IDLab's open seminar

On January 23d at the seminar of the laboratory Julia Naidenova presented a paper "Intangibles are to be evaluated: hedonic pricing approach"  

Contributing to managerial problems of intangible resources, this paper comes to validate one of the possible pricing mechanisms for intangibles evaluation. Reserachers borrow hedonic prices methodology elaborated primarily for real estate and second-hand cars markets to define how much intangibles may contribute to companies’ market value. Certain calibration of the original tool has been undertaking to make it appropriate for interpretation and practical use.

Preliminary results of our study demonstrate that hedonic pricing with the self-selection correction enables robust estimates. As one can see, positive contribution of high endowment of intangibles for all hedonic prices estimated by two different techniques are positive. Meanwhile, the negative effect of low endowment is even more evident for the baseline model. That demonstrates consistent negative hedonic prices for majority of underinvested intangibles. Brands have greatest prices in the introduced models, human capital measured by qualification of top-management and investments in employees has demonstrated high prices likewise. However, major part of structural resources seems to be not reflect that much in the value determined by the market. 

 

Presenter

Iuliia N. Naidenova

Международная лаборатория экономики нематериальных активов: Младший научный сотрудник

Co-authors

Elena Shakina

Международная лаборатория экономики нематериальных активов: Заведующий лабораторией

Angel Barajas

Ведущий научный сотрудник Международной лаборатории экономики нематериальных активов