Patents and R&D expenditure in explaining stock price movements

초록

We investigate whether the number of patents, classified by exploitation and exploration activities, can complement corporate R&D expenditure in explaining stock price movements (SPM). Based on unique corporate patent data, we empirically find that the number of patents have more significant explanatory power in explaining SPM than R&D expenditure. Our results indicate that incorporating the number of patents in explaining SPM could add value. (C) 2016 Elsevier Inc. All rights reserved.

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