“…This observation has been proved again by new studies (Griliches, 1981;Pakes, 1985;Jaffe, 1986;Connolly and Hirschey, 1988;Sandner, 2009). Patent announcements today are used in models of stock-price prediction (Lantushenko and Nelling, 2018) and firms time the disclosure of patent-related information strategically, conscious of its effects on the markets. In fact, Lansford (2006) suggests that firms use this information to manage short-term stock prices before an adverse information event.…”