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Erscheinungsjahr: 
2008
Schriftenreihe/Nr.: 
ZEW Discussion Papers No. 06-056 [rev.]
Verlag: 
Zentrum für Europäische Wirtschaftsforschung (ZEW), Mannheim
Zusammenfassung: 
Real options investment theory predicts current investment falls as uncertainty about market returns increases. In the case of R&D investment, which is usually considered an irreversible form of investment, this effect should be quite pronounced. This paper tests the real options prediction about the R&D investment-uncertainty relationship and further considers how patent protection influences this relationship. Patent protection, by limiting the threat of market rivalry, should mitigate firm-specific uncertainty and stimulate current R&D investment. Our empirical results support both the prediction of real options theory and the mitigating effect of patent protection.
Schlagwörter: 
Real Options Theory
Uncertainty
R&D
Intellectual Property Protection
Censored Regression
JEL: 
O31
O33
C25
Ältere Version: 
Dokumentart: 
Working Paper

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