Pre-grant Patent Disclosure and Analyst Forecast Accuracy

Author names appear in alphabetical order. The authors are grateful for the helpful comments and suggestions from Brian Bushee (editor), an anonymous associate editor, two anonymous referees, Senem Aydin, Victor Bennett, Alfonso Gambardella, Tobias Kretschmer, Deepak Hegde, Johannes Luger, Myriam Mariani, Mattias Nilsson, Alex Oettl, Farzad Saidi, Elvira Scarlat, Jimmy Schulte, Kourosh Shafi, Tim Simcoe, Olav Sorenson, and Huan Yang as well as seminar and conference participants at the Copenhagen Business School, Politecnico di Milano, SKEMA Business School, Technical University of Munich School of Management, University of Utrecht, University of Gothenburg, the 2019 Midwest Finance conference, the 2018 Financial Management Association meetings, the 2018 Annual Meeting of the Academy of Management, the 2018 DRUID Conference, Strategic Management Society Paris 2018, and the Munich Finance Day at the Institute of Banking & Finance (Ludwig-Maximilians University Munich). An earlier version of the paper was circulated under the title “Technology Disclosure and Capital Markets Uncertainty: The Role of Patents.” The views expressed in this paper are solely those of the authors. They do not necessarily reflect the views of the Federal Reserve Bank of Richmond or the Federal Reserve System.