Patent thickets, defensive patenting, and induced R&D: an empirical analysis of the costs and potential benefits of fragmentation in patent ownership
Mahdiyeh Entezarkheir ()
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Mahdiyeh Entezarkheir: Huron University College at Western University
Empirical Economics, 2017, vol. 52, issue 2, 599-634
Abstract Patent thickets are sets of overlapping intellectual property rights that occur in fragmented technology markets. Their potential impacts on innovation have become an increasing concern in recent years. I estimate the direct and indirect effects of patent thickets on market value of publicly traded manufacturing firms. I find that patent thickets decrease the market value of firms, holding R&D and patenting activities of these firms constant. I also find that while firms do not change their R&D activities in response to patent thickets, they do reduce negative cost effects of patent thickets on market value through defensive patenting.
Keywords: Innovation; Patent thicket; Patent; Spillovers; Market value; Fragmentation; R&D (search for similar items in EconPapers)
JEL-codes: L43 O31 O33 O32 O34 O38 (search for similar items in EconPapers)
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