standard measures of patent quality, we find that patents granted to firms involved in private equity transactions are more …A long-standing controversy is whether LBOs relieve managers from short-term pressures from public shareholders, or …-term performance. We investigate 495 transactions with a focus on one form of long-term activities, namely investments in innovation as …

This paper assesses the validity and accuracy of firms' backward patent citations as a measure of knowledge flows from … associated with backward citations to both patent and nonpatent references. We find that patent citations reflect the codified … and direction of measurement error bias suggests that measuring knowledge flows with patent citations can lead to …

This paper proposes a novel approach to measure disclosure in patent applications using algorithms from computational ….S. applications in three patent categories related to nanotechnology, batteries, and electricity from 2000 to 2019. Relying on the … for different source documents that patent attorneys can draw on, we confirm the relevance and usefulness of the …

innovation. Large firms appear to value the golden eggs of science (as reflected in patents) but not the golden goose itself (the …Scientific knowledge is believed to be the wellspring of innovation. Historically, firms have also invested in research … to fuel innovation and growth. In this paper, we document a shift away from scientific research by large corporations …

, we develop also a new measure of patent value. The measure distinguishes between citations that reflect the cumulative …. We identify research inputs based on a natural language analysis of 10 billion word and word sequence patent pairs in 6 … million patents granted during 1920-2010. This novel textual analysis empirically reveals which single and general purpose …

This paper examines the effect of the benefits of corporate control to managers on the relationship between managerial … the acquiring firm increases, the interests of managers are more closely aligned with those of shareholders, reducing the … acquisition premium. At sufficiently high levels of managerial ownership, managers value a reduction in the risk of their …

, when it buys a rapidly growing target , and when the performance of its managers has been poor before the acquisition …

commercially oriented? Using a Herfindahl-type measure of patent assignee concentration and employing a difference …-in-differences estimation to compare university to firm patents across two time periods, we find that the university diffusion premium (the …

's biotech patents by 34 percent development by 27 percent, and products on the market by 8 percent as of 1989-1990. However …

This paper examines the relation between ownership, corporate form, and innovation for a cross-section of private and …: while most innovating firms in the US are publicly traded conglomerates, a substantial fraction of innovation is … countries, where business groups tend to be concentrated in industries with a slower and more fundamental innovation cycle and …