Innovation and Firm Value: An Investigation of the Changing Role of Patents and Firm Publications
نویسندگان
چکیده
How to measure R&D capabilities is a key concern for policymakers and practitioners alike. This paper examines the changing role of patents and firm publications as a signal of scientific and technical competence. We argue that recent patent reforms might have reduced the informational value of USPTO patents relative to EPO patents. Moreover, the global trend toward stronger patent enforcement may have raised the cost of freely disclosing research results in the scientific domain. Using data from more than 33,000 mergers and acquisitions deals between 1985 and 2007, we provide support for these conjectures. Controlling for patent citations or restricting attention to specialized or within-country deals reduces as expected the relative importance of EPO patents. Our results do not appear to be driven by changes in the importance of patenting in multiple jurisdictions. JEL Classification: O31, O32, O16
منابع مشابه
Innovation and firm value : An investigation of the changing role of patents , 1985 - 2007
This paper examines how the relationship between firm value and patent-based indicators of inventive activity has changed over time. We use data from more than 33,000 mergers and acquisitions deals between 1985 and 2007, and distinguish between American (USPTO) and European (EPO) patents. Our results indicate that over time EPO patents have become the dominant indicator of innovative activity, ...
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