Following Corrado et al. (2009), we measure intangible assets at the listed firm level in Japan.
Compared to the conventional Tobin’s Q, the revised Q including intangibles is almost 1 on
average, as suggested by Hall (2000 and 2001). The standard deviation of the revised Q is smaller
than that of the conventional Q. Estimation results based on Bond and Cummins (2000) show that
greater intangible assets increase firm value. In particular, in the IT industries, Tobin’s Q is higher
than that in the non-IT industries on average and the stock market reflects intangibles in the IT
industries. These results suggest that the government should adopt policies that promote
investment including intangibles in the IT industries and industry structure in Japan.
Keywords: Tobin’s Q, Intangible asset, IT industries, price cost margin, external finance
dependence
JEL classifications: E22, G31, G32, L25, O30

• Does the Stock Market Evaluate Intangible Assets?
  -An Empirical Analysis Using Listed Firm Data in Japan-

This Research Material reports the results of the benchmarking of scientific research in the world and Japan by bibliometric analysis. Using five indicators (number of papers, number of adjusted Top10% papers, number of citations, share of adjusted Top10% papers in papers, and relative citation index), we analyzed the Japanese research activity compared with major countries in each field. In addition, the internal structure of knowledge production in Japan by sector was analyzed.
As a result, following three problems were revealed.

1. Japan has showed the lowest growth in paper production among G7 countries.
2. Because of decrease of the number of paper by business enterprise sector, the role of university and college sector has enlarged in Japanese internal structure of knowledge production. In recent years, however, the number of papers by national universities has turned flat.
3. The ratio of internationally co-authored papers has been on an upward trend in the world, unfortunately, the increase of internationally co-authored papers in Japan is not enough.

• Benchmarking Scientific Research 2012

• Report 1： R&D Trends for High-Energy Automobile Capacitors to Hasten CO2 Reductions
  This report covers trends in R&D on high-energy capacitors by taking a look at how they can significantly reduce CO₂ emissions by automobiles.
• Report 2： U.S. Science and Technology Policy under Tight Budgets: Report on the 2012 AAAS Forum on Science and Technology Policy
  This report covers the AAAS Forum on Science & Technology Policy convened by the American Association for the Advancement of Science (AAAS) on April 26-27, 2012.
• Report 3: United States Government Efforts toward Big Data Research and Development
  This report  introduces U.S. government efforts concerning big data.
• Report 4：Design Thinking Education at Universities and Graduate Schools
  This report  introduces design thinking education, an approach to educating innovators that is attracting attention at universities and graduate schools across the globe.
• Report 5: Building Damage Depending on Earthquake Vibration Period and New Technology Issues
  This report covers trends in R&D on high-energy capacitors by taking a look at how they can significantly reduce CO₂ emissions by automobiles.

• Science & Technology Trends Quarterly Review No.46（Full Text)
• Science & Technology Trends Quarterly Review No.46－Report 1
• Science & Technology Trends Quarterly Review No.46－Report 2
• Science & Technology Trends Quarterly Review No.46－Report 3
• Science & Technology Trends Quarterly Review No.46－Report 4
• Science & Technology Trends Quarterly Review No.46－Report 5

As part of the Ministry of Education, Culture, Sports, Science and Technology (MEXT) of Japan’s “Science for RE-designing Science, Technology and Innovation Policy(SciREX)” project, NISTEP (National Institute of Science and Technology Policy) has been conducting macroeconomic analysis of the impact of research and development (R&D) investments to support related policymaking.

As part of this research, NISTEP is holding an international symposium to bring together evaluators and experts conducting similar R&D economic impact analyses to support policy formulation in the EU and OECD. This symposium will include presentations on:

• Global trends in R&D investment impact evaluation
• Utilization of macroeconomic models in EU policymaking
• Utilization of macroeconomic models to evaluate R&D investments in Japan

These presentations will be followed by discussion periods to allow participants to further explore these issues and share their experiences. Through these presentations and discussions, we hope that this symposium will lead to a deeper understanding of case examples for R&D economic impact analysis and their essential contribution to effective policymaking.

• Host: National Institute of Science and Technology Policy (NISTEP)
• Date: Friday, March 22, 2013 [Doors Open 12:30 / Symposium 13:00-17:00]
• Venue: 4th floor of Mitsubishi Research Institute, INC. (Tokyu Capitol Tower, Nagatacho 2-10-3, Chiyoda-ku, Tokyo)
• Language: Japanese and English (Simultaneous Translation)
• Attendance Registration: Email Registration before Tuesday, March 19, 2013

Please see the symposium program in the following PDF.

Symposium Flyer

Inquiry regarding the Attendance Registration

• To pre-register, please send an e-mail with the title of “NISTEP International Symposium on Assessing the Economic Impacts of Public R&D”
  to rd_symposium@mri.co.jp before March 19.
• Please include the information below. Those items with asterisks are required.
  name *
  phone number *
  e-mail address *
  organization *
  section / division / department
  job title
• Inquiry regarding the Symposium and the Attendance Registration:
  Kazuyuki Tsuchiya, Naoya Obana
  Office for NISTEP’s International Symposium on Assessing the Economic Impacts of Public R&D
  (Agency: Mitsubishi Research Institute, INC.)
  E-Mail: rd_symposium@mri.co.jp

International Symposium onTracking Careers of Doctoral Graduates
-International Frameworks and Surveys in Each Country-
(February 27, 2013 13:00～17:30)

The objective of the symposium is to highlight the importance of tracking the careers of doctoral graduates. Although doctorate holders are important for research and innovation, their career paths are unclear. Data concerning their careers would be useful for policymaking in human resources and economics.
The National Institute of Science and Technology Policy (NISTEP) invites key persons in this field to share their visions. In the symposium, key speakers will make presentations in regard to tracking the careers of doctoral graduates and evidence-based human resource policies. In addition, Ministry of Education, Culture, Sports, Science and Technology (MEXT) will explain current reform policies for graduate schools. NISTEP will summarize the plan for a new database of doctoral graduates. We look forward to your attendance.

Host: National Institute of Science and Technology Policy (NISTEP)
Date: Wednesday, February 27, 2013 [Doors Open 12:30 / Symposium 13:00-17:30]
Venue: Auditorium No. 2, (6th floor of the former building of the Ministry of Education)
Language: Japanese and English (Simultaneous Translation)

inquiry via e-mail: jinzai@nistep.go.jp
Please note that when the maximum number of participants has been reached, your participation might not be accepted.

Please see the symposium program in the following PDF.
Event Guide [International Symposium on Tracking Careers of Doctoral Graduates]

• Report 1: The Need to Change the Concept of Water-related Disaster Prevention
  This report primarily discusses the current state and significance of small hydropower in Japan and the systemic/institutional issues related to its growth.
• Report 2: Space Situational Awareness to Mitigate Disastrous Risks from Space
  This report addresses the efforts being undertaken by different countries to mitigate a disaster that could be produced by space debris, fluctuating solar activity and the like.
• Report 3: Japanese Researchers’ Awareness Concerning the Use of Advanced Measurement and Analysis Instruments in the Life Sciences
  This report, entitled Japanese Researchers’ Awareness Concerning the Use of Advanced Measurement and Analysis Instruments in the Life Sciences, presents the discussions held at a workshop on the current use of life science instruments in Japan.

• Science & Technology Trends Quarterly Review No. 45 (Full Text)
• Science & Technology Trends Quarterly Review No. 45 – Report 1
• Science & Technology Trends Quarterly Review No. 45 – Report 2
• Science & Technology Trends Quarterly Review No. 45 – Report 3

NISTEP will construct a database of doctoral graduates as a part of its data infrastructure programs in “Science for RE-designing Science, Technology and Innovation Policy (SciREX)”. Through this database of doctoral graduates, we will track doctoral graduates and collect data related to their career paths. This information is useful for the development of policies and research for human resources. This report explains the construction background, existing related surveys in Japan, and surveys for doctoral graduates in foreign countries.

In the US, SED (Survey of Earned Doctorates) and SDR（Survey of Doctorate Recipients) were launched in 1957 and 1973, respectively. In addition to the accumulated collection of data on graduates, the US has also cultivated methodology. In the UK, DLHE (Destinations of Leavers from Higher Education) was launched in 2002, which included a planned follow-up survey to be conducted three and a half years after graduation. In 2004, the OECD initiated a collaborative project with UNESCO’s Institute for Statistics and Eurostat on CDH (Careers of Doctorate Holders). CDH collects internationally harmonized data of doctorate holders in each country.

Upon examination of related surveys in Japan and foreign countries, we reveal the plan for a database of doctoral graduates in Japan.

• System Design for Tracking Doctoral Graduates［Research Material No.216］Full Text (Japanese)
• System Design for Tracking Doctoral Graduates［Research Material No.216］Summary (Japanese)