PATENTS, R EAL O PTIONS AND F IRM P ERFORMANCE*

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What Happens When Firms Patent? New Evidence from U.S. Economic Census Data (2009, background): “in net terms).(15) Taken together, the statistics in Table 2 suggest that patent-owning firms are very different from their non-patenting counterparts.”
Market Reaction to Corporate Press Releases (2013, result): “…to Patent Award announcements is significantly positive; this finding is consistent with prior research documenting that new patent awards are associated with positive abnormal returns (e.g., Austin (1993)) and improved future performance and higher valuations (e.g., Bloom and Reenen (2002)).”
The firm-level employment effects of innovations in high-tech US manufacturing industries (2011, background): “The gap between application and grant of a patent has been referred to by many authors, among others Bloom and Van Reenen (2002 ) w ho mention a lag of two years between application and grant, and Hall et al. (2001a) who state that 95% of the patents that are eventually granted are granted within t”
Innovation and firm growth in high-tech sectors: A quantile regression approach (2008, background): “Furthermore, even after an important discovery has been patented, a firm in an uncertain market environment may prefer to treat the patent as a ‘real option’ and delay associated investment and development costs ( Bloom and Van Reenen, 2002 ).”