166,426 research outputs found

    Peter W. May and Alan S. Jaffe with Alvin H. Einbender

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    Peter W. May, Alan S. Jaffe, and Alvin H. Einbender (left - right).Digital ImageDigital finding aid

    Sam Jaffe and Cary Grant in GUNGA DIN, 1939

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    Sam Jaffe, left, and Cary Grant in a scene from GUNGA DIN, 1939. 8x10 b&w photographic print

    Cary Grant and Sam Jaffe in GUNGA DIN, 1939

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    Cary Grant, left, and Sam Jaffe in a scene from GUNGA DIN, 1939. 8x10 b&w photographic print

    Cary Grant and Sam Jaffe in GUNGA DIN, 1939

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    Cary Grant, left, Sam Jaffe, and Annie the elephant in a scene from GUNGA DIN, 1939. 8x10 b&w photographic print

    Sam Jaffe and Cary Grant in GUNGA DIN, 1939

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    Sam Jaffe, left, and Cary Grant on top of Annie the elephant in a scene from GUNGA DIN, 1939. 8x10 b&w photographic print

    Market Value and Patent Citations: A First Look

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    As patent data become more available in machine-readable form, an increasing number of researchers have begun to use measures based on patents and their citations as indicators of technological output and information flow. This paper explores the economic meaning of these citation-based patent measures using the financial market valuation of the firms that own the patents. Using a new and comprehensive dataset containing over 4800 U. S. Manufacturing firms and their patenting activity for the past 30 years, we explore the contributions of R&D spending, patents, and citation-weighted patents to measures of Tobin's Q for the firms. We find that citation-weighted patent stocks are more highly correlated with market value than patent stocks themselves and that this fact is due mainly to the high valuation placed on firms that hold very highly cited patents.

    Prof. Th. W. Adorno and the author Hans Erich Nossack.

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    Prof. Th. W. Adorno and the author Hans Erich Nossack at a reception of Insel Verlag, Buchmesse Frankfurt 1966LB
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