Idiosyncratic and common shocks to investment decisions
In: Discussion paper series 2982
In: Industrial organization
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In: Discussion paper series 2982
In: Industrial organization
In: The economic journal: the journal of the Royal Economic Society, Band 113, Heft 491, S. F653-F654
ISSN: 1468-0297
In: The economic journal: the journal of the Royal Economic Society, Band 112, Heft 482, S. 766-785
ISSN: 1468-0297
In: The Rand journal of economics, Band 29, Heft 1, S. 77
ISSN: 1756-2171
In: Information economics and policy, Band 8, Heft 1, S. 3-23
ISSN: 0167-6245
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In: NBER Working Paper No. w28545
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In: TILEC Discussion Paper No. DP2020-024
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Working paper
In: CEPR Discussion Paper No. DP15544
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In: CEPR Discussion Paper No. DP15301
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In: The Rand journal of economics, Band 49, Heft 1, S. 64-86
ISSN: 1756-2171
AbstractWe study the causal impact of patent invalidation on subsequent innovation and exit by patent holders. The analysis uses patent litigation data from the US Federal Circuit Court and exploits random allocation of judges to control for endogeneity of the decision. Invalidation causes patent holders to reduce patenting over a five‐year window by 50% on average, but the effect is heterogeneous. The impact is large for small‐ and medium‐sized firms, particularly where they face many large competitors, and for patents central to their research portfolio. We find no significant effect for large firms. Invalidation also increases exit from patenting by small firms.
In: CentER Discussion Paper Series No. 2016-046
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In: NBER Working Paper No. w21769
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In: NBER Working Paper No. w20269
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