Journal
RESEARCH POLICY
Volume 38, Issue 10, Pages 1604-1616Publisher
ELSEVIER
DOI: 10.1016/j.respol.2009.09.014
Keywords
Technology; Patents; Innovation; Patent value; Firm value
Categories
Ask authors/readers for more resources
The value of patent rents is an important quantity for policy analysis. However, estimates in the literature based on patent renewals might be understated. Market value regressions could provide validation, but they have not had clear theoretical foundations for estimating patent rents. I develop a simple model to make upper-bound estimates of patent rents using regressions on Tobin's Q. I test this on a sample of US firms and find it robust to a variety of considerations. Estimates from market value regressions correspond well with estimates based on patentee behavior generally, but renewal estimates might be understated for pharmaceuticals. (C) 2009 Elsevier B.V. All rights reserved.
Authors
I am an author on this paper
Click your name to claim this paper and add it to your profile.
Reviews
Recommended
No Data Available