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Patent Ownership Fragmentation And Market Value: An Empirical Analysis

Author

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  • MAHDIYEH ENTEZARKHEIR

    (Department of Economics, Huron at University of Western Ontario, 1349 Western Rd, London, ON N6G 1H3, Canada)

Abstract

Patent ownership Fragmentation following the U.S. pro-patent shifts has built overlapping intellectual property rights or patent thickets. This has made the use of others’ innovations costlier due to transaction costs, licensing fees, and hold-up. Using panel data on 2,441 public U.S. manufacturing firms for 1976–2002, I find that patent thickets lower firms’ expected profit and their market value. I also find that firms with a large patent portfolio experience a smaller effect, likely because stronger bargaining position lowers the hold-up likelihood. There is no systematic time effect from patent thickets on firms’ market value with a large patent portfolio size.

Suggested Citation

  • Mahdiyeh Entezarkheir, 2019. "Patent Ownership Fragmentation And Market Value: An Empirical Analysis," International Journal of Innovation Management (ijim), World Scientific Publishing Co. Pte. Ltd., vol. 23(02), pages 1-30, February.
    • Handle: RePEc:wsi:ijimxx:v:23:y:2019:i:02:n:s1363919619500129
    DOI: 10.1142/S1363919619500129
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