While patent systems have been widely used both historically and internationally, there is nonetheless a tremendous … amount of controversy over whether patent systems – in practice – improve the alignment between private returns and social … contributions. In this paper, I describe three parameters – how the disclosure function affects research investments, how patent …

-term performance. We investigate 495 transactions with a focus on one form of long-term activities, namely investments in innovation as … standard measures of patent quality, we find that patents granted to firms involved in private equity transactions are more …

We present a model of endogenous firm growth with R&D investment and stochastic innovation as the engines of growth … literature, but also on the literature on patent races and the discrete choice models of product differentiation. We examine to …) firm growth independent of firm size, as stated in the so-called Gibrat's law, and (iii) R&D investment proportional to …

by subsequent embodiments in physical capital. Traditionally, the only distinction between R&D and physical investment … the observed higher volatility of physical investment (relative to R&D expenditures) …

firm characteristics - Tobin's Q, past investment, earnings-price ratios, market betas, and idiosyncratic volatility of … returns by aggregate investment and valuation ratios; and v) a downward sloping term structure of risk premia for dividend … strips. Our model delivers testable predictions about the behavior of firm-level real variables - investment and output …