Acquisitions and use of patents: A theory and new evidence ｆrom the Japanese firm level data

A significant part of the patents held by a firm are not used. We show that, given the uncertainty of invention quality at the patent application stage and the sunk cost incurred for obtaining and developing a patent, the patent (internal) utilization rate declines with the (anticipated) size of complementary assets, licensing opportunity, and invention quality uncertainty while it increases with the average quality of an invention. We find empirical evidence supportive of these theoretical predictions. Moreover, a firm with larger price cost margin does not have a lower rate of patent utilization, which does not support the view of preemptive R&D and patenting as a primary explanation of unused patents. Finally, a firm with more diversified patent portfolio tends to have more patents but its utilization rate tends to be lower, suggesting that such diversification facilitates appropriation.patent, unused patents, uncertainty, complementary assets

Research on International Corporate Finance ： Financial Strategy for Multinational Enterprises

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Practice of Copy

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An Empirical Analysis on Debt Financing

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Managing Innovation in a Digital Era

The proliferation of digital technologies and infrastructures opens up an unprecedented paradigm shift in managing innovation. Through the lens of user experience (UX) and the wisdom of consumer crowds, this paper explores such deep-seated influence, focusing on crowdsourcing, crowdfunding, co-creation and ecosystem

A study on patenting strategy by Japanese Firms

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Does Corporate Licensing Activity Improve Firm Performance? Evidence From Japan

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