RIEBセミナー
RIEBセミナー
（TJAR Workshop 主催、RIEBセミナー）
TJAR Research Workshop
TJAR Workshop 主催、RIEBセミナー共催
| 日時 | 2024年05月11日(土) 15:00 - 16:30 |
|---|---|
| 会場 | 神戸大学経済経営研究所 会議室（研究所新館2階） |
| 対象 | 教員，院生，および同等の知識をお持ちの方 |
| 使用言語 | 英語 |
| 参加登録 | ※事前登録制です。下記より参加登録をお願い致します。追って、詳細をご連絡いたします。 参加登録 締切：5/7 |
15:00 - 16:30
- 論題
- Dividends as Information: Evidence from Patent Valuations
- 報告者
- Tim MARTENS（Department of Accounting, Bocconi University）
- 概要
- 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.