Disclosure , Innovation , Patents , Information transfers , Knowledge spillovers , Information intermediaries
Abstract:
This thesis presents two studies that shed light on the information flow from a firm to the financial market and vice versa. In the first study of my thesis, I answer the question whether firms can use the U.S. patent system to communicate with the financial market. I document a positive association between the local patent information availability and the local trading volume after the release of a patent. In the second study, we answer the question whether firms can gather relevant market and competitive intelligence from interactions and relationships with capital market participants such as financial analysts and investors? We show that firm pairs with a higher number of mutually shared analysts are more likely to cite existing patents in new patent applications than comparable firm pairs with few or no analyst coverage overlaps.
Dieser Eintrag ist Teil der Universitätsbibliographie.
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