We analyze 7.7 million patents via textual analysis to develop a novel patent-to-patent measure of innovation …' technological connectedness. We find that investors impound information about innovation similarity into stock prices, although not … yields a 1.29% monthly return. Return predictability is stronger for firms with complex patents or with limited data …

patents and thus deliver asset pricing implications. We show that firms with deeper patent thickets are involved in more …Patent thickets, a phenomenon of fragmented ownership of overlapping patent rights, hamper firms' commercialization of … patent litigations, launch fewer new products, and become less profitable in the future. These firms are also associated with …

to the area of science a firm patents in as represented by the detailed patent classification system. We find that firm … patent portfolios are prominent. Holding this effect constant, we find that citations from patents in the same area of …We propose an empirical strategy for estimating competition in innovation markets based on a model of creative …