How Reliable Is the Market for Technology?
研究发现，制药行业中许可专利在诉讼中更容易失效，尤其是对知识产权能力较弱的企业，表明外部技术的好处并非均等分享。
Abstract Research has focused on why and when firms access external technology markets. Less is known about the reliability of patents attached to licensed technologies during litigation. Unreliable patents expose a firm to loss of downstream revenues. We address this by constructing a data set of patent litigation in the pharmaceutical industry and exploit a change in patent law that exogenously increased the probability of litigation. We find that licensed patents are more likely to fall during litigation. This effect is isolated to firms with fewer intellectual property capabilities and less patenting experience, suggesting that benefits from external technology are not shared equally.