Abstract
Since the 1980s, the US has experienced a surge in patenting and R&D. To better understand the phenomena, we explore the evolution of the market value of knowledge capital with a novel firm-level dataset. While the importance of R&D has steadily declined, the market value of patents made a large and sustained gain in the new millennium. An additional patent per million dollars of R&D is associated with improvement of firm value by 11% in the latest decade compared to 3% three decades ago. Our observations are driven largely by young firms.
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