Showing papers by "Philipp Sandner published in 2014"
TL;DR: It is demonstrated that users providing above average investment advice are retweeted more often and have more followers, which amplifies their share of voice, as well as disagreement and volatility in microblogging forums.
Abstract: Microblogging forums (e.g., Twitter) have become a vibrant online platform for exchanging stock-related information. Using methods from computational linguistics, we analyse roughly 250,000 stock-related messages (so-called tweets) on a daily basis. We find an association between tweet sentiment and stock returns, message volume and trading volume, as well as disagreement and volatility. In contrast to previous related research, we also analyse the mechanism leading to an efficient aggregation of information in microblogging forums. Our results demonstrate that users providing above average investment advice are retweeted (i.e., quoted) more often and have more followers, which amplifies their share of voice.
327 citations
TL;DR: It is demonstrated that the returns prior to good news events are more pronounced than for bad news events, and that the stock market impact of news events differs substantially across different categories.
Abstract: This study presents a methodology for identifying a broad range of real-world news events based on microblogging messages. Applying computational linguistics to a unique dataset of more than 400,000 S&P 500 stock-related Twitter messages, we distinguish between good and bad news and demonstrate that the returns prior to good news events are more pronounced than for bad news events. We show that the stock market impact of news events differs substantially across different categories.
135 citations
TL;DR: In this paper, the role of trademark applications in the start-up valuations of venture capitalists is investigated, and it is shown that the number and breadth of trademark application have inverted U-shaped relationships with the financial valuations by VCs.
114 citations
TL;DR: In this paper, a ranking of the top 300 universities in terms of patent applications is provided, showing that the propensity to apply for patents is very high among US and Asian universities, while European universities lag behind.
Abstract: Despite a worldwide increase in university patenting, empirical studies have largely focused on analyzing university patenting in individual countries and regions. We provide analyses from an international perspective, examining patents at the top 300 universities worldwide. By providing a patent ranking system and an analysis of the determinants of university patenting, we enable an international comparison not only between different countries but also between universities within countries. A ranking of the top-patenting universities shows a huge predominance of US universities: 18 of the top 25 universities are located in the US, with the Massachusetts Institute of Technology (MIT) being ranked first. Our results show that the propensity to apply for patents is very high among US and Asian universities, while European universities lag behind. In addition to the home country, further determinants of university patenting are the quantity of the universities’ publications and a technological focus in areas such as chemistry and mechanical engineering. However, the size of a university and the quality of its publications are not found to be significant determinants.
55 citations
TL;DR: In this paper, the authors identify different types of trademark families and analyzes their respective effects on the market values of large, publicly listed firms, and the implications of the results for corporate intellectual property and brand management are discussed.
Abstract: Research shows that financial markets value trademarks. Often, a firm’s trademarks can be decomposed into groups of related trademarks (trademark families). This study identifies different types of trademark families and analyzes their respective effects on the market values of large, publicly listed firms. The results show that financial markets value only those trademarks that develop existing brands, while they do not value the creation of new trademarks. The implications of the results for corporate intellectual property and brand management are discussed.
23 citations
TL;DR: In this paper, the authors present a compilation of technologies related to important battery types in the Cooperative Patent Classification (CPC), which can be used to identify relevant patent applications of the competing technologies.
21 citations
TL;DR: In this article, the authors analyzed how retired consumers respond to age-based marketing stimuli using survey data from 236 retirees over the age of 60 years and found that retirees who identify more strongly with other retirees and who generally change their consumption patterns following retirement are more likely to respond positively to age based marketing stimuli.
Abstract: This study analyzes how retired consumers respond to age-based marketing stimuli using survey data from 236 retirees over the age of 60 years. Specifically, it investigates the factors that influence retirees’ intentions to use senior discounts and intentions to accept exclusive offers for seniors (e.g., educational classes for seniors), as well as their evaluation of age-related labels (e.g., “60+”). The results show that retirees who identify more strongly with other retirees and who generally change their consumption patterns following retirement are more likely to respond positively to age-based marketing stimuli. Additionally, the data suggest that cognitive age negatively moderates the role of retirees’ identification with other retirees in terms of their responses to age-based marketing stimuli. However, the influence of these variables differs significantly across the types of stimuli considered. The findings help to explain ambiguities in previous studies that did not consider differences among mature consumers beyond age and age-group membership or among the types of stimuli. The implications of these findings with respect to effective marketing to retired consumers are discussed.
11 citations
01 Jan 2014
TL;DR: In this article, the influence of in-house R&D and external knowledge acquisition on the total factor productivity (TFP) of listed Chinese firms for the time period 2001-2010 was analyzed.
Abstract: This paper analyses the influence of in-house R&D and external knowledge acquisition on the total factor productivity (TFP) of listed Chinese firms for the time period 2001-2010. We find a quantitatively important positive effect of in-house R&D. The achieved level of technological sophistication of Chinese firms is sufficient to benefit from R&D collaboration with domestic partners. We do not find a significant effect for employing inventors with access to international knowledge or for collaborating with international partners. International knowledge acquisition is only effective if conducted via joint ventures, i.e. if it is supported by a deep organizational relationship.