Technological Opportunity and Spillovers of R&D: Evidence from Firms' Patents, Profits and Market Value
National Bureau of Economic ResearchPublished 1 January 1986Open access
Adam B. Jaffe
Citations2,855
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Abstract
This paper presents evidence that firms' patents, profits and market value are systematically related to the "technological position' of firms' research programs. Further, firms are seen to "move" in technology space in response to the pattern of contemporaneous profits at different positions. These movements tend to erode excess returns.
Keywords
Economics, Econometrics and Finance
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