The vulnerability of patent value determinants

Economics of Innovation and New Technology

Volumn 20, Issue 3, 2011, Pages 283-308

  van Zeebroeck, Nicolas ^a   van Pottelsberghe de la Potterie, Bruno ^b  

^a SOLVAY BRUSSELS SCHOOL OF ECONOMICS AND MANAGEMENT   (Belgium)

^b NONE

Author keywords

Filing strategies; Patent quality; Patent systems; Patent value

Indexed keywords

EID: 79953019688     PISSN: 10438599     EISSN: 14768364     Source Type: Journal    
DOI: 10.1080/10438591003668638     Document Type: Article

References (127)

1. Albert, M., D. Avery, F. Narin, and P. McAllister. 1991. Direct validation of citation counts as indicators of industrially important patents. Research Policy 20, no. 3: 251-259.
2. Allison, J., and M. Lemley. 1998. Empirical evidence on the validity of litigated patents. AIPLA Quarterly Journal 26, no. 3: 187-275.
3. Allison, J., M. Lemley, K. Moore, and R. Trunkey. 2003. Valuable patents. Berkeley Olin Program in Law & Economics, Working Paper Series, no. 6907.
4. Arora, A., M. Ceccagnoli, and W. Cohen. 2004. R&D and the patent premium. INSEAD Working Paper.
5. Austin, D. 1993. An event-study approach to measuring innovative output: The case of biotechnology. American Economic Review 83, no. 2: 253-258.
6. Bessen, J. 2006. The value of U.S. patents by owner and patent characteristics. Research on Innovation Working Paper. http://www.researchoninnovation.org/patval.pdf
7. Betran, F. 2005. Pricing patents through citation. University of Iowa Working Paper.
8. Blind, K., K. Cremers, and E. Mueller. 2007. The influence of strategic patenting on companies' patent portfolios. ZEW Discussion Paper No. 07-013.
9. Bloom, N., and J. van Reenen. 2002. Patents, real options and firm performance. Economic Journal 112: 97-116.
10. Bosworth, D., and M. Rogers. 2001. Market value, R&D and intellectual property: An empirical analysis of large Australian firms. Economic Record 77, no. 239: 323-37.
11. Brusoni, S., G. Crespi, D. Francoz, A. Gambardella, W. Garcia-Fontes, A. Geuna, P. Giuri, et al. 2006. Everything you always wanted to know about inventors, but never asked: Evidence from the PatVal-EU survey. CEPR Discussion Paper 5752.
12. Calderini, M., and G. Scellato. 2004. Intellectual property rights as strategic assets: The case of European patent opposition in the telecommunications industry. CESPRI Working Paper 158.
13. Campbell, R., and N. Nieves. 1979. Technology indicators based on patent data: The case of catalytic convertors. Phase I Report, Design and Demonstration, Batelle Pacific Northwest Laboratories.
14. Carpenter, M., M. Cooper, and F. Narin. 1980. Linkage between basic research literature and patents. Research Management 3: 30-5.
15. Carpenter, M., and F. Narin. 1983. Validation study: Patent citations as indicators of science and foreign dependence. World Patent Information 5, no. 3: 180-185.
16. Carpenter, M., F. Narin, and P. Woolf. 1981. Citation rates to technologically important patents. World Patent Information 3, no. 4: 160-3.
17. Cockburn, I., and Z. Griliches. 1988. Industry effects and appropriability measures in the stock market's valuation of R&D and patents. American Economic Review 78, no. 2: 419-32.
18. Cohen, W., R. Nelson, and J. Walsh. 2000. Protecting their intellectual assets: Appropriability conditions and why U.S. manufacturing firms patent or not. NBER Working Papers 7552.
19. Cornelli, F., and M. Schankerman. 1999. Patent renewals and R&D incentives. RAND Journal of Economics 30, no. 2: 197-213.
20. Cremers, K. 2004. Determinants of patent litigation in Germany. ZEW Discussion Paper No. 04-72.
21. Crépon B., E. Duguet, and I. Kabla. 1996. Schumpeterian conjectures: A moderate support from various innovation measures. In Determinants of innovation: The message from new indicators, ed. A. Kleinknecht, 63-98. London: Macmillan.
22. Czarnitzki, D., B. Hall, and R. Oriani. 2005. The market valuation of knowledge assets in US and European firms. Berkeley Working Paper.
23. Deng, Y. 2005. Renewal study of European patents: A three-country comparison. Southern Methodist University of Dallas Working Paper.
24. Dernburg, T., and N. Gharrity. 1961. A statistical analysis of patent renewal data for three countries. Patent, Trademark, and Copyright Journal 5: 340-361.
25. Dernis, H., D. Guellec, and B. van Pottelsberghe. 2001. Using patent counts for cross-country comparisons of technology output. OECD STI Review 27: 129-146.
26. Dernis, H., and M. Khan. 2004. Triadic patent families methodology. OECD STI Working Paper 2004/2.
27. Dixon, P., and C. Greenhalgh. 2002. The economics of intellectual property: A review to identify themes for future research. Oxford Intellectual Property Research Centre, Working Paper No. 05102, University of Oxford.
28. Duguet, E., and N. Iung. 1997. R&D investment, patent life and patent value: An econometric analysis at the firm level. Working Paper G9705, Institut National de la Statistique et des Etudes Economiques.
29. EPO. 2006. EPO worldwide patent statistical database (PATSTAT). European Patent Office, April.
30. Gallini, N.T. 1992. Patent policy and costly imitation. RAND Journal of Economics 23, no. 1: 52-63.
31. Gambardella, A. 2005. Assessing the market for technology in Europe. Report to the European Patent Office. European Patent Office, October.
32. Gambardella, A., D. Harhoff, and B. Verspagen. 2006. The value of patents. Presented at the EPIP Conference, September, in Munich, Germany.
33. Gilbert, R., and C. Shapiro. 1990. Optimal patent length and breadth. RAND Journal of Economics 21, no. 1: 106-12.
34. Graham, S., B. Hall, D. Harhoff, and D. Mowery. 2002. Post-issue patent 'quality control': A comparative study of US patent re-examinations and European oppositions. NBER WP 8807.
35. Greene, J.R., and S. Scotchmer. 1995. On the division of profit in sequential innovation. RAND Journal of Economics 26, no. 1: 20-33.
36. Greenhalgh, C., and M. Rogers. 2006. The value of innovation: The interaction of competition, R&D and IP. Research Policy 35: 562-80.
37. Greenhalgh, C., and M. Rogers. 2007. The value of intellectual property rights to firms. Working Paper, University of Oxford.
38. Griffiths, W., P. Jensen, and E. Webster. 2005. The effects on firm profits of the stock of intellectual property rights. Intellectual Property Research Institute of Australia Working Paper No. 05/05.
39. Griliches, Z. 1981. Market value, R&D, and patents. Economic Letters 7: 183-7.
40. Griliches, Z. 1990. Patent statistics as economic indicators: A survey. Journal of Economic Literature 28, no. 4: 1661-707.
41. Griliches, Z., A. Pakes, and B. Hall. 1986. The value of patents as indicators of inventive activity. NBER Working Paper 2083.
42. Guellec, D., and B. van Pottelsberghe de la Potterie. 2000. Applications, grants and the value of patent. Economics Letters 69, no. 1: 109-14.
43. Guellec, D., and B. van Pottelsberghe de la Potterie. 2001. The internationalisation of technology analysed with patent data. Research Policy 30, no. 8: 1253-66.
44. Guellec, D., and B. van Pottelsberghe de la Potterie. 2002. The value of patents and patenting strategies: Countries and technology areas patterns. Economics of Innovation and New Technology 11, no. 2: 133-48.
45. Hagedoorn, J., and M. Cloodt. 2003. Measuring innovative performance: Is there an advantage in using multiple indicators? Research Policy 32: 1365-1379.
46. Hall, B. 1999. Innovation and market value. NBER Working Paper No. 6984.
47. Hall, B., S. Graham, D. Harhoff, and D. Mowery. 2003. Prospects for improving U.S. patent quality via post-grant opposition. NBER Working Paper 9731.
48. Hall, B., and D. Harhoff. 2004. Post-grant reviews in the U.S. patent system: Design choices and expected impact. LMU Working Paper.
49. Hall, B., A. Jaffe, and M. Trajtenberg. 2001. The NBER patent citations data file: Lessons, insights and methodological tools. NBER Working Paper 8498.
50. Hall, B., A. Jaffe, and M. Trajtenberg. 2005. Market value and patent citations. RAND Journal of Economics 36: 16-38.
51. Hall, B., and M. MacGarvie. 2006. The private value of software patents. Berkeley Working Paper.
52. Hall, B., G. Thoma, and S. Torrisi. 2007. The market value of patents and R&D: Evidence from European firms. CESPRI Working Paper 186.
53. Harhoff, D. 2006. Patent constructionism: Exploring the microstructure of patent portfolios. Presentation prepared for the EPO/OECD Conference on Patent Statistics for Policy Decision Making, 23-24 October, in Vienna, Austria.
54. Harhoff, D. 2008. Patent citations datafile. http://www.inno-tec.bwl.uni-muenchen.de/personen/professoren/harhoff/ (accessed 1 March 2008).
55. Harhoff, D., and B. Hall. 2002. Intellectual property strategy in the global cosmetics industry. LMU Working Paper.
56. Harhoff, D., F. Narin, F. Scherer, and K. Vopel. 1999. Citation frequency and the value of patented inventions. Review of Economics and Statistics 81, no. 3: 511-5.
57. Harhoff, D., and M. Reitzig. 2004. Determinants of opposition against EPO patent grants - the case of biotechnology and pharmaceuticals. International Journal of Industrial Organization 22, no. 4: 443-80.
58. Harhoff, D., F. Scherer, and K. Vopel. 2002. Citations, family size, opposition and value of patent rights. Research Policy 32, no. 8: 1343-1363.
59. Harhoff, D., F. Scherer, and K. Vopel. 2003. Exploring the tail of patented invention value distributions. In Economics, law and intellectual property: Seeking strategies for research and teaching in a developing field, ed. Ove Granstrand, 279-309. Dordrecht: Kluwer Academic Publisher.
60. Harhoff, D., G. von Graevenitz, and S. Wagner. 2007. European patent thickets: Do they exist, do they matter? Paper presented at the Second EPIP Conference, September, in Lund, Sweden.
61. Hunter, L., E. Webster, and A. Wyatt. 2005. Measuring intangible capital: A review of current practice. Australian Accounting Review 15, no. 36: 4-21
62. Jaffe, A., M. Trajtenberg, and M. Fogarty. 2000. The meaning of patent citations: Report on the NBER/Case-Western Reserve survey of patentees. NBER Working Paper 7631.
63. Jerak, A., and S. Wagner. 2003. Modeling probabilities of patent oppositions in a Bayesian semiparametric regression framework. LMU Working Paper.
64. Kamien, M., and Y. Tauman. 1986. Fees versus royalties and the private value of patents. Quarterly Journal of Economics 101, no. 3: 471-92.
65. Kleinknecht, A., K. van Montfort, and E. Brouwer. 2002. The non-trivial choice between innovation indicators. Economics of Innovation and New Technologies 11, no. 2: 109-21.
66. Klemperer, P. 1990. How broad should the scope of patent protection be. RAND Journal of Economics 21, no. 1: 113-30.
67. Kortum, S., and J. Lerner. 1999. What is behind the recent surge in patenting. Research Policy 28, no. 1: 1-22.
68. Kremer, M. 1998. Patent buyouts: A mechanism for encouraging innovation. Quarterly Journal of Economics 113, no. 4: 1137-67.
69. Lanjouw, J. 1993. Patent protection: Of what value and for how long? NBER Working Paper.
70. Lanjouw, J. 1998. Patent protection in the shadow of infringement: Simulation estimations of patent value. Review of Economic Studies 65, no. 4: 671-710.
71. Lanjouw, J., A. Pakes, and J. Putnam. 1998. How to count patents and value intellectual property: Uses of patent renewal and application data. Journal of Industrial Economics 46, no. 4: 405-32.
72. Lanjouw, J., and M. Schankerman. 1997. Stylised facts of patent litigation: Value, scope and ownership. NBER Working Paper 6297.
73. Lanjouw, J., and M. Schankerman. 1999. The quality of ideas: Measuring innovation with multiple indicators. NBER Working Paper 7345.
74. Lanjouw, J., and M. Schankerman. 2001. Characteristics of patent litigation: A window on competition. RAND Journal of Economics 32, no. 1: 129-151.
75. Lanjouw, J., and M. Schankerman. 2004. Patent quality and research productivity: Measuring innovation with multiple indicators. Economic Journal 114: 441-65.
76. Lerner, J. 1994. The importance of patent scope: An empirical analysis. RAND Journal of Economics 25, no. 2: 319-33.
77. Merges, R., and R. Nelson. 1990. On the complex economics of patent scope. Columbia Law Review 90, no. 4: 839-916.
78. Meyer, M., and P. Tang. 2005. Can one measure the value of university patents? Exploring universities' IP management practices and their implications for estimating patent value. SPRU Working Paper A292.
79. Nagaoka, S. 2004. Do speed, science linkage, focus and new entry matter in IT inventions? Institute of Innovation Research, Hitotsubashi University Working Paper.
80. Narin, F., E. Noma, and R. Perry. 1987. Patents as indicators of corporate technological strength. Research Policy 16, nos 2-4: 143-55.
81. Noel, M., and M. Schankerman. 2006. Strategic patenting and software innovation. CEPR Working Paper 5701.
82. O'Donoghue, T., S. Scotchmer, and J.F. Thisse. 1998. Patent breadth, patent life, and the pace of technological progress. Journal of Economics & Management Strategy 7, no. 1: 1-32.
83. OECD. 2004. Triadic patent families. OECD Working Paper, January.
84. Pakes, A. 1986. Patents as options: Some estimates of the value of holding European patent stocks. Econometrica 54, no. 4: 755-84.
85. Pakes, A., and M. Schankerman. 1984. The rate of obsolescence of knowledge, research gestation lags, and the private rate of return to research resources. NBER Working Paper 0346.
86. Pakes, A., and M. Simpson. 1989. Patent renewal data. Brookings Papers on Economic Activity, Microeconomics 1989: 331-401.
87. Palangkaraya, A., P. Jensen, and E. Webster. 2005. Determinants of international patent examination outcomes. Intellectual Property Research Institute of Australia Working Paper 09/05.
88. Palomeras, N. 2003. Sleeping patents: Any reason to wake up? IESE Working Paper 506.
89. Priest, G., and B. Klein. 1984. The selection of disputes for litigation. Journal of Legal Studies 8: 1-56.
90. Putnam, J. 1996. The value of international patent rights. Connecticut, NJ: Yale University Press.
91. Reitzig, M. 2002. The private values of 'thicket' patenting: An empirical study across industries and patent types. Paper presented at the DRUID Summer Conference on 'Industrial Dynamics of the New and Old Economy - who is embracing whom?', 6-8 June, in Copenhagen/Elsinore, Denmark.
92. Reitzig, M. 2003. What determines patent value? Insights from the semiconductor industry. Research Policy 32, no. 1: 13-26.
93. Reitzig, M. 2004a. Improving patent valuations for management purposes - validating new indicators by analyzing application rationales. Research Policy 33, nos 6-7: 939-57.
94. Reitzig, M. 2004b. What do patent indicators really measure? A structural test of 'novelty' and 'inventive step' as determinants of patent profitability. Paper presented at the DRUID Summer Conference 2004, 14-16 June, in Elsinore, Denmark.
95. Sapsalis, E., and B. van Pottelsberghe de la Potterie. 2007. The institutional sources of knowledge and the value of academic patents. Economics of Innovation and New Technology 16, no. 2: 139-57.
96. Sapsalis, E., B. van Pottelsberghe de la Potterie, and R. Navon. 2006. Academic vs industry patenting: An in-depth analysis of what determines patent value. Research Policy 35, no. 10: 1631-45.
97. Saragossi, S., and B. van Pottelsberghe de la Potterie. 2003. What patent data reveal about universities: The case of Belgium. Journal of Technology Transfer 28, no. 1: 47-51.
98. Schankerman, M. 1998. How valuable is patent protection? Estimates by technology field. RAND Journal of Economics 29, no. 1: 77-107.
99. Schankerman, M., and A. Pakes. 1986. Estimates of the value of patent rights in European countries during the post-1950 period. The Economic Journal 96, no. 384: 1052-76.
100. Scherer, F.M. 1965. Firm size, market structure, opportunity, and the output of patented inventions. American Economic Review 55: 1097-23.
101. Scherer, F.M., D. Harhoff, and J. Kukies. 2000. Uncertainty and the size distribution of rewards from innovation. Journal of Evolutionary Economics 10: 175-200.
102. Schneider, C. 2006. The determinants of patent applications outcomes - does experience matter? Copenhagen Business School Working Paper, CEBR.
103. Schneider, C. 2007. How important are non-corporate patents? A comparative analysis using patent citations data. Copenhagen Business School Working Paper, CEBR.
104. Scotchmer, S. 1999. On the optimality of the patent renewal system. RAND Journal of Economics 30, no. 2: 181-96.
105. Scotchmer, S., and J. Green. 1990. Novelty and disclosure in patent law. The RAND Journal of Economics 21, no. 1: 131-46.
106. Serrano, C. 2005. The market for intellectual property: Evidence from the transfer of patents. Mimeo, University of Minnesota and Federal Reserve Bank of Minneapolis.
107. Shane, H. 2001. Technological opportunities and new firm creation. Management Science 47, no. 2: 205-20.
108. Shane, H., and M. Klock. 1997. The relation between patent citations and Tobin's Q in the semiconductor industry. Review of Quantitative Finance and Accounting 9: 131-46.
109. Sherry, E., and D. Teece. 2004. Royalties, evolving patentrights, and the value of innovation. Research Policy 33: 179-91.
110. Silverberg, G., and B. Verspagen. 2004. The size distribution of innovations revisited: An application of extreme value statistics to citation and value measures of patent significance. MERIT Working Paper.
111. Stevnsborg, N., and B. van Pottelsberghe de la Potterie. 2007. Patenting procedures and filing strategies. In The Economics of the European Patent System, ed. D. Guellec and B. van Pottelsberghe de la Potterie, 155-183. Oxford: Oxford University Press.
112. Sullivan, R. 1994. Estimates of the value of patent rights in Great Britain and Ireland, 1852-1876. Economica, New Series 61, no. 241: 37-58.
113. Teece, D.J. 1986. Profiting from technological innovation. Research Policy 15, no. 6: 285-305.
114. Teece, D.J. 2006. Reflections on 'profiting from innovation'. Research Policy 35, no. 8: 1131-46.
115. Tong, X., and J. Frame. 1994. Measuring national technological performance with patent claims data. Research Policy 23, no. 2: 133-41.
116. Trajtenberg, M. 1990. A penny for your quotes: Patent citations and the value of innovations. The RAND Journal of Economics 21, no. 1: 172-87.
117. van Pottelsberghe de la Potterie, B., and N. van Zeebroeck. 2008. A brief history of space and time: The scope-year index as a patent value indicator based on families and renewals. Scientometrics 75, no. 2: 319-38.
118. van Zeebroeck, N. 2007. Patents only live twice: A patent survival analysis in Europe. CEB Working Paper.
119. van Zeebroeck, N. 2008. Essays on the empirical analysis of patent systems. PhD diss., Université Libre de Bruxelles, Belgium. http://theses.ulb.ac.be/ETD-db/collection/available/ULBetd-02042008-170122/
120. van Zeebroeck, N. 2011. The puzzle of patent value indicators. Economics of Innovation and New Technology 20, no. 1: 33-62.
121. van Zeebroeck, N., and B. van Pottelsberghe de la Potterie. 2011 Filing strategies and patent value. Economics of Innovation and New Technology. doi: 10.1080/10438591003668646.
122. van Zeebroeck, N., B. van Pottelsberghe de la Potterie, and D. Guellec. 2009. Claiming more: The increased voluminosity of patent applications and its determinants. Research Policy 38, no. 6: 1006-20.
123. van Zeebroeck, N., B. van Pottelsberghe de la Potterie, and W. Han. 2006. Issues in measuring the degree of technological specialisation with patent data. Scientometrics 66, no. 3: 481-92.
124. van Zeebroeck, N., B. van Pottelsberghe de la Potterie, N. Stevnsborg, D. Guellec, and E. Archontopoulos. 2008. Patent inflation in Europe. World Patent Information 30, no. 1: 43-52.
125. Wagner, S. 2004. Business method patents in Europe and their strategic use - evidence from franking device manufacturers. LMU Working Paper.
126. Webb, C., H. Dernis, D. Harhoff, and K. Hoisl. 2005. Analysing European and international patent citations: A set of EPO patent database building blocks. OECD STI Working Paper 2005/9.
127. Webster, E., A. Palangkaraya, and P. Jensen. 2007. Characteristics of international patent application outcomes. Economics Letters 95, no. 3: 362-368.