We examine the spillover effect of public firm disclosures on the patent trading market. The patent market is rife with information frictions, yet can potentially facilitate the reallocation of innovation to the most productive users. We find that going from the 25th percentile to the 75th percentile in public firm presence – our proxy for public firm disclosures – is linked to a 9.4% increase in other related parties' future patent sales. The positive link between public firm presence is stronger where information asymmetry is greatest and where information uncertainty prevails relative to transactions less likely to suffer from information frictions. Tests exploiting cross-sectional variation and public firms' EDGAR implementation corroborate the resolution of information frictions as a mechanism. Additional tests reveal financial statement disclosure as an important information source facilitating patent sales. Our results speak to an important and underexplored externality of public firm disclosures – its contribution to the patent market.

我们研究了上市公司披露对专利交易市场的溢出效应。专利市场充满了信息摩擦，但有可能促进创新重新分配给最有生产力的用户。我们发现，上市公司存在率（我们的上市公司披露指标）从第 25 个百分位上升到第 75 个百分位，与其他关联方未来专利销售增长 9.4% 相关。在信息不对称程度最大、信息不确定性普遍存在（相对于交易不太可能遭受信息摩擦）的情况下，上市公司存在之间的正相关性更强。利用横截面变化和上市公司 EDGAR 实施的测试证实了信息摩擦作为一种机制的解决方案。其他测试表明，财务报表披露是促进专利销售的重要信息来源。我们的结果说明了上市公司披露的一个重要且尚未充分研究的外部性——它对专利市场的贡献。