专利披露与资本市场反馈：来自 AIPA 的证据
发布时间：2026-03-03
3月
06
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时间和日期
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2026-03-06 (星期五) 10:30 上午
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12:00 下午
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| 标题 | 专利披露与资本市场反馈：来自 AIPA 的证据 |
| 日期和时间 |
2026年3月6日（周五） 10:30-12:00 |
| 地点 | Room 102，会议楼Ⅱ |
| 主讲人 | Tim Martens 博科尼大学 |
| 摘要 | 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. |
| 主讲人简介 | Tim Martens 获得曼海姆大学经济学学士学位、阿姆斯特丹大学经济学硕士学位，以及曼海姆大学会计学博士学位。在攻读博士期间，他曾作为访问博士生在蒂尔堡大学和哥伦比亚大学交流。在加入博科尼大学之前，他曾在贝叶斯商学院担任会计学助理教授。他的文章发表在《会计研究评论》（Review of Accounting Studies）以及《会计研究期刊》（Journal of Accounting Research）上。 |
