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Intellectual Property Rights and the Financing of Technological Innovation

Public Policy and the Efficiency of Capital Markets

  • New Horizons in Intellectual Property series

Carl Benedikt Frey

Following the transition of industrial nations to knowledge economies, the financing of technological innovation has become a central issue in public policy, corporate finance and business management. This detailed book examines the role of intellectual property rights in facilitating the financing of technological innovation as well as the role of policy makers, investors and managers in this process. The book’s central finding is that public policy plays a key role in promoting the corporate disclosure of intellectual property-related information to enhance the efficiency of capital markets. This not only reduces the costs of capital for technology-driven firms but ultimately spurs innovation and economic growth.
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Chapter 6: Towards forward-looking financial reporting

Carl Benedikt Frey


This chapter reviews the phenomenon of the intangible economy, and its implications. In doing so, it summarises the main findings of the present study, aiming to link the managerial aspects of intangibles to their capital market implications. Finally, I make some policy recommendations in the context of financial reporting, aimed at enhancing the informational efficiency of capital markets and reducing the costs of financing technological innovation.

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