Do corporate lawyers matter? Evidence from patents

被引：2
|
作者：
Andriosopoulos, Dimitris [1 ]
Czarnowski, Pawel [1 ]
Marshall, Andrew [1 ]
机构：
[1] Univ Strathclyde, 199 Cathedral St, Glasgow G4 0QU, Scotland
来源：
JOURNAL OF CORPORATE FINANCE | 2023年 / 83卷
基金：
英国经济与社会研究理事会;
关键词：
Patent attorney; Patent value; Patent citations; Shareholder wealth; USPTO; RESEARCH-AND-DEVELOPMENT; SUPREME-COURT; INNOVATION; ATTORNEY; ECONOMICS; PERFORMANCE; TECHNOLOGY; EXPERTISE; OUTCOMES; RETURNS;
D O I：
10.1016/j.jcorpfin.2023.102473
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
Patent attorneys are responsible for obtaining patents that bring the highest expected profits for their corporate clients. We investigate the role of patent attorney capability in determining the value of corporate patents. We find that a one standard deviation increase in legal expertise leads to a 0.04% rise in patents' market valuation and a 3% increase in citations. This finding holds irrespective of the number of patents obtained by patent attorneys to date (process experience). To establish causality, we exploit a novel shock: the opening of new regional patent offices in the US; and changes in a firm's patent attorney. Overall, we find that capable patent attorneys matter as they increase both the economic and technological value of corporate patents.
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页数：29
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