Revisiting Stock Market Signals as a Lens for Patent Valuation

Published Online:https://doi.org/10.1287/orsc.2025.20570

References

  • Ahmadpoor M, Jones BF (2017) The dual frontier: Patented inventions and prior scientific advance. Science 357(6351):583–587.CrossrefGoogle Scholar
  • Armour HO, Teece DJ (1980) Vertical integration and technological innovation. Rev. Econom. Statist. 62(3):470–474.CrossrefGoogle Scholar
  • Arora A, Belenzon S, Dionisi B (2023a) First-mover advantage and the private value of public science. Res. Policy 52(9):104867.CrossrefGoogle Scholar
  • Arora A, Belenzon S, Sheer L (2021) Knowledge spillovers and corporate investment in scientific research. Amer. Econom. Rev. 111(3):871–898.CrossrefGoogle Scholar
  • Arora A, Belenzon S, Cioaca L, Ferracuti E (2025) The private value of innovating for the government. NBER Working Paper No. 33880, National Bureau of Economic Research, Cambridge, MA. Google Scholar
  • Arora A, Cohen W, Lee H, Sebastian D (2023b) Invention value, inventive capability and the large firm advantage. Res. Policy 52(1):104650.CrossrefGoogle Scholar
  • Arora A, Belenzon S, Kosenko K, Suh J, Yafeh Y (2024) The rise of scientific research in corporate America. Organ. Sci. 36(4):1466–1488.LinkGoogle Scholar
  • Bettis RA, Helfat CE, Shaver JM (2016) The necessity, logic, and forms of replication. Strategic Management J. 37(11):2193–2203.CrossrefGoogle Scholar
  • Breitzman A, Thomas P (2015) Inventor team size as a predictor of the future citation impact of patents. Scientometrics 103(2):631–647.CrossrefGoogle Scholar
  • Frésard L, Hoberg G, Phillips GM (2020) Innovation activities and integration through vertical acquisitions. Rev. Financial Stud. 33(7):2937–2976.CrossrefGoogle Scholar
  • Gambardella A, Harhoff D, Verspagen B (2008) The value of European patents. Eur. Management Rev. 5(2):69–84.CrossrefGoogle Scholar
  • Gibbs RA, Simcoe TS, Waguespack DM (2025) Does earnings management matter for strategy research? Strategic Management J. 46(13):3095–3117.CrossrefGoogle Scholar
  • Graham SJ, Marco AC, Myers AF (2018) Patent transactions in the marketplace: Lessons from the USPTO patent assignment dataset. J. Econom. Management Strategy 27(3):343–371.CrossrefGoogle Scholar
  • Griliches Z (1981) Market value, R&D, and patents. Econom. Lett. 7(2):183–187.CrossrefGoogle Scholar
  • Hall BH, Harhoff D (2012) Recent research on the economics of patents. Annual Rev. Econom. 4(1):541–565.CrossrefGoogle Scholar
  • Hall BH, Jaffe A, Trajtenberg M (2005) Market value and patent citations. RAND J. Econom. 36(1):16–39.Google Scholar
  • Harhoff D, Scherer FM, Vopel K (2003) Citations, family size, opposition and the value of patent rights. Res. Policy 32(8):1343–1363.CrossrefGoogle Scholar
  • Hegde D, Sampat B (2009) Examiner citations, applicant citations, and the private value of patents. Econom. Lett. 105(3):287–289.CrossrefGoogle Scholar
  • Helfat CE, Campo-Rembado MA (2016) Integrative capabilities, vertical integration, and innovation over successive technology lifecycles. Organ. Sci. 27(2):249–264.LinkGoogle Scholar
  • Higham K, De Rassenfosse G, Jaffe AB (2021) Patent quality: Towards a systematic framework for analysis and measurement. Res. Policy 50(4):104215.CrossrefGoogle Scholar
  • Kline SJ, Rosenberg N (1986) An overview of innovation. Rosenberg N, Landau R, eds. The Positive Sum Strategy: Harnessing Technology for Economic Growth (National Academies Press, Washington, DC), 266–290.Google Scholar
  • Kogan L, Papanikolaou D, Seru A, Stoffman N (2017) Technological innovation, resource allocation, and growth. Quart. J. Econom. 132(2):665–712.CrossrefGoogle Scholar
  • Kolari JW, Pynnönen S (2010) Event study testing with cross-sectional correlation of abnormal returns. Rev. Financial Stud. 23(11):3996–4025.CrossrefGoogle Scholar
  • Kreyer AC, Federle J, Harhoff D (2025) Value estimates for U.S. patent grants. Chapter 4 in From knowledge access to economic value: Essays on digitalization, innovation, and patent valuation. Doctoral dissertation, Ludwig Maximilian University of Munich, Munich, Germany.Google Scholar
  • Krieger JL, Schnitzer M, Watzinger M (2024) Standing on the shoulders of science. Strategic Management J. 45(9):1670–1695.CrossrefGoogle Scholar
  • Lieberman M (2021) Is competitive advantage intellectually sustainable. Strategic Management Rev. 2(1):29–46.CrossrefGoogle Scholar
  • Marx M, Fuegi A (2020) Reliance on science: Worldwide front-page patent citations to scientific articles. Strategic Management J. 41(9):1572–1594.CrossrefGoogle Scholar
  • Masclans R (2025) Scientific innovation, outside options, and hold up: Evidence from startup acquisitions. Working Paper.Google Scholar
  • Mukherjee A, Pellegrino B, Žaldokas A, Ren Y, Thornquist T (2025) New products. Working paper, Columbia Business School, New York.Google Scholar
  • Nagaoka S, Walsh JP (2009) The R&D Process in the US and Japan: Major Findings from the Rieti-Georgia Tech Inventor Survey. RIETI Discussion Paper No. 09-E-010, Research Institute of Economy, Trade and Industry, Tokyo.Google Scholar
  • Nandkumar A, Srikanth K (2016) Right person in the right place: How the host country IPR influences the distribution of inventors in offshore R&D projects of multinational enterprises. Strategic Management J. 37(8):1715–1733.CrossrefGoogle Scholar
  • Pakes A, Simpson M, Judd K, Mansfield E (1989) Patent renewal data. Brookings Papers Econom. Activity Microeconomics 1989(1989):331–410.CrossrefGoogle Scholar
  • Papadopoulos A (2015) The half-normal specification for the two-tier stochastic frontier model. J. Product. Anal. 43(2):225–230.CrossrefGoogle Scholar
  • Papadopoulos A (2021) The two-tier stochastic frontier framework (2tsf): Measuring frontiers wherever they may exist. Parmeter CF, Sickles RC, eds. Advances in Efficiency and Productivity Analysis (Springer Science & Business Media, New York), 163–194. CrossrefGoogle Scholar
  • Priem J, Piwowar H, Orr R (2022) OpenAlex: A fully-open index of scholarly works, authors, venues, institutions, and concepts. Preprint, submitted May 4, https://arxiv.org/abs/2205.01833.Google Scholar
  • Rosenberg N (1990) Why do firms do basic research (with their own money)? Res. Policy 19(2):165–174.CrossrefGoogle Scholar
  • Sanders BS, Rossman J, Harris LJ (1958) The economic impact of patents. Patent Trademark Copyright J. Res. Ed. 2(3):340–362.Google Scholar
  • Schankerman M (1998) How valuable is patent protection? Estimates by technology field using patent renewal data. RAND J. Econom. 29(1):77–107.CrossrefGoogle Scholar
  • Scherer FM, Harhoff D (2000) Technology policy for a world of skew-distributed outcomes. Res. Policy 29(4–5):559–566.CrossrefGoogle Scholar
  • Sebastian D (2025) Location choice and innovation: Invention value, R&D offshoring, and cost of inventing. Working paper, University of California, Oakland, CA.Google Scholar
  • Serrano CJ (2010) The dynamics of the transfer and renewal of patents. RAND J. Econom. 41(4):686–708.CrossrefGoogle Scholar
  • Shaver JM (1998) Accounting for endogeneity when assessing strategy performance: Does entry mode choice affect FDI survival? Management Sci. 44(4):571–585.LinkGoogle Scholar
  • Sinha A, Shen Z, Song Y, Ma H, Eide D, Hsu B-J, Wang K (2015) An overview of Microsoft Academic Service (MAS) and applications. Gangemi A, Leonardi S, Panconesi A, eds. Proc. 24th Internat. Conf. World Wide Web (ACM, New York), 243–246.Google Scholar
  • Sorenson O, Fleming L (2004) Science and the diffusion of knowledge. Res. Policy 33(10):1615–1634.CrossrefGoogle Scholar
  • Souder D, Shaver JM, Harris JD, Alrashdan A (2024) Performance metrics in strategy research: A new metric and method for assessing dynamic value. Strategic Management J. 45(1):144–167.CrossrefGoogle Scholar
  • Squicciarini M, Dernis H, Criscuolo C (2013) Measuring patent quality Indicators of technological and economic value. OECD Science, Technology and Industry Working Papers 2013(3):0_1.Google Scholar
  • Teece DJ (1977) Technology transfer by multinational firms: The resource cost of transferring technological know-how. Econom. J. 87(346):242–261.Google Scholar
  • Teece DJ (1986) Transactions cost economics and the multinational enterprise an assessment. J. Econom. Behav. Organ. 7(1):21–45.CrossrefGoogle Scholar
  • Toole A, Miller R, Sichelman TM (2024) Technical documentation for patent litigation docket reports data. Technical report, University of San Diego, San Diego, 1963–2020.Google Scholar
  • Trajtenberg M (1990) A penny for your quotes: Patent citations and the value of innovations. RAND J. Econom. 21(1):172–187.CrossrefGoogle Scholar
  • Wu L, Wang D, Evans JA (2019) Large teams develop and small teams disrupt science and technology. Nature 566(7744):378–382.CrossrefGoogle Scholar
  • Wuchty S, Jones BF, Uzzi B (2007) The increasing dominance of teams in production of knowledge. Science 316(5827):1036–1039.CrossrefGoogle Scholar
  • Zhang Y, Tong TW (2021) How vertical integration affects firm innovation: Quasiexperimental evidence. Organ. Sci. 32(2):455–479.LinkGoogle Scholar
  • Zhao M (2006) Conducting R&D in countries with weak intellectual property rights protection. Management Sci. 52(8):1185–1199.LinkGoogle Scholar
INFORMS site uses cookies to store information on your computer. Some are essential to make our site work; Others help us improve the user experience. By using this site, you consent to the placement of these cookies. Please read our Privacy Statement to learn more.