Market value and patent citations

被引：91

作者：

Hall, BH ^{[1
]}

Jaffe, A

Trajtenberg, M

机构：

[1] Univ Calif Berkeley, NBER, Berkeley, CA 94720 USA

[2] Brandeis Univ, Waltham, MA 02254 USA

[3] Tel Aviv Univ, NBER, IL-69978 Tel Aviv, Israel

来源：

RAND JOURNAL OF ECONOMICS | 2005年 / 36卷 / 01期

关键词：

D O I：

暂无

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We explore the usefulness of patent citations as a measure of the "importance" of a firm's patents, as indicated by the stock market valuation of the firm's intangible stock of knowledge. Using patents and citations for 1963-1995, we estimate Tobin's q equations on the ratios of R&D to assets stocks, patents to R&D, and citations to patents. We find that each ratio significantly affects market value, with an extra citation per patent boosting market value by 3%. Further findings indicate that "unpredictable" citations have a stronger effect than the predictable portion, and that self-citations are more valuable than external citations.

引用

页码：16 / 38

页数：23

共 38 条

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