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Japan's Shift from Process to Product Patents in the Pharmaceutical Industry: An Event Study of the Impact on Japanese Firms

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  • Kawaura, Akihiko
  • La Croix, Sumner J

Abstract

In 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 Info

Article provided by Western Economic Association International in its journal Economic Inquiry.

Volume (Year): 33 (1995)
Issue (Month): 1 (January)
Pages: 88-103

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Handle: RePEc:oup:ecinqu:v:33:y:1995:i:1:p:88-103

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  1. Fama, Eugene F, et al, 1969. "The Adjustment of Stock Prices to New Information," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 10(1), pages 1-21, February.
  2. Kato, Kiyoshi & Schallheim, James S., 1985. "Seasonal and Size Anomalies in the Japanese Stock Market," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 20(02), pages 243-260, June.
  3. Jarrell, Gregg A & Poulsen, Annette B, 1989. "Stock Trading before the Announcement of Tender Offers: Insider Trading or Market Anticipation?," Journal of Law, Economics and Organization, Oxford University Press, vol. 5(2), pages 225-48, Fall.
  4. Gultekin, Mustafa N. & Gultekin, N. Bulent, 1983. "Stock market seasonality : International Evidence," Journal of Financial Economics, Elsevier, vol. 12(4), pages 469-481, December.
  5. Keim, Donald B., 1983. "Size-related anomalies and stock return seasonality : Further empirical evidence," Journal of Financial Economics, Elsevier, vol. 12(1), pages 13-32, June.
  6. Chalk, Andrew, 1986. "Market Forces and Aircraft Safety: The Case of the DC-10," Economic Inquiry, Western Economic Association International, vol. 24(1), pages 43-60, January.
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Cited by:
  1. 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.
  2. Jörg Mahlich, 2010. "Patents and performance in the Japanese pharmaceutical industry: An institution-based view," Asia Pacific Journal of Management, Springer, vol. 27(1), pages 99-113, March.
  3. Sumner J. La Croix & Denise Eby Konan, 2001. "Intellectual Property Rights in China: The Changing Politcal Economy of Chinese-American Interests," Working Papers 200201, University of Hawaii at Manoa, Department of Economics.
  4. Sumner La Croix, 1994. "Korea's Shift from Process to Product Patents in the Pharmaceutical Industry: An Event Study of the Impact of American Pressure on Korean Film," Working Papers 199402, University of Hawaii at Manoa, Department of Economics.

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