SubjectsSubjects(version: 898)
Course, academic year 2021/2022
  
Intangibles Assessment - P501007
Title: Oceňování nehmotného majetku
Guaranteed by: Department of Economics and Management (837)
Actual: from 2021
Semester: both
Points: 0
E-Credits: 0
Examination process:
Hours per week, examination: 3/0 other [hours/week]
Capacity: winter:unlimited / unknown (unknown)
summer:unknown / unknown (unknown)
Min. number of students: unlimited
Language: Czech
Teaching methods: full-time
Level:  
For type: doctoral
Note: course is intended for doctoral students only
can be fulfilled in the future
you can enroll for the course in winter and in summer semester
Guarantor: Scholleová Hana doc. RNDr. Ing. Ph.D.
Interchangeability : D101001
Annotation -
Last update: Scholleová Hana doc. RNDr. Ing. Ph.D. (14.12.2020)
The aim of the course is to understand the importance of intangible assets valuation in the current economic environment, to distinguish the main kinds of rights to these assets (patents, designs etc.); basically work with the databases of industrial rights; be able to choose and apply appropriate methods for intangible assets valuation.
Aim of the course -
Last update: Scholleová Hana doc. RNDr. Ing. Ph.D. (14.12.2020)

Upon successful completion of this course, students will be able to

  • identify and classify types of intangible assets, including non-institutionalized rights,
  • identify the source of the value of the intangible asset,
  • choose a suitable valuation method,
  • determine the value of the specific intangible asset,
  • discuss parameters influencing the value and value sensitivity.

Literature -
Last update: Scholleová Hana doc. RNDr. Ing. Ph.D. (14.12.2020)

PARR, R.L. Intellectual Property: Valuation, Exploitation, and Infringement Damages. 5th edition. John Wiley & Sons, 2018. ISBN 978-1119356219.

BOGDAN, B., VILLIGER, R. Valuation in Life Sciences. A practical guide. Berlin: Springer, 2010. ISBN 978-3-642-10820-4.

ORIANI, R., SOBRERO, M. Uncertainty and the market valuation of R&D within a real options logic. STRATEGIC MANAGEMENT JOURNAL, 2008.

DAMODARAN, A. Damodaran on valuation: security analysis for investment and corporate finance. John Wiley & Sons, 2016. ISBN 9780470049372.

BODE-GREUEL, K., et al. Determining the Value of Drug Development Candidates and Technology Platforms. Journal of Commercial Biotechnology, 2005.

KELLOGG, D. et al. Real-Options Valuation for a Biotechnology Company. Financial Analysts Journal, 2000.

Syllabus -
Last update: Scholleová Hana doc. RNDr. Ing. Ph.D. (14.12.2020)

1. Definition of the term intangible assets, their components, position in financial statements, tax aspects

2. Classification of intangible assets, specifics influencing the value

3. Reasons for intangible assets valuation as the determinant of the method choice and information base applied.

4. Financial, mathematical, and statistical bases of valuation methods.

5. Bases of intangible assets valuation - basic principles and suitability for use.

6. Search of industrial rights, database of sources.

7. Approaches and valuation methods. Multiplier method, reproduction.

8. Income methods. Method of licensing analogy, profit share, premiums (price, cost, profit).

9. NPV method and its parameters determination. Methods of the discount rate estimation.

10. Risk adjusted NPV.

11. Real option approach for intangible assets valuation.

12. Options, real options and option types expected and applied in the case of intangible assets - growth options and hold options.

13. Methods of real options valuation (Black-Scholes model, Binomial model etc.) and significant parameters affecting value.

14. Volatility as the essential parameter of value – methods of estimation, sources of information.

 
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