On Patents, R & D, and the Stock Market Rate of Return

Ariel Pakes

Scholarly Articles from Harvard University Department of Economics

Abstract: Empirical work on the causes and effects of inventive activity has had difficulty in finding measures that can indicate when and where changes in either inventive inputs or inventive output have occurred. The recent computerization of the U.S. Patent Office's data base may prove helpful in this context, but there is the problem that a priori we do not know the relationships between patent applications and economically meaningful measures of these inputs and outputs. To help solve this problem, this paper investigates the dynamic relationships among the number of successful patent applications of firms, a measure of the firm's investment in inventive activity (its R & D expenditures), and an indicator of its inventive output (the stock market value of the firm).

Date: 1985
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Citations: View citations in EconPapers (190)

Published in Journal of Political Economy -Chicago-

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Journal Article: On Patents, R&D, and the Stock Market Rate of Return (1985)
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