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Patents, Spillovers and Competition in Biotechnology
This paper analyzes stock market effects of individual biotechnology patent awards. The author performs an event study on more than 600 patents awarded primarily to 20 leading biotechnology firms and finds significant changes in market values at the time of the awards. Adjusting for partial anticipation of events, the author estimates that core technology patents in highly contested research areas are expected to generate between $13 and $21 million of economic value.
Link
http://econpapers.repec.org/scripts/redir.pl?u=http%3A%2F%2Fwww.rff.org%2Fdocuments%2FRFF-DP-00-53.pdf;h=repec:rff:dpaper:dp-00-53