Does the U.S. patent system transfer patent information to the financial market? This study uses
variation in local patent information availability to identify local changes in trading volume in
reaction to the release of a patent. The variation comes from changes in the geographic location of
U.S. Patent and Trademark Depository Libraries over time. I find strong evidence for a significant
increase in the local trading volume of stocks after the release of a patent in counties that have
access to patent information. This indicates that firms can use the U.S. patent system as an
alternative disclosure channel.
Dieser Eintrag ist Teil der Universitätsbibliographie.
Search Authors in
