Patents and Innovation: An Empirical Study

Mansfield, Edwin

doi:10.1287/mnsc.32.2.173

Cited by 956 publications

(523 citation statements)

References 8 publications

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“…Finally, it would be insightful to take into account the impact of exchange and creation alliances on product market output and firm performance. Indeed, while the current analysis allows drawing conclusions with respect to firms' technological development, which, according to Mansfield (1986) and a negbin estimation, we can conclude that negbin coefficients are not consistent in our case.…”

Section: Conclusion and Discussioncontrasting

confidence: 75%

Quantity or quality? Knowledge alliances and their effects on patenting

Hottenrott

Lopes-Bento

2014

Ind Corp Change

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. The working papers published in the Series constitute work in progress circulated to stimulate discussion and critical comments. Views expressed represent exclusively the authors' own opinions and do not necessarily reflect those of the editor. Terms of use: Documents in AbstractThis study shows for a large sample of R&D-active manufacturing firms over the period 2000-2009 that knowledge alliances have a positive effect on patenting in terms of both quantity and quality. However, when distinguishing between alliances that aim at joint creation of new knowledge and alliances that aim at the exchange of knowledge, results suggest that creation alliances lead to more valuable patents as they receive significantly more forward citations per patent. Knowledge exchange alliances, on the other hand, are associated with patent quantity, but not quality.

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Section: Conclusion and Discussioncontrasting

confidence: 75%

Quantity or quality? Knowledge alliances and their effects on patenting

Hottenrott

Lopes-Bento

2014

Ind Corp Change

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“…Patenting (on which our dependent variables are based) is an important mechanism to protect intellectual property (Levin, Klevorick, Nelson, Winter, Gilbert, and Griliches, 1987) and firms tend to patent most patentable inventions. In particular, Mansfield (1986) shows that our sample industries are characterized by high patenting propensities relative to most other industries. Third, patents are a meaningful measure of innovation in these industries.…”

Section: Methodsmentioning

confidence: 85%

The bright side of financial derivatives: Options trading and firm innovation

Blanco

Wehrheim

2017

Journal of Financial Economics

116

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Do financial derivatives enhance or impede innovation? We aim to answer this question by examining the relationship between equity options markets and standard measures of firm innovation. Our baseline results show that firms with more options trading activity generate more patents and patent citations per dollar of R&D invested. We then investigate how more active options markets affect firms' innovation strategy. Our results suggest that firms with greater trading activity pursue a more creative, diverse and risky innovation strategy. We discuss potential underlying mechanisms and show that options appear to mitigate managerial career concerns that would induce managers to take actions that boost short-term performance measures. Finally, using several econometric specifications that try to account for the potential endogeneity of options trading, we argue that the positive effect of options trading on firm innovation is causal.

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“…Individual patents are perceived as relatively ineffective in most industries and in particular in complex technologies (Arundel, 2001;Cohen et al, 2000;Levin et al, 1987;Mansfield, 1986;Sattler, 2003), for one reason because they can often be invented around (Cohen et al, 2000). As a remedy, firms build "patent fences" (Guellec and van Pottelsberghe, 2007, p. 87;Reitzig, 2004b) by patenting not only the initial invention but also variations such as different geometric shapes (Granstrand, 1999, p. 220).…”

Section: Changes In the Effectiveness Of Patentsmentioning

confidence: 99%

Offensive Patent Portfolio Races

Jell¹,

Henkel²,

Wallin³

2017

Long Range Planning

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In a patent portfolio race, firms attempt to assemble a large collection of patents. Traditional explanations for patent portfolio races rest on an assumption of fragmented patent ownership where multiple unknown firms employ defensive strategies to forestall holdup. However, patent portfolio races can be observed when patent ownership is concentrated to the hands of a few firms. To explore patent portfolio races under conditions of concentrated ownership we turn to the newspaper printing machine industry, an industry characterized by a few dominant firms. Using multiple sources -patent analysis, archival data, and interviews -we identify antecedents to a phenomenon we label offensive patent portfolio races. Contrary to received wisdom, we find that patent portfolio races can be offensive, aimed at gaining rather than avoiding loss of competitive advantage. Offensive patent portfolio races hinge on the breakdown of cooperation -triggered by changes in the perceived benefits, effectiveness, and/or costs of patents, partly mediated by the adoption of a gain frame towards increased patenting, and regulated by the potential losses from further increases. We explain the behavior by invoking the folk theorem in game theory and conclude that while triggering offensive patent portfolio races may yield temporary advantages, managers are advised to tread carefully as offensive patent portfolio races may have severe implications for the effectiveness and efficiency of the innovation process.Keywords: Patent strategy, motives to patent, intellectual property, patent thickets Acknowledgments: The authors are especially grateful to Rosemarie Ziedonis, Arvids Ziedonis, Rebecca Eisenberg, Dietmar Harhoff, and members of the strategy department at Stephen M. Ross School of Business for providing valuable comments on our study. We are indebted to the Editor of Long Range Planning, Gianvito Lanzolla, and two anonymous referees for numerous suggestions that greatly improved the paper. We furthermore thank participants at various conferences for valuable comments.

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Patents and Innovation: An Empirical Study

Cited by 956 publications

References 8 publications

Quantity or quality? Knowledge alliances and their effects on patenting

Quantity or quality? Knowledge alliances and their effects on patenting

The bright side of financial derivatives: Options trading and firm innovation

Offensive Patent Portfolio Races

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