Information ambiguity, patents and the market value of innovative assets

Hussinger, Katrin; Pacher, Sebastian

doi:10.1016/j.respol.2018.10.022

Cited by 30 publications

(28 citation statements)

References 67 publications

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“…Following Noailly and Smeets (2015) and Li (2019), the number of patent applications is used to represent technological innovation. Concerning the methods (Huang & Hou, 2019; Hussinger & Pacher, 2019; Madsen, 2007), we use the perpetual inventory method to calculate the inventory of patent applications. Concerning the control variables, industrial structure adjustment ( IS ) represents the industry (including construction), value added (% of GDP).…”

Section: Empirical Methodologymentioning

confidence: 99%

Towards sustainable development: How does technological innovation drive the increase in green total factor productivity?

Wang

Pang

Hmani

et al. 2020

Sustainable Development

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This study aims to assess the impact of technological innovation on green total factor productivity (GTFP), within Organization for Economic Cooperation and Development (OECD) countries, by using a panel data over the period 1996–2017. The results show that technological innovation has a significant positive influence on GTFP. The interaction between technological innovation and the economic development level has a significant negative impact on GTFP. However, the interaction between technological innovation and foreign direct investment (FDI) has no significant influence on GTFP. In addition, technological innovation has a positive effect on GTFP when the economic development level is lower than the threshold value. However, technological innovation has an otherwise insignificant promotional effect. Technological innovation has a positive effect on GTFP when FDI is below the threshold value, and it has a slightly significant positive impact when FDI exceeds the threshold value. Therefore, various measures should be taken to guide technological innovation and improve its quality to promote GTFP and realize sustainable development.

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Section: Empirical Methodologymentioning

confidence: 99%

Towards sustainable development: How does technological innovation drive the increase in green total factor productivity?

Wang

Pang

Hmani

et al. 2020

Sustainable Development

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“…Eberhart et al (2004) find evidence of a mis-reaction of stock markets to sudden increases in firms' R&D. They interpret that the market is slow to recognize the full extent of the (unexpected) benefits that R&D investments bring, as they observe significantly positive abnormal stock returns for the five-year period following these events. This is due to the information issues surrounding this strategy, as suggested by Hussinger and Pacher (2019); they interpret that R&D increases information ambiguity about the value of firms' assets. Hussinger and Pacher (2019) find that high quality patents counteract this effect but also that innovative assets have a lower market value in the presence of information ambiguity.…”

Section: Discussionmentioning

confidence: 99%

“…This is due to the information issues surrounding this strategy, as suggested by Hussinger and Pacher (2019); they interpret that R&D increases information ambiguity about the value of firms' assets. Hussinger and Pacher (2019) find that high quality patents counteract this effect but also that innovative assets have a lower market value in the presence of information ambiguity. These arguments lead us to question if first patents in the USA by foreign firms effectively contribute to the reduction of possible information ambiguity within these firms.…”

Section: Discussionmentioning

confidence: 99%

Innovation and market liquidity: the case of ADRs

Lobato

Rodríguez

Romero

2020

EBR

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Purpose Patents and patent citations provide a solid signal to investors about a firm’s innovation agenda. This signal can be even more useful for investors demanding securities from foreign firms, given the asymmetric information and adverse selection risk they face. This study aims to examine the patenting activities in the USA performed by non-US companies that trade as American Depositary Receipts (ADRs) in US stock markets. Design/methodology/approach The authors examine the effect on the trading volume of a sample of ADRs following the publication of their first patent in the USA. Findings The results show that the publication of a first patent has no effect on the liquidity of these ADRs when compared with same-country ADRs without patents. Originality/value This study enriches the literature on the relation between innovation, information and the stock market.

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“…Innovation, innovation development, innovation activities of economic entities, as well as their investment component are given considerable attention from the scientific community both in our country and abroad. The works of Hussinger K. [13], Nechaev A.S [14,15], A. Conti [16], Wu, P.-C. Lee, C.C. [17] and many others.…”

Section: Discussionmentioning

confidence: 99%

Stimulating Enterprises' Innovation Activity: Financial Aspect

Nechaev¹,

Ilina²

2019

Proceedings of the Internation Conference on "Humanities and Social Sciences: Novations, Problems, Prospects" (HSSNPP 2019)

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The fast productive forces improvement put innovation to the economic development basis. Innovative economic development is a complex dynamic process causing many problems, and the state gets predominant role to play in the solution of these problems. The advanced foreign countries experience shows that effective state support measures can increase innovation activity and ensure a high level of innovative development in the country. At the same time, development of a system for financing the innovation activities of enterprises on a regular basis is essential for the establishment of a competitive innovation activity sector. An effective financing innovation activity system, for its part, will, firstly, contribute to the rapid introduction of innovations at all levels of the national economy; secondly, the preservation and development of strategic innovation potential in priority areas of development; thirdly, the creation of the necessary conditions for the preservation of human capacity in science, technology, and the prevention of its outflow from the innovation sphere. Without such a system the effectiveness of financing the innovation activities of enterprises reduces due to the inconsistency between the amount of funds allocated. The article justifies the relevance and need for the innovations' development under modern economic conditions. The level of innovative development of the Russian Federation is analyzed using statistics. A comparative analysis of the innovative activity of economic entities in certain parameters in Russia and several other countries is presented. The main sources of financing innovation are examined. The necessity of their use under certain economic conditions is substantiated.

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Information ambiguity, patents and the market value of innovative assets

Cited by 30 publications

References 67 publications

Towards sustainable development: How does technological innovation drive the increase in green total factor productivity?

Towards sustainable development: How does technological innovation drive the increase in green total factor productivity?

Innovation and market liquidity: the case of ADRs

Stimulating Enterprises' Innovation Activity: Financial Aspect

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