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Property rights

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... Property rights imply a basic authority over an asset that includes ownership, benefits of use, and transferability (Penner, 2020;Alchian, 2018;Meramveliotakis and Milonakis, 2023). They serve as exclusive protection for intangible assets, such as patents, trademarks, copyrights, and brands. ...
... They serve as exclusive protection for intangible assets, such as patents, trademarks, copyrights, and brands. Secure property rights provide exclusive use rights, reduce transaction costs, mitigate risks associated with infringement, facilitate the transfer of intangible assets, attract top talent and fixed capital, and expand financing opportunities (Besley and Ghatak, 2010;Hodgson, 2015;Meramveliotakis and Milonakis, 2023). Intangible investments, especially intellectual property, are responsible for the gap between a firm's book value and market capitalization (Moberly, 2014;Lev and Daum, 2004). ...
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