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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

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