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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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

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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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Publisher Info
Article provided by Oxford University Press 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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Paper
- 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. [Downloadable!]
- 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.

References listed on IDEAS
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.:

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.
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. [Downloadable!] (restricted)
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. [Downloadable!] (restricted)
Robin A. Prager, 1989. "Using Stock Price Data to Measure the Effects of Regulation: The Interstate Commerce Act and the Railroad Industry," RAND Journal of Economics, The RAND Corporation, vol. 20(2), pages 280-290, Summer. [Downloadable!] (restricted)
Manuel Trajtenberg, 1990. "A Penny for Your Quotes: Patent Citations and the Value of Innovations," RAND Journal of Economics, The RAND Corporation, vol. 21(1), pages 172-187, Spring. [Downloadable!] (restricted)
Gultekin, Mustafa N. & Gultekin, N. Bulent, 1983. "Stock market seasonality : International Evidence," Journal of Financial Economics, Elsevier, vol. 12(4), pages 469-481, December. [Downloadable!] (restricted)
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. [Downloadable!]

Full references

Cited by:
(explanations, 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.)

Sumner La Croix & Denise Eby Konan, 2002. "Intellectual Property Rights in China: The Changing Political Economy of Chinese-American Interests," Economics Study Area Working Papers 39, East-West Center, Economics Study Area. [Downloadable!]
Other versions:
- 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. [Downloadable!]
- Sumner J. La Croix & Denise Eby Konan, 2002. "Intellectual Property Rights in China: The Changing Political Economy of Chinese-American Interests," The World Economy, Blackwell Publishing, vol. 25(6), pages 759-788, 06. [Downloadable!] (restricted)

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