Patent Races and Market Value

Dirk Czarnitzki, Katrin Hussinger, Bart Leten, Cédric Schneider

Publikation: KonferencebidragPaperForskningpeer review

Abstrakt

Patent races are models of strategic interactions between firms competing to develop an invention. The winning firm secures a patent, protecting the invention from imitation. This paper tests the assumption made about the reward structure in patent races, both in discrete and complex industries. We identify patent race winners using detailed information from the patent examination reports at the European Patent Office (EPO). Estimates of a market value equation featuring large, R&D-intensive U.S., European and Japanese firms, show that if firms win patent races, their market value increases significantly. We further show that the gain in market value is significantly larger for patent race winners in discrete industries than for firms in complex industries.

OriginalsprogEngelsk
Publikationsdato2012
Antal sider25
StatusUdgivet - 2012
BegivenhedThe 39th Annual European Association for Research in Industrial Economics Conference. EARIE 2012 - Rom, Italien
Varighed: 2 sep. 20124 sep. 2012
Konferencens nummer: 39
http://www.webmeets.com/earie/2012/

Konference

KonferenceThe 39th Annual European Association for Research in Industrial Economics Conference. EARIE 2012
Nummer39
LandItalien
ByRom
Periode02/09/201204/09/2012
Internetadresse

Emneord

  • Patent races
  • Firm value
  • Citations
  • Patents

Citationsformater

Czarnitzki, D., Hussinger, K., Leten, B., & Schneider, C. (2012). Patent Races and Market Value. Afhandling præsenteret på The 39th Annual European Association for Research in Industrial Economics Conference. EARIE 2012, Rom, Italien.