Patent quality, firm value, and investor underreaction: Evidence from patent examiner busyness *

被引：14
|
作者：
Shu, Tao [1 ]
Tian, Xuan [2 ]
Zhan, Xintong [3 ]
机构：
[1] Chinese Univ Hong Kong, Shenzhen Finance Inst, Sch Management & Econ, Shenzhen, Peoples R China
[2] Tsinghua Univ, PBC Sch Finance, Beijing, Peoples R China
[3] Fudan Univ, Sch Management, Shanghai, Peoples R China
来源：
JOURNAL OF FINANCIAL ECONOMICS | 2022年 / 143卷 / 03期
基金：
中国国家自然科学基金;
关键词：
Patent quality; Examiner busyness; Stock returns; Investor underreaction; CROSS-SECTION; US PATENT; INNOVATION; DIRECTORS; MARKET; LITIGATION; FINANCE;
D O I：
10.1016/j.jfineco.2021.10.013
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This paper attempts to study the causal effect of examiner busyness on patent quality and firm value. Using a broad set of patent quality measures, we find strong evidence that patents allowed by busy examiners exhibit significantly lower quality. Further, examiner busyness of firms' patents negatively predicts the firms' future stock returns, which is consistent with investor underreaction to examiner busyness. Examiners' experience helps attenuate the negative effect of examiner busyness. (c) 2021 Elsevier B.V. All rights reserved.
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页码：1043 / 1069
页数：27
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