The goal of this study is to quantify theeconomic value of knowledge spillovers by considering firm-level data onpatents, patent citations, research and development (R&D), and firm values.After a discussion of the relationship between patent citations and knowledgespillovers, a market value...

This paper aims at quantifying the economic value of knowledge spillovers by exploring information contained in patent citations. We estimate a market valuation equation for semiconductor firms during the 1980s and 1990s, and find an average value in the amount of $0.6 to 1.2 million...