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Acknowledgments ix
About the Author xi
Introduction: An Overview of Intellectual Property - Issues and Opportunities xiii
Part 1 Valuation 1
Chapter 1 What Constitutes Intellectual Property 3
Goodwill 4
Intangible Assets 7
Intellectual Property 11
Chapter 2 Understanding Core IP Assets 13
Patents 13
Trademarks 16
Domain Names 18
Trade Dress 18
Copyrights 20
Trade Secrets 22
Related Intellectual Property and Intangible Assets Rights 23
Licenses and Licensing Rights 23
Rights of Publicity 24
Computer Programs 25
Chapter 3 The Changing Nature of Intellectual Property and Intangible Assets 27
Trademarks 28
Patents 28
Copyrights 30
Internet Assets 31
Celebrity Rights 31
Software 31
Licenses 32
Chapter 4 Definitions of Intellectual Property Value—the Heart of the Matter 35
Value Definition 37
Chapter 5 Practical IP/Intangible Asset Valuation Guidelines 41
Chapter 6 Traditional Valuation Methodologies 47
The Cost Approach 49
The Market Approach 51
Income Approach 53
Relief from Royalty Approach 55
Establishing Discount Rates 57
Conclusions 58
Chapter 7 Other Valuation Approaches 61
The Brand Value Equation Methodology (BVEQ?) 62
The Competitive Advantage Technique 62
The Concept of Relative Incremental Value 63
Decremental Cost Savings Valuation 63
Enterprise Value Enhancement 63
Imputed Income Analysis 64
Income Capitalization or Direct Capitalization Methodology 64
Income Differential Analysis 64
Liquidation Value 65
Monte Carlo Analysis of Value 65
Options Pricing Technique (the Black-Scholes Model) 65
Premium Pricing Analysis 66
Profit-Split Methodology 66
Rules of Thumb 67
Snapshots of Value Approach 68
Subtraction Method of Value or Benchmark Method of Value 68
The Technology Factor Approach 68
The ValCalc Methodology 69
Valmatrix® Analysis Technique 69
Chapter 8 How IP Values and Valuation are affected in an Economic Downturn 71
IP-Specific Market Trends 71
Who Cares About Current IP Values? 73
The Result: A Search for Value Maximization Alternatives 74
Conclusions 75
Chapter 9 Valuation Issues with Different Types of Intellectual Property 77
Copyrights 77
Trademarks 81
Patents 84
Trade Secrets 86
Software 88
Internet Assets 89
Valuation Considerations 91
Methodologies 92
Chapter 10 Context: When IP Valuation is Necessary 95
Sales/Commercial Transaction 98
Divorce 101
The Great Tom Clancy Divorce—The Collision of IP Law and Family Law 104
Bankruptcy 105
Estates and the Right of Publicity 109
The Valuation of Postmortem Rights of Publicity for the Marlon Brando Estate 111
Valuation of IP Licenses 114
Valuation in Litigation 117
Part 2 Management 121
Intellectual Property Management: Recognizing and Maximizing Value from Client Portfolios 121
Chapter 11 IP Due Diligence and Asset Prioritization 125
Testing to Confirm Intangible Assets with Value 126
The Process, Research, and Resources of Due Diligence 133
Internal Resources and Due Diligence 133
External Resources 136
Third-Party Organizations 138
Grouping Intangible Assets into Logical Bundles 138
Prioritization and Triage of Intangible Asset Bundles 144
Chapter 12 Management and Monetization 147
Developing an Intangible Asset Management Plan 148
Value Maximization Strategies 150
Value Extraction Strategies: Disposition, Liquefaction, and Leverage 153
Disposition 153
Leverage 155
Liquefaction 155
Chapter 13 Licensing 159
What Can Be Licensed 160
Types of Licensing and Alternative Licensing Strategies 165
Overview of Licensing Issues 169
Negotiating a License Agreement 173
Licensing Controls and Procedures 179
Qualifying Licensees 180
The Process 182
Management and Controls 188
Chapter 14 Licensing Royalty Rates in Litigation and Transactions 193
Rules of Thumb 194
The Analytic Approach 195
Industry Averages 196
Comparable Transactions 199
Hypothetical Negotiations 205
Chapter 15 The Future of Intellectual Property Valuation and Management 209
Trends Affecting the Future of Intellectual Property 210
Trademark Trends 211
Patent Trends 211
Future Trends in Copyright Usage 212
Rights of Publicity Trends 213
Final Thoughts 214
Appendixes 215
Appendix A Glossary of Useful Valuation Terms 215
Appendix B Preliminary Document and Information Request for Company XYZ 219
Appendix C Company XYZ Intellectual Property Valuation: Complete Document and Information Request 222
Appendix D Expert Report of Weston Anson (Public Record) 243
Index 291
| Price | Condition | Delivery | Seller | Action |
| $99.99 | Digital |
| WonderClub |
Everett Sandoz
reviewed IP Valuation and Management on January 03, 2017
IP Valuation and Management
A solid (yet very bullish) defense of long-term investing (for investors with a horizon of 20 years or more). Read with care! If your investment horizon is less (even if its 10 or 15 years) this book must be read in combination with Robert Shiller's Irrational Exuberance. Shiller explains how the business cycle can produce devastating returns even to those following relatively conservative strategies over periods less than 20 years when they invest at times of high P/E and B/V ratios and low dividend yields (i.e. near the peak of a stock market bubble) - conditions such as we find today.
With this in mind, Siegel provides some interesting thoughts and some great analysis on 200 years of data. It's interesting how much better the risk profile of stocks has been versus bonds over longer periods (>20 years) during the last 100 years. This has been due to unexpected yet devastating periods of inflation that come along more often than people realize and wipe out real returns on bonds (stocks fare better over the long term given their link to real assets).
An interesting section on the book discussed reasons why the average Shiller P/E (that divides current prices by 10 years of earnings data) should be at a higher level than the historic average of 16x - perhaps something more like 20x (we are at 24x as of May 2011) due to structural reasons such as reduced capital gains taxes, decreased earnings volatility in the business cycle, lower dividend payout ratios and a more-aggressive fed that won't let 1929 happen again, In Irrational Exuberance, Shiller provides an excellent defense against these arguments that are actually a lot weaker than they sound in Siegel's hands, as well as a few negative factors not contemplated by Siegel. That said, Siegel's key points are worth reading and considering - perhaps a level between the two authors is an appropriate yardstick going forward.
I was concerned to find chapters toward the end of the book on calendar stock market effects and technical and momentum investing strategies - things that should clearly not find a place in a book titled "stocks for the long run"!
Despite, weakening substantially toward the end of the book and the author's clearly bullish bias (one that has cost a lot of investors a lot of money given the books first release in 1994!) I found this an interesting companion to the likes of Shiller, Klarman, Montier and Graham and would recommend it those interested in learning what different asset classes have done over the last 200 years and what realistic expectations could be going forward.
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Add IP Valuation and Management, In a time of great economic, social and political change in the world, intellectual property is more important than ever. Given the current trouble surrounding businesses and portfolios, clients are actively seeking legal guidance and advisement to make w, IP Valuation and Management to the inventory that you are selling on WonderClubX
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Add IP Valuation and Management, In a time of great economic, social and political change in the world, intellectual property is more important than ever. Given the current trouble surrounding businesses and portfolios, clients are actively seeking legal guidance and advisement to make w, IP Valuation and Management to your collection on WonderClub |
