Patent Disclosures and Capital Market Feedback: Evidence from AIPA
Release time：03 March 2026
Mar
06
|
Time & Date
|
10:30 am
-
12:00 pm,
March
06,
2026
(Friday)
|
| TOPIC | Patent Disclosures and Capital Market Feedback: Evidence from AIPA |
| TIME&DATE | 10:30 am - 12:00 pm, March 6, 2026 (Friday) |
| Venue | Room 102, Conference Complex Ⅱ |
| Speaker | Tim Martens Bocconi University |
| Abstract | We examine how patent disclosures affect managerial learning. Exploiting the American Inventor’s Protection Act (AIPA) as a shock that accelerated disclosure, we document an increase in investment-Q sensitivity among firms that revealed information more quickly after AIPA’s introduction. This effect is more pronounced for firms with lower analysts coverage, higher bid–ask spreads, and lower turnover suggesting that the effect is concentrated among firms where incremental price informativeness is most valuable. Additional evidence indicates that informed trading increases following pre-grant disclosures, suggesting that sophisticated investors incorporate the newly available technical information into prices. The findings suggest that AIPA enhanced capital market feedback, thereby shaping managerial decision-making. |
| Biography | Tim Martens received a BSc in Economics from the University of Mannheim, an MSc in Economics from the University of Amsterdam, and a PhD in Accounting from the University of Mannheim. During his PhD, he was a visiting PhD student at Tilburg University and Columbia University. Before joining Bocconi, he worked as an Assistant Professor in Accounting at Bayes Business School. His articles have been published in the Review of Accounting Studies and in the Journal of Accounting Research. |
