政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/140347

English | 正體中文 | 简体中文 | Post-Print筆數 : 27 | Items with full text/Total items : 109952/140887 (78%)
Visitors : 46370819 Online Users : 745

RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.

Home ‧ Login ‧ Upload ‧ Help ‧ About ‧ Administer

政大機構典藏 > 商學院 > 資訊管理學系 > 期刊論文 > Item 140.119/140347

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/140347

Title:	Patent Thickets, Stock Returns, and Conditional CAPM
Authors:	李曉惠 Lee, Hsiao-Hui Hsu, Po-Hsuan;Zhou, Tong
Contributors:	資管系
Keywords:	patent thickets;litigation costs;patent commercialization;stock returns;conditional CAPM
Date:	2022-11
Issue Date:	2022-06-23 09:50:50 (UTC+8)
Abstract:	Patent thickets, a phenomenon of fragmented ownership of overlapping patent rights, hamper firms’ commercialization of patents and thus deliver asset pricing implications. We show that firms with deeper patent thickets are involved in more patent litigations, launch fewer new products, and become less profitable in the future. These firms are also associated with lower subsequent stock returns, which can be explained by a conditional Capital Asset Pricing Model (CAPM) based on a general equilibrium model that features heterogeneous market betas conditional on time-varying aggregate productivity. This explanation is supported by further evidence from factor regressions and stochastic discount factor tests.
Relation:	Management Science, Vol.68, No.11, pp.8343-8367
Data Type:	article
DOI 連結:	https://doi.org/10.1287/mnsc.2021.4229
DOI:	10.1287/mnsc.2021.4229
Appears in Collections:	[資訊管理學系] 期刊論文

Files in This Item:

File	Description	Size	Format
index.html		0Kb	HTML2	245	View/Open

社群 sharing

著作權政策宣告 Copyright Announcement

1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.

Loading...