Stock Market Reaction on Patent Publications: Evidence from the Most Innovative Companies in the World
This paper examines the influence of patent information on the stock returns of the 13 most innovative companies in the world ranked in the Boston Consulting Group (BCG) Annual Innovation Report. It considered distinct technological fields for adopting the event study methodology on 247 announcement...
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Animo Repository
2024
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| 在線閱讀: | https://animorepository.dlsu.edu.ph/apipmibookseries/5 |
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| 總結: | This paper examines the influence of patent information on the stock returns of the 13 most innovative companies in the world ranked in the Boston Consulting Group (BCG) Annual Innovation Report. It considered distinct technological fields for adopting the event study methodology on 247 announcements from 2004 to 2022 for United-States-listed companies. The results reveal diverse market reactions, with companies displaying mixed positive and negative abnormal returns following patent publications. Our findings reveal varied cumulative abnormal return (CAR) values among firms, with statistically significant positive CARs observed for these companies in certain years, indicating market outperformance. The study also shows that the most significant positive excess returns occur around the announcement date, potentially implying early access to nonpublic information. A Kruskal–Wallis test underscores the significance of technological field differences in market reactions. This research contributes to understanding the dynamics of market reactions to patent disclosures and underscores the importance of communication strategies in influencing investor perceptions and market outcomes. |
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