التفاصيل البيبلوغرافية
| العنوان: |
Corporate Patenting, Customer Capital, and Financial Market Outcomes. |
| المؤلفون: |
Ertugrul, Mine1 (AUTHOR) mine.ertugrul@umb.edu, Krishnan, Karthik2 (AUTHOR) k.krishnan@northeastern.edu, Xu, Bo3 (AUTHOR) boxu@hit.edu.cn, Yu, Qianqian4 (AUTHOR) qiy617@lehigh.edu |
| المصدر: |
Journal of Financial & Quantitative Analysis. Aug2024, Vol. 59 Issue 5, p2425-2458. 34p. |
| مصطلحات موضوعية: |
*PATENTS, *CUSTOMER relations, *VALUE creation, *NEW product development, *PATENT applications, *FINANCIAL markets, *ORGANIZATIONAL performance, PATENT examiners |
| مستخلص: |
We study how patenting enhances customer capital and creates financial value in a product market characterized by information asymmetry between firm insiders and customers. We find that firms with more and higher quality patents develop greater customer capital, as measured by more positive customer perceptions of product novelty and quality. To establish causality, we exploit the exogenous variation in the random assignment of patent examiners to review applications and use the average examiner leniency as an instrument for patent grants. Our mediation analysis documents a positive impact of patenting on firm performance and financial market valuation through enhanced customer capital. [ABSTRACT FROM AUTHOR] |
|
Copyright of Journal of Financial & Quantitative Analysis is the property of Cambridge University Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) |
| قاعدة البيانات: |
Business Source Index |
Full Text Finder