Market Value and Patent Citations
We explore the usefulness of patent citations as a measure of the "importance" of a firm's patents, as indicated by the stock market valuation of the firm's intangible stock of knowledge. Using patents and citations for 1963--1995, we estimate Tobin's q equations on the ratios of R&D to assets stocks, patents to R&D, and citations to patents. We find that each ratio significantly affects market value, with an extra citation per patent boosting market value by 3%. Further findings indicate that "unpredictable" citations have a stronger effect than the predictable portion, and that self-citations are more valuable than external citations.
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Volume (Year): 36 (2005)
Issue (Month): 1 (Spring)
Pages: 16-38
| Handle: | RePEc:rje:randje:v:36:y:2005:1:p:16-38 |
| Contact details of provider: | Web page: http://www.rje.org
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| Order Information: | Web: https://editorialexpress.com/cgi-bin/rje_online.cgi |
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