Option‐implied information and quality of patents
研究发现期权与股票成交量比率能显著预测专利授予公告前后的专利质量，且该预测能力在市场情绪高涨、卖空成本较高及专利质量本身较高时更强。
Abstract This research explores how option‐implied information predicts quality of patents. Using several measures of option‐implied information, we find that only the option to stock volume (O/S) ratio positively and significantly predicts quality of patents around patent grant announcements. The findings are not entirely driven by information from the stock market and the probability of informed trading. Further investigations show that the predictability of O/S on patent quality is stronger when market sentiment is high, firms have a higher short‐sale cost, and the quality of patents is relatively high.