Valuation of New Trademarks
研究发现新商标注册数量能正向预测公司盈利、股票回报和分析师盈利预测的滞后反应，且更强的商标保护会增强这种预测性，表明投资者低估了新商标注册的价值。
Firms often register trademarks as they launch new products or services. We find that the number of new trademark registrations positively predicts firm profitability, stock returns, and underreaction by analysts in their earnings forecasts. Using the Federal Trademark Dilution Act (FTDA) as an exogenous shock to trademark protection, we find that greater trademark protection strengthens the predictability of new trademark registrations. Together, our evidence suggests that investors undervalue new trademark registrations.