ABSTRACT

Patents are often studied as signals that convey invaluable insights into a firm’s inventive capabilities, aiding in the reduction of knowledge asymmetries between the firm and external investors. Yet, most researchers examine patents as providing a single positive signal. We argue patents provide multiple and possibly countervailing signals; some characteristics may increase perceived knowledge asymmetries, while others decrease perceived knowledge asymmetries. We provide evidence patent characteristics provide multiple signals, impacting investors’ perceived knowledge asymmetries.

中文翻译：

---

生物制药专利：多方面的信号，减少和增强药物发现中的知识不对称

摘要

专利通常被视为信号，可以传达对公司发明能力的宝贵见解，有助于减少公司与外部投资者之间的知识不对称。然而，大多数研究人员将专利视为提供了一个单一的积极信号。我们认为专利提供了多种可能相互抵消的信号；一些特征可能会增加感知到的知识不对称，而另一些特征会减少感知到的知识不对称。我们提供的证据表明，专利特征提供了多种信号，影响着投资者感知到的知识不对称。