Dynamic interactions among stock return, Research and Development (R&D) expenses, patent applications based on R&D investment, and the propensity to patent are studied in this work for a panel of firms from the United States. The panel includes technologically similar firms, neck-to-neck, mostly...

This paper studies the dynamic interactions and the spillovers that exist among patent application intensity, secret innovation intensity and stock returns of a well-defined technological cluster of firms. We study the differential behavior when there is an Innovation Leader (IL) and the rest of...