forwards citations. The size of the patent family represents the market impact and the citations represent the technology impact of a granted patent.
Andreas Zagos, Stelian Brad, November 2012
How would you outline the value of a patent? The fist thing, people start to answer, is “the value is the amount of money that someone else is willing to pay”. Correct? Precisely spoken: No. This describes a price but not a value. But what is value then?
Dierk-Oliver Kiehne, July 2012