Starting in December 2000, the American Inventors Protection Act requires patent applications to be announced 18 months after filing rather than when the patent is granted. We document that while the application and the patent grant announcements are associated with positive abnormal returns, this staggered information flow reduces the reaction to patent grants post-2001. Furthermore, more innovative patents obtain larger abnormal returns around both the patent grant and the application announcement. Returns to less innovative patents, however, concentrate on the grant date, consistent with the market perceiving the applications as less likely to be approved.

中文翻译：

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美国发明家保护法和市场对专利授权的交错反应


从 2000 年 12 月开始，《美国发明家保护法》要求专利申请在提交后 18 个月公布，而不是在专利授予时公布。我们记录了虽然申请和专利授权公告与积极的异常回报相关，但这种交错的信息流减少了 2001 年后对专利授权的反应。此外，更多的创新专利在专利授权和申请公告前后获得更大的异常回报。然而，创新性较弱的专利的回报集中在授权日期，这与市场认为申请获得批准的可能性较小一致。