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Patents and R&D expenditure in explaining stock price movements

Gun Jea Yu and KiHoon Hong

Finance Research Letters, 2016, vol. 19, issue C, 197-203

Abstract: We investigate whether the number of patents, classified by exploitation and exploration activities, can complement corporate R&D expenditure in explaining stock price movements (SPM). Based on unique corporate patent data, we empirically find that the number of patents have more significant explanatory power in explaining SPM than R&D expenditure. Our results indicate that incorporating the number of patents in explaining SPM could add value.

Keywords: Corporate innovation; R&D expenditure; Stock price movements; Patents (search for similar items in EconPapers)
JEL-codes: G12 G31 O30 O32 (search for similar items in EconPapers)
Date: 2016
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