The disclosure function of the U.S. patent system: evidence from the PTDL program and extreme snowfall
利用美国专利商标局存放图书馆位置变化和极端降雪事件，研究发现专利信息更易获取的县在专利发布后股票交易量增加，且散户投资者利用这些信息获得更高回报，表明专利披露有助于信息传播。
Abstract Are retail investors using uncurated disclosures in form of patents for their investment decisions? This study uses the investment decisions of retail investors and variation in the local availability of patent information to answer this question. The variation comes from changes in the locations of U.S. Patent and Trademark Depository Libraries over time. I find a strong increase in the local trading volume of stocks after the release of a patent in counties that have easier access to patent information. In addition, trades made by retail investors with easier access to this information yield higher returns, compared to trades made by other investors. These results indicate that disclosures of the U.S. Patent and Trademark Office facilitate the dissemination of patent information to retail investors. Furthermore, these results suggest that retail investors complement traditional curated disclosures with uncurated disclosures in form of patents.