The disclosure function of the U.S. patent system: Evidence from the U.S. Patent and Trademark Depository Library program

Martens, Tim

Document Type: Working paper
Year of publication: 2018
Place of publication: Mannheim
Publishing house: Universität
Publication language: English
Institution: Business School > ABWL u. Unternehmensrechnung (Bischof 2015-)
Subject: 330 Economics
Abstract: 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.

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