What Is a Patent Worth? Evidence from the US Patent "Lottery"

被引：94

作者：

Farre-Mensa, Joan ^{[1
]}

Hegde, Deepak ^{[2
]}

Ljungqvist, Alexander ^{[3
,4
]}

机构：

[1] Univ Illinois, Chicago, IL 60607 USA

[2] NYU, New York, NY 10003 USA

[3] Stockholm Sch Econ, Stockholm, Sweden

[4] Swedish House Finance, Stockholm, Sweden

来源：

JOURNAL OF FINANCE | 2020年 / 75卷 / 02期

关键词：

RESEARCH-AND-DEVELOPMENT; INNOVATION EVIDENCE; VENTURE; MARKET; NETWORKS; RIGHTS; IMPACT; IDEAS;

D O I：

10.1111/jofi.12867

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We provide evidence on the value of patents to startups by leveraging the quasi-random assignment of applications to examiners with different propensities to grant patents. Using unique data on all first-time applications filed at the U.S. Patent Office since 2001, we find that startups that win the patent "lottery" by drawing lenient examiners have, on average, 55% higher employment growth and 80% higher sales growth five years later. Patent winners also pursue more, and higher quality, follow-on innovation. Winning a first patent boosts a startup's subsequent growth and innovation by facilitating access to funding from venture capitalists, banks, and public investors.

引用

页码：639 / 682

页数：44

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