Value Relevance of Nonfinancial Information: The Case of Patent Data

When used in conjunction with traditional R&D expenditure information, scientific information on patent quality appear to give investors a more useful basis upon which to judge the economic merit of the firm's R&D effort. This complementary relation suggests that consistent disclosure of patent quality information would be helpful to investors in their ongoing assessment of firms in the high tech sector.     

New Insights into Old Discoveries: Two Kinds of Markets

The first supply and demand experiments in the 1950s converged more strongly and quickly than people thought likely. Equally surprising, the first asset market experiments in the 1980s converged far less strongly and rapidly than expected. The economic crisis in 2008 brought a re-thinking of these old discoveries, motivated new experimental exercises and led to new insights.