Does Knowledge Protection Benefit Shareholders? Evidence from Stock Market Reaction and Firm Investment in Knowledge Assets

被引：27

作者：

Qiu, Buhui ^{[1
]}

Wang, Teng ^{[2
]}

机构：

[1] Univ Sydney, Business Sch, Sydney, NSW, Australia

[2] Fed Reserve Syst, Board Governors, Washington, DC 20551 USA

来源：

JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS | 2018年 / 53卷 / 03期

关键词：

INTELLECTUAL PROPERTY-RIGHTS; MOBILITY; RETURNS; LOCALIZATION; SPILLOVERS;

D O I：

10.1017/S0022109018000066

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This article studies whether knowledge protection affects shareholder value and firms' investment in knowledge assets using the staggered adoptions and rejections of the inevitable disclosure doctrine (IDD) by U.S. state courts as exogenous changes in the level of knowledge protection. We find positive (negative) abnormal stock returns around the IDD adoption (rejection) day for firms headquartered in the state, and we uncover a positive IDD treatment effect on firms' investment in knowledge assets. Moreover, the effects on stock returns and knowledge assets investment are stronger in more knowledge-oriented industries and firms. Finally, enhancing knowledge protection does not discourage local entrepreneurial activity.

引用

下载

页码：1341 / 1370

页数：30

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