An Examination of Options Embedded in a Firm's Patents: The Value of Dispersion in Citations

Advances in Strategic Management

Volumn 24, Issue , 2007, Pages 405-427

  Chi, Tailan ^a   Levitas, Edward ^a  

^a NONE

Author keywords

[No Author keywords available]

Indexed keywords

EID: 34250190904     PISSN: 07423322     EISSN: None     Source Type: Book Series    
DOI: 10.1016/S0742-3322(07)24015-X     Document Type: Review

References (44)

1. Ahuja G. The duality of collaboration: Inducements and opportunities in the formation of interfirm linkages. Strategic Management Journal 21 Special Issue (2000) 317-344
2. Albert M., Avery D., Narin F., and McAllister P. Direct validation of citation counts as indicators of industrially important patents. Research Policy 20 (1991) 251-259
3. Arellano M., and Bond S. Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. Review of Economics and Statistics 58 (1991) 277-297
4. Austin D. An event study approach to measuring innovative output: The case of biotechnology. American Economic Review 83 (1993) 253-258
5. Barrett M. Intellectual Property (1996), Emanuel Law Outlines, Larchmont, NY
6. Ben-Zion U. The R&D and investment decision and its relationship to the firm's market value: Some preliminary results. In: Griliches Z. (Ed). R&D, Patents, and Profitability (1984), University of Chicago, Chicago, IL
7. Berger P.G., Ofek E., and Swary I. Investor valuation of the abandonment option. Journal of Financial Economics 42 (1996) 257-287
8. Blundell R., Griffith R., and Van Reenen J. Market share, market value and innovation in a panel of British manufacturing firms. The Review of Economic Studies 66 (1999) 529-555
9. Bowman E.H., and Hurry D. Strategy through the options lens: An integrated view of resource investments and the incremental choice process. Academy of Management Journal 16 (1993) 7-20
10. Chung K.H., and Pruitt S.W. A simple approximation of Tobin's q. Financial Management 23 (1994) 70-74
11. Cockburn I., and Griliches Z. Industry effects and appropriability measures in the stock market's valuation of R&D and patents. American Economic Review 78 (1988) 419-423
12. Connolly R.A., Hirsch B.T., and Hirschey M. Union rent seeking, intangible capital, and market value of the firm. Review of Economics and Statistics 68 (1986) 567-577
13. Cuypers I.R.P., and Martin X. Joint ventures and real options: An integrated perspective. Advances in Strategic Management 24 (2007) 103-144
14. Decarolis D.M., and Deeds D.L. The impact of stocks and flows of organizational knowledge on firm performance: An empirical investigation of the biotechnology industry. Strategic Management Journal 20 (1999) 953-968
15. Deng, Z., Lev, B., & Narin, F. (1999). Science and technology as predictors of stock performance. Financial Analysts Journal, May/June, 20-32.
16. Dixit A.K., and Pindyck R.S. Investment under uncertainty (1994), Princeton University Press, Princeton, NJ
17. Folta T.B. Governance and uncertainty: The tradeoff between administrative control and commitment. Strategic Management Journal 19 (1998) 1007-1028
18. Folta T.B., and O'Brien J.P. Entry in the presence of dueling options. Strategic Management Journal 25 (2004) 121-138
19. Greene W.H. Econometric analysis. 3rd ed. (1997), Prentice Hall, Upper Saddle River, NJ
20. Griliches Z. Market value, R&D, and patents. Economics Letters 7 (1981) 183-187
21. Hall B.H., Jaffe A., and Trajtenberg M. Market value and patent citations. Rand Journal of Economics 36 (2005) 16-38
22. Hansen L.P. Large sample properties of generalized method of moments estimators. Econometrica 50 (1982) 1029-1054
23. Henderson R., and Cockburn I. Measuring competence? Exploring firm effects in pharmaceutical research. Strategic Management Journal 15 Special Issue (1994) 29-44
24. Jacquemin A.P., and Berry C.H. Entropy measure of diversification and corporate growth. Journal of Industrial Economics 27 (1979) 359-369
25. Kester, W. C. (1984). Today's options for tomorrow's growth. Harvard Business Review, March-April, 153-160.
26. Lang L.H.P., Stulz R.M., and Walking R.A. Managerial performance, Tobin's q, and the gains from successful tender offers. Journal of Financial Economics 24 (1989) 137-154
27. Levitas, E., & Chi, T. (2001). A real option perspective on the market valuation of a firm's technological competence. In: Dennis H. Nagao (Ed.), Academy of Management Best Paper Proceedings BPS, F1-F6.
28. Megna P., and Klock M. The impact of intangible capital on Tobin's q in the semiconductor industry. American Economic Review 83 (1993) 265-269
29. Merton R.C. Theory of rational option pricing. Bell Journal of Economics and Management 4 (1973) 141-183
30. Mitchell, G. R., & Hamilton, W. F. (1988). Managing R&D as a strategic option. Research Technology Management, May-June, 15-22.
31. Myers S.C. Determinants of corporate borrowing. Journal of Financial Economics 5 (1977) 147-175
32. Nerkar A., Paruchuri S., and Khaire M. Business method patents as real options: Value and disclosure as drivers of litigation. Advances in Strategic Management 24 (2007) 247-274
33. Oriani R. Technology switching option and the market value of the firm: A model and an empirical test. Advances in Strategic Management 24 (2007) 429-458
34. Pakes A. On patents, R&D, and the stock market rate of return. Journal of Political Economy 93 (1985) 390-409
35. Sampat B.N., and Ziedonis A.A. Patent citations and the economic value of patents: A preliminary assessment. In: Moed H., Glänzel W., and Schmoch U. (Eds). Handbook of Quantitative Science and Technology Research (2004), Kluwer Academic Publishers, London
36. Shane H., and Klock M. The relation between patent citations and Tobin's q in the semiconductor industry. Review of Quantitative Finance and Accounting 9 (1997) 131-146
37. Soofi E.S. A generalizable formulation of conditional logit with diagnostics. Journal of the American Statistical Association 87 (1992) 812-816
38. Sorensen J.B., and Stuart T.E. Aging, obsolescence and organizational innovation. Administrative Science Quarterly 45 (2000) 81-112
39. Teece D. Profiting from technological innovation: Implications for integration, collaboration, licensing and public policy. Research Policy 15 (1986) 285-305
40. Tong T.W., and Reuer J.J. Firm and industry influences on the value of growth options. Strategic Organization 4 (2006) 71-95
41. Trajtenberg M. A penny for your quotes: Patent citations and the value of innovations. Rand Journal of Economics 21 (1990) 172-187
42. Trigeorgis L. Real options: Managerial flexibility and strategy in resource allocation (1996), MIT Press, Cambridge, MA
43. United States Patent and Trademark Office. Handbook on the use of the U.S. patent classification system (1997), U.S. Department of Commerce, Patent and Trademark Office, Washington, DC Revised February
44. Windmeijer F. A finite sample correction for the variance of linear efficient two-step GMM estimators. Journal of Econometrics 126 (2005) 25-51