RIEB Seminar
RIEB Seminar
TJAR Research Workshop
Hosted by TJAR Workshop, Jointly Supported by RIEB Seminar
| Date & Time | Saturday, May 11, 2024, 15:00 - 16:30 |
|---|---|
| Place | Meeting Room at RIEB (Annex, 2nd Floor) |
| Intended Audience | Faculty, Graduate Students, and People with Equivalent Knowledge |
| Langage | English |
| Registration | Registration is required. The seminar details will be sent to the registered emails. Registration Form (Due: May 7) |
15:00 - 16:30
- Topic
- Dividends as Information: Evidence from Patent Valuations
- Speaker
- Tim MATENS (Department of Accounting, Bocconi University)
- Abstract
- Do dividends contain information that influences investors' assessments of firms' investments? Using the plausibly exogenous timing of patent grant disclosures by the United States Patent and Trademark Office as a source of variation in the availability of dividend information at the time of the patent grant, we show that investors use the information contained in dividends to value patents. This effect is more pronounced for firms that rely more on innovation and for patents that are more likely to influence short-term future profitability. Taken together, our findings suggest that dividend changes convey relevant information related to the value of firms' investments.