20 jun '25
Seminários de Finanças | sexta-feira Deepak Hegde, NYU

Deepak Hegde, da NYU, vai apesentar o seu trabalho de investigação. 

Patent Signaling

Patent policy assumes disclosure facilitates imitation. Yet inventors often disclose even when legal protections are weak. We develop a model where, by disclosing earlier, a firm signals a greater commercialization efficiency and thereby deters entry of imitators. Using the American Inventors’ Protection Act of 1999, which allowed accelerated patent disclosures, we show: (i) inventors disclose higher-quality inventions sooner; and (ii) disclosure is faster in fields where rivals learn slowly. Event-study estimates reveal that up to 50 percent of stock-market returns linked to patenting reflect informational gains from disclosure, not legal rights.

Deepak Hegde, NYU
  • De 20 junho 2025 11:00
  • Ate 20 junho 2025 12:30
  • Local B002