Dr. Philipp Sandner has been a research fellow and lecturer at the Institute for Innovation Research, Technology Management and Entrepreneurship of Prof. Dietmar Harhoff, Ph.D. (Ludwig-Maximilians-Universität Munich).

Foreword 6
Acknowledgements 7
Table of Contents 11
List of Figures 15
List of Tables 16
List of Abbreviations 18
1 Introduction 19
1.1 Motivation 19
1.2 Structure of the Dissertation 25
2 The European Trademark System 28
2.1 The Role of Trademarks for Companies 28
2.1.1 The Function of Information Transmission 29
2.1.2 The Function of Product Identification 30
2.2 The Structure of the European Trademark System 32
2.3 The Process of Trademark Registration 33
2.4 Requirements for Registrability 35
2.5 Ways to Challenge Trademarks Before and After Registration 38
2.6 Insights into the Trademark Register 41
2.6.1 Applications and Registered Trademarks 43
2.6.2 Trademark Applicants 48
3 The Market Value of R& D, Patents, and Trademarks
3.1 Introduction 52
3.2 Trademarks and the Market Value Approach 56
3.2.1 The Market Value Approach 56
3.2.2 Including Trademarks in the Market Value Equation 58
3.2.3 Indicators of Trademark Value 60
3.2.4 Accounting for Trademark Value in the Market Value Equation 63
3.2.5 Estimation Method 64
3.3 Data Sources, Operationalization and Descriptive Statistics 65
3.3.1 Data Source and Sample 65
3.3.2 Variables 67
3.3.2.1 Tobin’s q 67
3.3.2.2 Knowledge Assets 68
3.3.2.3 Trademark Stocks 70
3.3.2.4 Control Variables 71
3.3.3 Descriptive Statistics 71
3.4 Estimation and Discussion of Results 78
3.5 Conclusions 87
4 Trademark Filing Strategies and Their Valuation: Creating, Hedging, Modernizing, and Extending Brands 90
4.1 Introduction 90
4.2 The Connection Between Market Value, Brand Management, and Trademarks 95
4.2.1 Brand Assets 96
4.2.2 Brand Management 99
4.2.3 Creating Versus Developing Brands 101
4.2.4 Informational Leverage, Transferable Reputation, and Spillover Effects 104
4.2.5 Trademark Filing Strategies Reflecting Brand Management 107
4.3 Revealing the Structure of Trademark Portfolios 110
4.3.1 Data Source and Sample 111
4.3.2 Building Trademark Portfolios 112
4.3.3 Identifying Trademark Families 113
4.3.4 Trademark Filing Strategies 127
4.4 The Market Value Approach 135
4.5 Dataset, Variables, and Descriptive Statistics 139
4.5.1 Dataset 140
4.5.2 Variables 141
4.5.3 Descriptive Statistics 144
4.6 Empirical Model and Results 150
4.6.1 Multivariate Specification 150
4.6.2 Estimation and Discussion of Results 151
4.7 Conclusions 156
5 The Importance of Technologyand Market-Based Assets in Stock Movement 160
5.1 Introduction 160
5.2 Sources of Comovement and Development of a Theoretical Model 164
5.2.1 Fundamentals-Based Comovement 164
5.2.2 Industry-Specific Comovement 166
5.2.3 Other Sources of Comovement 167
5.2.4 Theoretical Model 168
5.3 Construction of Dataset 171
5.3.1 Data Source and Sample 171
5.3.2 Operationalization of Variables 172
5.3.2.1 Comovement of Stock Returns 173
5.3.2.2 Financial Market-Related Comovement 174
5.3.2.3 Technology Proximity 175
5.3.2.4 Product Market Proximity 177
5.3.2.5 Industry-Specific Comovement 179
5.3.3 Timing Issues Associated with Comovement and Proximity Measures 179
5.4 Descriptive Statistics 182
5.4.1 Companies 182
5.4.2 Company Pairs 184
5.4.3 Proximity Measures and Comovement 185
5.4.4 Proximity Measures and Industries 189
5.5 Estimation of the Theoretical Model and Results 193
5.5.1 Dealing with Non-Independent Observations in Dyadic Datasets 193
5.5.2 Estimation and Discussion of the Results 196
5.5.3 Robustness Checks: Pairwise Data, Frequency of Comovement, and Proximity Measures 201
5.6 Conclusions 205
6 Summary of the Results and Outlook 209
Appendix: Connecting Companies with Patent and Trademark Applicants 214
List of References 218