Option-implied information and quality of patents

Wei Hsien Li, Jiahang Liang, Zih Ying Lin

研究成果: 雜誌貢獻期刊論文同行評審


This research explores how option-implied information predicts quality of patents. Using several measures of option-implied information, we find that only the option to stock volume (O/S) ratio positively and significantly predicts quality of patents around patent grant announcements. The findings are not entirely driven by information from the stock market and the probability of informed trading. Further investigations show that the predictability of O/S on patent quality is stronger when market sentiment is high, firms have a higher short-sale cost, and the quality of patents is relatively high.

期刊European Financial Management
出版狀態已被接受 - 2023


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