By Cheng-Few Lee
Advances in Quantitative research of Finance and Accounting, New sequence is an annual booklet designed to disseminate advancements within the quantitative research of finance and accounting. it's a discussion board for statistical and quantitative analyses of concerns in finance and accounting, in addition to purposes of quantitative the right way to difficulties in monetary administration, monetary accounting, and enterprise administration. the target is to advertise interplay among educational learn in finance and accounting, utilized study within the monetary group, and the accounting career.
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Linear or proportional relationships are a huge subject in arithmetic schooling. notwithstanding, contemporary learn has proven that secondary tuition scholars have a powerful tendency to use the linear version in occasions the place it isn't appropriate. This overgeneralization of linearity is usually often called the "illusion of linearity" and has a robust detrimental impression on scholars' reasoning and challenge fixing abilities.
All however the simplest proofs are labored out intimately sooner than being offered officially during this e-book. therefore many of the rules are expressed in other ways: the 1st encourages and develops the instinct and the second one provides a sense for what constitutes an explanation. during this approach, instinct and rigour seem as companions instead of opponents.
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4 Note that ﬁrm i must belong to industry j in calculating TRA(i, j, t). Thus, TRA(i, j, t) measures the intensity of knowledge ﬂows between ﬁrms within industry j . Internal knowledge spillovers within ﬁrm i at time t is denoted by INT(i, j, t), which is the number of backward citations made by ﬁrm i to the patents owned by itself (so-called “self-citations”). Internal spillovers could originate from the citing inventor’s past research or current research in different areas. The internal spillovers measured by INT(i, j, t) can also be interpreted as spillovers initiated by an internal knowledge base.
In contrast, accounting information reﬂects the value of ﬁrms based on historical book values. Where intangible assets are not purchased in the market, their costs are taken to be zero. As such, the true values of these assets are not properly accounted for in both accounting statements and ﬁnancial data. Not surprisingly, a decline in the value-relevance of information from ﬁnancial statements is expected (Brown, Lo and Lys, 1999). Intangible assets, by deﬁnition, are nonphysical rights that are able to generate a future stream of beneﬁts for the owner.
By tracing the linkages between inventions across time as established by patent citations, knowledge spillovers are decomposed into intraindustry, internal, and interindustry spillovers. The empirical ﬁndings from this study conclude that the intensity of knowledge spillovers is value-relevant. The results also suggest that, among the three components of spillovers, intraindustry spillovers have the strongest impact on market-to-book ratios. These results have implications on strategic R&D activities aiming to increase market values.