Complex high technology industries are increasingly affected by patent thickets in which firms' patents mutually block the use of important technologies. Firms facing patent thickets patent intensively to acquire bargaining chips and use licensing to ensure freedom to operate. Such licensing...

Investigates the stock market valuation of the research anddevelopment (R&D) and intellectual property (IP) activities of quotedcompanies in the United Kingdom. Unlike previous studies, this analysisconsiders the extent to which the stock market's valuation of firm-levelinnovation varies across...

A large body of literature on the estimation of private returns to R&D adopts the Griliches knowledge production framework, ignoring the impact omitted spillover effects may have on consistent estimation. A separate body of literature is primarily interested in the presence and magnitude of...