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英文文献：Who do you trust while Shares are on a Roler-Coaster Ride? Balance Sheet and Patent Data as Sources of Investor Information During Volatile Market Times-当股票处于过山车行情时，你还会信任谁?资产负债表和专利数据在市场动荡时期作为投资者信息的来源
英文文献作者：Fred Ramb,Markus Reitzig
英文文献摘要：
We originally investigate the comparative usefulness of patent data as a source of investor information depending on the market cycle (bull/bear market). Based on comprehensive data for firms listed on German exchanges between 1997 and 2002, we demonstrate that patent data contain complementary explanatory power to accounting data irrespective of the standard used to prepare the financial statement (German GAAP, IAS and US GAAP). Moreover, we provide original evidence that only patent data are able to provide plausible investor information in both bull-market and bear-market periods, whereas accounting information overvalues intangible assets in bull markets and undervalues them in bears.
我们最初调查了专利数据作为投资者信息来源的相对有用性，这取决于市场周期(牛市/熊市)。基于1997年至2002年在德国交易所上市的公司的综合数据，我们证明了专利数据包含对会计数据的补充解释力，而不考虑用于编制财务报表的标准(德国公认会计准则、国际会计准则和美国公认会计准则)。此外，我们提供的原始证据表明，在牛市和熊市期间，只有专利数据能够提供可信的投资者信息，而会计信息在牛市时高估无形资产，在熊市时低估无形资产。
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