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The authors investigate the effect of quality of patents on the market value of firms represented by the Tobin's q. They consider the number of objections as well as the number of citations. They construct the database of patent stock, citation-weighted patent stock and objection-weighted patent stock. Their analysis is pioneering work involving Japanese data, as they were unable to find any pre-existing Japanese data that considered both truncation problems and quality of the patent. The paper departs from Hall, Jaffe and Trajtenberg (2000) because of the application of objections as well as the consideration of the quality of patent citations.
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