Reação de mercado à concessão de patentes: um estudo de evento da indústria química
This work analyze if the granting of a patent of chemical industries affect the stock price under the null hypothesis the event doesn’t cause significant average abnormal returns and accumulated since the complexity to connect the patent content with the competitive advantage this company will have...
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| Formato: | tesis de maestría |
| Estado: | Versión publicada |
| Fecha de publicación: | 2021 |
| País: | Brasil |
| Recursos: | Fundação Getulio Vargas (FGV) |
| Repositorio: | Repositório Institucional do FGV (FGV Repositório Digital) |
| Idioma: | portugués |
| OAI Identifier: | oai:repositorio.fgv.br:10438/31325 |
| Acesso em linha: | https://hdl.handle.net/10438/31325 |
| Access Level: | acceso abierto |
| Palavra-chave: | Estudo de evento Patentes concedidas Propriedade intelectual Economia Ações (Finanças) - Preços - Previsão Empresas - Avaliação Patentes |
| Resumo: | This work analyze if the granting of a patent of chemical industries affect the stock price under the null hypothesis the event doesn’t cause significant average abnormal returns and accumulated since the complexity to connect the patent content with the competitive advantage this company will have considering this temporary exclusivity. By conducting an event study with a sample of 3515 events using the market model to generate the normal returns with american stocks, we find significant and positive average abnormal return (AAR) and accumulated (CAAR) up to three days after the event day, rejecting the null hypothesis. Additionally to that, we find that companies like Ecolab strongly contribute with this result and even without it, the significance of the sample remains. The positive values of AAR and CAAR indicate the market is attentive to patent granting and interpret it as value increase of company value, which reinforce the basic patent concept of temporary exclusivity and competitive advantage. These results contribute with the event study literature related to innovation announcements using a paid patent database and a sample of companies that were not study previously. |
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