ABSTRACT

One implication of the growth of the ‘knowledge economy’ is that the composition of the assets of a modern corporation has shifted away from tangibles and towards intangibles. Intangible assets account for one-third to one-half of the market value of US corporate securities, and R&D expenditures alone account for over 3 percent of nonfinancial corporate operative revenues (Blair and Wallman 2001; Nakamura 2003). Furthermore, it has been noted that receipts from intellectual property have grown much faster than the growth of R&D investments (Robbins 2006).