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Patent Publication and Innovation

Author

Listed:
  • Deepak Hegde
  • Kyle Herkenhoff
  • Chenqi Zhu

Abstract

We measure how patent publication affects innovation by exploiting the American Inventor’s Protection Act of 1999 (AIPA), which accelerated public disclosure of US patents by about 1.5 years. We obtain causal estimates by comparing US patents subject to AIPA with “twin” European patents that were not. Post-AIPA, US patents receive more and faster follow-on citations, indicating greater technology diffusion. Technological overlap increases between distant but related patents and decreases between highly similar patents, and patent applications are less likely to be abandoned, suggesting less duplicative R&D. Publicly listed firms exposed to 1 standard deviation longer patent grant delays increased R&D by 4% post-AIPA.

Suggested Citation

  • Deepak Hegde & Kyle Herkenhoff & Chenqi Zhu, 2023. "Patent Publication and Innovation," Journal of Political Economy, University of Chicago Press, vol. 131(7), pages 1845-1903.
    • Handle: RePEc:ucp:jpolec:doi:10.1086/723636
    DOI: 10.1086/723636
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    Cited by:

    1. Armin Mertens & Marc Scheufen, 2024. "Intellectual property and fourth industrial revolution technologies: how the patent system is shaping the future in the data-driven economy," European Journal of Law and Economics, Springer, vol. 57(1), pages 275-310, April.
    2. Kang, Yankun & Leng, Xuan & Liao, Yunxiang & Zheng, Shilin, 2024. "Information disclosure, spillovers, and knowledge accumulation," China Economic Review, Elsevier, vol. 84(C).
    3. Kong, Nancy & Dulleck, Uwe & Jaffe, Adam B. & Sun, Shupeng & Vajjala, Sowmya, 2023. "Linguistic metrics for patent disclosure: Evidence from university versus corporate patents," Research Policy, Elsevier, vol. 52(2).
    4. Ryu, Doojin & Nam, Hyun-Jung, 2024. "Impacts of gender inequality on international trade and innovation," Finance Research Letters, Elsevier, vol. 63(C).
    5. Daniel P. Gross, 2023. "The Hidden Costs of Securing Innovation: The Manifold Impacts of Compulsory Invention Secrecy," Management Science, INFORMS, vol. 69(4), pages 2318-2338, April.
    6. Boeing, Philipp & Brandt, Loren & Dai, Ruochen & Lim, Kevin & Peters, Bettina, 2024. "The anatomy of Chinese innovation: Insights on patent quality and ownership," ZEW Discussion Papers 24-016, ZEW - Leibniz Centre for European Economic Research.
    7. KADOWAKI Makoto & NAGAOKA Sadao, 2024. "Early Disclosure and Patent Value: How do you know that you are a pioneer?," Discussion papers 24050, Research Institute of Economy, Trade and Industry (RIETI).
    8. Liu, Zhiying & Hu, Kaili & Hussain, Ammar, 2023. "R&D disclosure and corporate innovation: Mediating role of financing structure," Finance Research Letters, Elsevier, vol. 56(C).
    9. Dyer, Travis A. & Glaeser, Stephen & Lang, Mark H. & Sprecher, Caroline, 2024. "The effect of patent disclosure quality on innovation," Journal of Accounting and Economics, Elsevier, vol. 77(2).
    10. Arianna Martinelli & Julia Mazzei, 2022. "Death squad or quality improvement? The impact of introducing post-grant review on U.S. patent quality," LEM Papers Series 2022/34, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
    11. Yang, Haodong & Zhang, Yumei & Liu, Li, 2024. "Patent priority examination under mission orientation: can speed and quality coexist?," Technology in Society, Elsevier, vol. 76(C).
    12. Helian Xu & Shiqi Deng, 2024. "Digital Mergers and Acquisitions and Enterprise Innovation Quality: Analysis Based on Research and Development Investment and Overseas Subsidiaries," Sustainability, MDPI, vol. 16(3), pages 1-14, January.

    More about this item

    JEL classification:

    • D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
    • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • O34 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Intellectual Property and Intellectual Capital

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