patent citations and financial analysts’ long-term growth forecasts

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ID: 175316
2017
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Abstract
This paper examines the influence of patent citations, a proxy for the quality of firms’ innovation outputs, on financial analysts’ long-term growth forecasts for firms. We find that financial analysts are more likely to issue long-term forecasts for firms with higher patent citations. In addition, we find that financial analysts’ long-term forecasts are more positive for firms with high patent citations. These results imply that patent citations increase financial analysts’ coverage, and result in more positive forecasts for firms with impactful patents. Considering that financial analysts play important roles in allocating financial resources in capital markets, our findings suggest that patents are valuable assets for firms in securing capital from capital markets, and are thus essential for the sustainable growth of firms.
Reference Key
bae2017sustainabilitypatent Use this key to autocite in the manuscript while using SciMatic Manuscript Manager or Thesis Manager
Authors ;Jincheol Bae;Wonchang Hur;Jaehong Lee;Jaimin Goh
Journal journal of physics: conference series
Year 2017
DOI
10.3390/su9050846
URL
http://www.mdpi.com/2071-1050/9/5/846
Keywords Keywords not found

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