Chi, T (Chi, Tailan); Levitas, E (Levitas, Edward) AN EXAMINATION OF OPTIONS EMBEDDED IN A FIRM'S PATENTS: THE VALUE OF DISPERSION IN CITATIONS REAL OPTIONS THEORY, 24: 405-427 2007
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Email Address: chi at ku.edu
Author(s): Chi, T (Chi, Tailan); Levitas, E (Levitas, Edward)
Title: AN EXAMINATION OF OPTIONS EMBEDDED IN A FIRM'S PATENTS: THE VALUE
OF DISPERSION IN CITATIONS
Source: REAL OPTIONS THEORY, 24: 405-427 2007
Book series title: ADVANCES IN STRATEGIC MANAGEMENT : A RESEARCH ANNUAL
Language: English
Document Type: Article
Keywords Plus: R-AND-D; MARKET VALUE; TOBINS-Q; INNOVATION; INDUSTRY;
BIOTECHNOLOGY; COLLABORATION; PERFORMANCE; ESTIMATORS; VALUATION
Abstract: This paper applies and empirically tests a real options approach
to conceptualizing the value of patents. Based on a theorem derived by
Merton (1973), we propose that greater dispersion in the citations of a
firm's patents represents greater flexibility for the firm to exercise the
option rights embedded in the patents and thus enhances the option value
of the patents. A test of this proposition using a sample of 128 US-based
biotechnology firms found corroborative results.
Addresses: [Chi, Tailan] Univ Kansas, Sch Business, Lawrence, KS 66045
USA; [Levitas, Edward] Univ Wisconsin, Sheldon B Lubar Sch Business Adm,
Milwaukee, WI 53201 USA
Reprint Address: Chi, T, Univ Kansas, Sch Business, Lawrence, KS 66045
USA.
Cited Reference Count: 44
Times Cited: 4
Publisher: EMERALD GROUP PUBLISHING LIMITED
Publisher Address: HOWARD HOUSE, WAGON LANE, BINGLEY, W YORKSHIRE BD16
1WA, ENGLAND
ISSN: 0742-3322
DOI: 10.1016/S0742-3322(07)24015-X
29-char Source Abbrev.: ADV STRAT M
Source Item Page Count: 23
ISI Document Delivery No.: BIL53
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- Previous message: Larsen, TJ (Larsen, Tor J.); Levine, L (Levine, Linda) CITATION PATTERNS IN MIS: An Analysis of Exemplar Articles OPEN IT-BASED INNOVATION: MOVING TOWARDS COOPERATIVE IT TRANSFER AND KNOWLEDGE DIFFUSION, 287: 23-38 2008
- Next message: Redman, BK (Redman, B. K.); Yarandi, HN (Yarandi, H. N.); Merz, JF (Merz, J. F.) Empirical developments in retraction JOURNAL OF MEDICAL ETHICS, 34 (11): 807-809 NOV 2008
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