Philipp Sandner

Bitcoin & Co. waren nur der Anfang - die Blockchain-Technologie hat das Potenzial, den Finanzsektor ebenso wie unsere Gesellschaft vollkommen auf den Kopf zu stellen. Sie erm glicht eine Zukunft, in der Mittelsm nner berfl ssig sind: eine Zukunft, in der Maschinen und technische Ger te aller Art autonom und dezentral agieren. Welche Auswirkungen hat sie auf unsere Gesellschaft und den Nationalstaat, wie wir ihn kennen? Wie nutzt ein etabliertes Unternehmen wie die Deutsche Bahn diese Technologie? Wo sieht ein Energieanbieter wie Innogy Potenziale und was macht die Blockchain f r Start-ups und Investoren so attraktiv? Prof. Dr. Philipp Sandner, Prof. Dr. Andranik Tumasjan und Prof. Dr. Isabell Welpe werfen einen Blick in die Zukunft und lassen f hrende Finanzexperten wie etwa Peter Grosskopf (B rse Stuttgart), Matthias Felder und Moritz von Bonin (Deutsche Bahn), Felix Holtermann (Handelsblatt) und Martin W rmli (Stadt Zug, Schweiz) zu Wort kommen. Sie betrachten den Status quo, zeigen, welche wegweisenden Ver nderungen die Blockchain-Technologie erm glicht und warum sie die Macht besitzt, Banken berfl ssig zu machen.

Companies need intangible assets such as knowledge and brands to develop and to sell new products. Although intangibles become increasingly important, formal reporting procedures to reliably assess their monetary value do not exist. In his dissertation, Philipp Sandner aims at examining portfolios of intellectual property (IP) rights to assess the market valuation of companies’ intangible assets. Specifically, patents and trademarks are used to approach technology-based and market-based assets, resp- tively. He applies econometric methods to a unique dataset which he assembled specifically for the purpose of this thesis. The thesis consists of four main chapters. First, Philipp Sandner presents in some detail the European trademark system. Research in business administration and e- nomics has rarely relied on trademark data, and the complexity of the institutions is presumably one reason for the current dearth of studies. The first chapter in this study creates a sound foundation for the subsequent chapters. It is also helpful to other researchers who wish to understand the trademark system. The next chapter analyzes the contribution of R&D, patents and trademarks to companies’ market value. Philipp Sandner is one of the first authors to quantify the impact of different types of intan- bles. In another chapter he scrutinizes trademark portfolios in-depth and explores different filing strategies employed by companies. In the final chapter, he analyzes patterns of stock movement and traces them back to the effect of technology- and market-based assets.