A firms market value ultimately reflects the expected return on its assets. These assets can be of tangible or intangible nature. The link between tangible assets, such as plants and machinery, and firm value is relatively intuitive and well established in the literature. Technology-driven firms, however, only have few tangible assets and often spend more on research and development (R&D) than their annual revenues. The commercial success of these firms therefore depend on their ability to generate economic returns based on their investments into intangible assets i.e. the development of new technologies and products. To do so, empirical research show that firms rely on intellectual property rights (IPRs) and their management. Hence, capital market participants, who allow issuers of securities to raise funding, are to be concerned with firms IPR management in order to allocate financial capital effectively. At the same time, technology-driven firms need to communicate their ability to materialise their investments in order to raise capital to finance innovation. Because disclosure regimes do not require firms to publish most information related to their IPR management, capital market participants usually rely on related voluntary information disclosures. Although empirical findings show that both patents and trademarks contribute to the market value of firms, strands of the literature points at substantial information asymmetries related to technology-driven firms, leading to underpricing of its shares and financial constraints. This indicates that these firms provide insufficient information about how they generate financial benefits, and thus about their IPR management. Accordingly, the scientific objective of the present study is to investigate the impact of firms IPR management on its stock market returns, while addressing the question of asymmetric information. To do so, a survey questionnaire was conducted among pharmaceutical firms, examining their IPR management and related voluntary information disclosures. The findings suggest asymmetric information related to firms IPR management which can partially be reduced through external reporting. This raises concerns about the informational efficiency of capital markets and costs for technology-driven firms to finance innovation.