PATENT OWNERSHIP FRAGMENTATION AND MARKET VALUE: AN EMPIRICAL ANALYSIS

Mahdiyeh Entezarkheir ()

International Journal of Innovation Management (ijim), 2019, vol. 23, issue 02, 1-30

Abstract: Patent ownership Fragmentation following the U.S. pro-patent shifts has built overlapping intellectual property rights or patent thickets. This has made the use of others’ innovations costlier due to transaction costs, licensing fees, and hold-up. Using panel data on 2,441 public U.S. manufacturing firms for 1976–2002, I find that patent thickets lower firms’ expected profit and their market value. I also find that firms with a large patent portfolio experience a smaller effect, likely because stronger bargaining position lowers the hold-up likelihood. There is no systematic time effect from patent thickets on firms’ market value with a large patent portfolio size.

Keywords: Innovation; patent portfolio; patent thicket; market value; fragmentation (search for similar items in EconPapers)
Date: 2019
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DOI: 10.1142/S1363919619500129

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