Can firms use the U.S. patent system to communicate with the financial market? This study uses variation in local patent information availability to identify local changes in trading volume in reaction to the release of a patent. The variation comes from changes in the geographic location of...

We offer a novel perspective on the role of sell-side analysts as information intermediaries in capital markets by documenting a flow of information in a new direction, namely, from analysts to the firms they cover. We use analyst coverage overlaps and patent citations to examine analyst-induced...

We investigate the role of financial analysts as providers of competitive information to the firms they cover. Using analyst coverage overlaps as a proxy for the information set possessed by analysts and patent citations as a proxy for spillovers of information about technology and industry...

We examine whether the simultaneous release of information affects managers' ability to gather decision-relevant information from market prices. We use the plausibly exogenous timing of patent grant disclosures by the United States Patent and Trademark Office as a source of variation in the...