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https://ah.lib.nccu.edu.tw/handle/140.119/140347
題名: | Patent Thickets, Stock Returns, and Conditional CAPM | 作者: | 李曉惠 Lee, Hsiao-Hui Hsu, Po-Hsuan;Zhou, Tong |
貢獻者: | 資管系 | 關鍵詞: | patent thickets; litigation costs; patent commercialization; stock returns; conditional CAPM | 日期: | Nov-2022 | 上傳時間: | 23-Jun-2022 | 摘要: | Patent thickets, a phenomenon of fragmented ownership of overlapping patent rights, hamper firms’ commercialization of patents and thus deliver asset pricing implications. We show that firms with deeper patent thickets are involved in more patent litigations, launch fewer new products, and become less profitable in the future. These firms are also associated with lower subsequent stock returns, which can be explained by a conditional Capital Asset Pricing Model (CAPM) based on a general equilibrium model that features heterogeneous market betas conditional on time-varying aggregate productivity. This explanation is supported by further evidence from factor regressions and stochastic discount factor tests. | 關聯: | Management Science, Vol.68, No.11, pp.8343-8367 | 資料類型: | article | DOI: | https://doi.org/10.1287/mnsc.2021.4229 |
Appears in Collections: | 期刊論文 |
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