Abstract
High backward-citation patent scores indicated that inventive firms had positive prospects for future returns (as evidenced by their Tobin’s q ratios) because patents incorporating substantial external knowledge were also broadly-cited. Results suggested a three-year lag in the market’s positive assessment of radical inventions after positive evidence first appeared. (Post-acquisition backward-citation patent-score patterns reached positive inflection points after four years.) Therefore we concluded that the market’s assessment of inventions that were created through organizational exploration and learning activities was not instantaneous.
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