In an effort to understand the benefits of innovation on companies' growth and value, it becomes apparent that there is … repetitiveness) that a qualitative approach to investigating the effects that "innovation" has on company "value", this paper will … include R&D spending, Average Share Price, Patent applications, S&P index value and other cumulative quantities of patenting …

A higher fragmentation of patent ownership following the recent U.S. pro-patent shifts has built overlapping property … rights or patent thickets for firms with cumulative innovations. This has made the use of other firms' innovations costlier … traded U.S. manufacturing firms from 1976 to 2002, I quantify costs of the fragmentation and find that patent thickets lower …

), which disseminates timely, detailed, and credible public information on R&D activities through pre-grant patent disclosures …. Exploiting the staggered timing of patent disclosures, we identify a significant improvement in the efficiency of stock price … discovery. This improvement is stronger when patent disclosures reveal firms’ successful, new, or technologically valuable …