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Market Value and Patent Quality in Japanese Manufacturing Firms

Nakanishi, Yasuo and Yamada, Setsuo (2007): Market Value and Patent Quality in Japanese Manufacturing Firms.

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Abstract

We investigate the effect of quality of patents on the market value of firms represented by the Tobin's q. We consider the number of objections as well as the number of citations. We construct the database of patent stock, citation-weighted patent stock and objection-weighted patent stock. Our analysis is pioneering work involving Japanese data, as we were unable to find any pre-existing Japanese data that considered both truncation problems and quality of the patent. Our study departs from Hall, Jaffe and Trajtenberg (2000) because of the application of objections as well as the consideration of the quality of patent citations.

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