Abstract

http://ssrn.com/abstract=2239933
 
 

References (13)



 


 



The Importance of Being Steve: An Econometric Analysis of the Contribution of Steve Jobs's Patents to Apple's Market Valuation


Daniel K. N. Johnson


Colorado College - Department of Economics and Business

Sylvie Scowcroft


Colorado College - Department of Economics and Business

March 26, 2013

Colorado College Working Paper No. 2013-1

Abstract:     
This paper evaluates the contribution of patent-related events to changes in stock prices, proposing that economics has traditionally failed to find much effect for two reasons which we identify and correct. First, patents vary widely in quality so we use quantile analysis and alternative measures of patent quality to identify effects. Second, we permit the possibility that information leaks out into investor sentiment during the long and uncertain time until patent grant, so evaluate the stock price effect at four different dates in the life of each patent. As a case study to test this approach, track all patents over a 27-year period for Apple Inc., permiting design patents to have different effects that traditional utility-model patents, and isolate the effect that Steve Jobs’s name on a patent has at each stage of a patent’s life.

Number of Pages in PDF File: 13

Keywords: patent, Apple, valuation, design patent, event analysis

JEL Classification: G14, L25, L43, O3

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Date posted: March 29, 2013  

Suggested Citation

Johnson, Daniel K. N. and Scowcroft, Sylvie, The Importance of Being Steve: An Econometric Analysis of the Contribution of Steve Jobs's Patents to Apple's Market Valuation (March 26, 2013). Colorado College Working Paper No. 2013-1. Available at SSRN: http://ssrn.com/abstract=2239933 or http://dx.doi.org/10.2139/ssrn.2239933

Contact Information

Daniel Kent Neil Johnson (Contact Author)
Colorado College - Department of Economics and Business ( email )
Colorado Springs, CO 80903
United States
719-389-6654 (Phone)
719-389-6927 (Fax)
HOME PAGE: http://faculty1.coloradocollege.edu/~djohnson
Sylvie Scowcroft
Colorado College - Department of Economics and Business ( email )
Colorado Springs, CO 80903
United States
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