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Two essays on the linkages of market value of the firm, knowledge flows, patent and patent citations, geographic competitive advantage and innovation resources.

机译：关于公司市场价值，知识流，专利和专利引文，地理竞争优势和创新资源之间的联系的两篇文章。

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摘要

This dissertation consists of two essays examining the linkages among the stock market valuation of the firm, knowledge flows, patent and patent citations, geographic competitive advantage and innovation resources.; The first essay examines the effects of geographic competitive advantage on firm value among publicly-traded pharmaceutical companies in the United States. A central argument is that firm value responds positively to geographic factors. I hypothesize that firm value is influenced by the degree of industry clustering, university and industrial R&D spending, the presence of related or supporting industries, and the proximity of competitors. The empirical results lend support to my hypotheses. Even after controlling for the firm value determinants used by Fama and French (1998), geographic variables explain a significant part of the cross-sectional variation in firm value.; The second essay investigates whether, why, and how a firm's stock market valuation might be impacted by the relationship between geographic sources of innovation and knowledge flows. With a step-by step investigation approach, I find a linkage connecting the stock market valuation of the firm, citation-weighted patent stocks, and geographic sources of innovation. The interplay between these relationships affects the stock market valuation of the firm. My first hypothesis is confirmed by Moran's I statistics. Information and knowledge flows which are crucial for investors to form their value judgments are affected by spatial barriers as evidenced by the spatial clustering of patent citations. The empirical findings confirm my second hypothesis that there is a positive external impact of the geographic sources of innovations upon a firm's citation-weighted patent stocks. Finally, empirical results lend strong support to my third hypothesis that the citation-weighted patent stock for the firms that are endowed with greater geographic innovation resources has a greater positive impact upon the stock market valuation for their investments in knowledge and innovation productions as measured by Tobin's Q and risk-adjusted returns.
机译：本文由两篇论文组成，考察了公司的股票市场估值，知识流，专利和专利引文，地理竞争优势和创新资源之间的联系。第一篇文章研究了美国上市制药公司中地理竞争优势对公司价值的影响。一个中心论点是，公司价值对地理因素有积极的反应。我假设企业价值受产业集群程度，大学和产业研发支出，相关或支持产业的存在以及竞争者的接近程度的影响。实证结果支持了我的假设。即使在控制了Fama和French（1998）所使用的企业价值决定因素之后，地理变量仍然可以解释企业价值横截面变化的很大一部分。第二篇文章调查了创新的地理来源与知识流之间的关系是否会影响公司的股票市场价值，原因以及其影响方式。通过分步调查的方法，我发现了一个链接，该链接将公司的股票市场估值，引文加权的专利股票和创新的地理来源联系起来。这些关系之间的相互作用会影响公司的股市估值。我的第一个假设被莫兰的I统计数据所证实。对于投资者形成价值判断至关重要的信息和知识流受到空间障碍的影响，如专利引证的空间聚集所证明的那样。实证结果证实了我的第二个假设，即创新的地理来源对公司的引文加权专利存量具有积极的外部影响。最后，实证结果为我的第三个假设提供了有力的支持。第三个假设是，拥有较多地理创新资源的公司的引文加权专利存量对他们对知识和创新产品的投资对股票市场的估值产生更大的积极影响，以托宾的Q和经过风险调整的收益。

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  • 作者

    Boasson, Vigdis Wangchao.;

  • 作者单位

    State University of New York at Buffalo.;

  • 授予单位 State University of New York at Buffalo.;
  • 学科 Economics Finance.
  • 学位 Ph.D.
  • 年度 2005
  • 页码 142 p.
  • 总页数 142
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类 财政、金融;
  • 关键词

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