Information ambiguity, patents and the market value of innovative assets

被引：27
|
作者：
Hussinger, Katrin [1 ,2 ]
Pacher, Sebastian [3 ]
机构：
[1] Univ Luxembourg, 162A Ave Faiencerie, L-1511 Luxembourg, Luxembourg
[2] Ctr European Econ Res ZEW, Mannheim, Germany
[3] Kienbaum Consultants Int GmbH, Berlin, Germany
来源：
RESEARCH POLICY | 2019年 / 48卷 / 03期
关键词：
R&D; Patents; Information ambiguity; Market value; RESEARCH-AND-DEVELOPMENT; INTELLECTUAL PROPERTY; CROSS-SECTION; REAL OPTIONS; UNCERTAINTY; RISK; VALUATION; EARNINGS; CITATION; EQUITY;
D O I：
10.1016/j.respol.2018.10.022
中图分类号：
C93 [管理学];
学科分类号：
12 ; 1201 ; 1202 ; 120202 ;
摘要：
Research and development (R&D) is often essential for firms' profitability and growth. At the same time, R&D is long-term and risky. We show that innovation activities lead to information ambiguity about the future value of firms' assets. This effect appears to be more pronounced for small and less reputed firms. Information ambiguity further lowers firms' market value and, in particular, the market value of innovative assets. We further show that high quality patents mitigate the negative effect of information ambiguity to some extent.
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页码：665 / 675
页数：11
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