Which is the better measure of strategic asset endowment of a country- count of total patents application filed or count of total patents granted? Studies, especially on location determinants of FDI use count of total patent applications filed. Any rationale for the choice?
Thanks
https://www-sciencedirect-com.ezproxy.uta.edu/science/article/pii/S0304405X03001442
Could you please let me know the name of the paper in the link? This takes me to your university's resource center which I cannot access. Thanks
Dear Ms. Nayyar,
There are a number of ways in which to answer this question. I have written an editorial for the Journal of Asset Management also indexed in Nature.com in which I have shown by making use of the literature that the definition of Asset should be based on the Market's perception that is which items of expenditure goes into the market microstructure to determine agent's expectations in asset markets. (Mallick (2010)) on www.researchgate.net/profile/Soumitra_Mallick. This definition which takes into account the Keynesian literature on formation of expectations and also the Mathematical (probability theory) literature for ergodicity provides an uniform point of view. Otherwise Banking Laws provide , one definition of what is called "Asset Base" which actually includes liabilities like Deposits because that determines the liquidity of banks and hence availability of money capital. However, the CAPM defines Capital Assets as consisting of portfolios of financial assets, and so on.One can build the strategic asset base of a country by using this uniform principle as well as method. This also ofcourse depends on the health of the nation in a roundabout way to be in accordance with the principle of "health is wealth" (Mallick, Hamburger & Mallick (2017), Dutta & Mallick (1989)).
Soumitra K. Mallick for RHMHM School.