The market value of blocking patent citations

Czarnitzki, Dirk ; Hussinger, Katrin ; Leten, Bart

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    Official URL:
    URN: urn:nbn:de:bsz:180-madoc-31661
    Item Type: Working Paper
    Year of publication: 2011
    Language: English
    Divisions: Sonstige Einrichtungen > Zentrum für Europ. Wirtschaftsforschung (ZEW)
    MADOC-Schriftenreihe: Veröffentlichungen des ZEW (Zentrum für Europäische Wirtschaftsforschung) > ZEW Discussion Papers
    Subjects: 330 Economics
    Thesauri: JEL: O38 O34 O31
    SWD Keywords
    (Library Service Center BW)
    Japan , USA , Europäische Union , Patent , Marktwert , Veröffentlichung , Analyse , Innovation
    Keywords in alternate Language: Market value , patents , citations , patent value
    Abstract: There is a growing literature that aims at assessing the private value of knowledge assets and patents. It has been shown that patents and their quality as measured by citations received by future patents contribute significantly to the market value of firms beyond their R&D stocks. This paper goes one step further and distinguishes between different types of forward citations patents can receive at the European Patent Office. While a patent can be cited as non-infringing state of the art, it can also be cited because it threatens the novelty of patent applications (“blocking citations”). Empirical results from a market value model for a sample of large, R&D-intensive U.S., European and Japanese firms show that patents frequently cited as blocking references have a higher economic value for their owners than patents cited for nonblocking reasons. This finding adds to the patent value literature by showing that different types of patent citations carry different information on the economic value of patents. Th result further suggests that the total number of forward citations can be an imprecise measure of patent value.
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