Japan's Shift from Process to Product Patents in the Pharmaceutical Industry: An Event Study of the Impact on Japanese Firms
AbstractIn 1975, Japan expanded the scope of its patent law by introducing product patents for newly developed chemical and pharmaceutical products. The authors use rate-of-return data from the Tokyo Stock Exchange for Japanese pharmaceutical companies to examine the impact of the change in the patent law. Their empirical findings indicate that the passage of the new patent law induced an excess return of approximately 26 percent to a portfolio of large pharmaceutical companies. Companies with R&D programs specializing in new product development experienced large gains, while companies with R&D programs specializing in imitative process patents experienced no gains. Copyright 1995 by Oxford University Press.
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Bibliographic InfoArticle provided by Western Economic Association International in its journal Economic Inquiry.
Volume (Year): 33 (1995)
Issue (Month): 1 (January)
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Other versions of this item:
- Sumner J. La Croix & Akihiko Kawaura, 1992. "Japan's Shift From Process to Product Patents in the Pharmaceutical Industry: An Event Study of the Impact on Japanese Firms," Working Papers 199201, University of Hawaii at Manoa, Department of Economics.
- Sumner J. La Croix & Akihiko Kawaura, 1991. "Japan's Shift From Process to Product Patents in the Pharmaceutical Industry: An Event Study of the Impact on Japanese Firms," Working Papers 199118, University of Hawaii at Manoa, Department of Economics.
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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"Intellectual Property Rights in China: The Changing Politcal Economy of Chinese-American Interests,"
200201, University of Hawaii at Manoa, Department of Economics.
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- Nahoko Mitsuyama, 2013. "Stock Market Reaction to Patent Value in Japan: an Event Study Analysis," Journal of Knowledge Management, Economics and Information Technology, ScientificPapers.org, vol. 3(6), pages 12, December.
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