Abstract
The Leahy-Smith America Invents Act of 2011 (AIA) fundamentally changed the public patent system of the United States. This study examines the impact of the enactment of the AIA on analysts information environment of innovative firms. The results show that analysts forecast errors and dispersions increased while their coverage declined for innovative firms after the switch to the AIA, as compared with non-innovative firms. The finding suggests that innovative firms information environment has declined under the AIA regime. This unintended consequence not only weakens market efficiency but also works against lawmakers efforts to promote patent-related knowledge diffusion in society.
| Original language | English |
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| Pages | 1-41pp |
| Publication status | Published - 2016 |
| Event | American Accounting Association Annual Meeting and Conference on Teaching and Learning in Accounting - New York, USA, United States Duration: 1 Jan 2016 → … http://tkuir.lib.tku.edu.tw:8080/dspace/bitstream/987654321/109539/1/Do%20reputable%20auditors%20matter%20for%20corporate%20transparency_%E8%AD%B0%E7%A8%8B.pdf |
Conference
| Conference | American Accounting Association Annual Meeting and Conference on Teaching and Learning in Accounting |
|---|---|
| Country/Territory | United States |
| Period | 1/01/16 → … |
| Other | Tue Aug 09 00:00:00 AEST 2016 |
| Internet address |