Deng, Yi - In: International Journal of Industrial Organization 26 (2008) 4, pp. 1044-1058
This paper aims at quantifying the economic value of knowledge spillovers by exploring information contained in patent citations. We estimate a market valuation equation of the U.S. semiconductor firms during the 1980s and 1990s, and find an average value of $0.6 to 1.2 million "R&D-equivalent"...