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Information ambiguity, patents and the market value of innovative assets

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  • Hussinger, Katrin
  • Pacher, Sebastian

Abstract

Research and development (R&D) is often essential for firms’ profitability and growth. At the same time, R&D is long-term and risky. We show that innovation activities lead to information ambiguity about the future value of firms’ assets. This effect appears to be more pronounced for small and less reputed firms. Information ambiguity further lowers firms’ market value and, in particular, the market value of innovative assets. We further show that high quality patents mitigate the negative effect of information ambiguity to some extent.

Suggested Citation

  • Hussinger, Katrin & Pacher, Sebastian, 2019. "Information ambiguity, patents and the market value of innovative assets," Research Policy, Elsevier, vol. 48(3), pages 665-675.
    • Handle: RePEc:eee:respol:v:48:y:2019:i:3:p:665-675
    DOI: 10.1016/j.respol.2018.10.022
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    More about this item

    Keywords

    R&D; Patents; Information ambiguity; Market value;
    All these keywords.

    JEL classification:

    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • O34 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Intellectual Property and Intellectual Capital

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