An event study to the innovation output.pdfVIP

American Economic Association An Event-Study Approach to Measuring Innovative Output: The Case of Biotechnology Author(s): David H. Austin Source: The American Economic Review, Vol. 83, No. 2, Papers and Proceedings of the Hundred and Fifth Annual Meeting of the American Economic Association (May, 1993), pp. 253-258 Published by: American Economic Association Stable URL: /stable/2117673 . Accessed: 14/10/2011 09:16 Your use of the JSTOR archive indicates your acceptance of the Terms Conditions of Use, available at . /page/info/about/policies/terms.jsp JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range of content in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new forms of scholarship. For more information about JSTOR, please contact support@. American Economic Association is collaborating with JSTOR to digitize, preserve and extend access to The American Economic Review. ASSETSt OF INTANGIBLE THEVALUE An Event-StudyApproachto MeasuringInnovativeOutput: The Case of Biotechnology By DAVID H. AUSTIN * In this paperI estimatethe privatevalues These variablesand others such as citations andthe effectsof selectedpatents in a race,whichI do not of patents and order-of-finish It knownthat patents to the on rivalfirms. is well analyzehere, serveobjectively stratify in their economicvalues: a few isovaluegroups varywidely