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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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Author Info
Sumner J. La Croix () (Department of Economics, University of Hawaii at Manoa)
Akihiko Kawaura

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Abstract

In 1976 Japan expanded the scope of its patent law by extending coverage to newly-developed chemical and pharmaceutical products. Previously the patent law had only provided protection to new production processes for manufacturing chemicals and pharmaceuticals. We use rate of return data from the Tokyo Stock Exchange for Japanese pharmaceutical companies to determine whether these firms gained from the introduction of pharmaceutical product patents. Using two different methodologies we find that the stock price for a portfolio of pharmaceutical firms and for individual firms significantly increased in response to the passage of the 1975 patent law.

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File URL: http://www.economics.hawaii.edu/research/workingpapers/88-98/WP_92-1.pdf
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Paper provided by University of Hawaii at Manoa, Department of Economics in its series Working Papers with number 199201.

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Length: 25 pages
Date of creation: 1992
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Handle: RePEc:hai:wpaper:199201

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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.:
  1. 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.
  2. 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)
  3. 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)
  4. 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)
  5. 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)
  6. 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)
  7. 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!]
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(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.)

  1. 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!]
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