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Albert Pujols showed up at Cardinals camp Thursday in Jupiter, Fla., and he was all smiles. And why shouldn't he be? He's going to hit the jackpot this winter no matter where he ends up, be it back in St. Louis or somewhere else. Now that he's broken off negotiations with the team for the season, let the speculation begin. He says it's no distraction. Tony La Russa says it's no distraction. But it's an issue that's going to surround the Cardinals all season. Pujols, a veritable bargain this year at $16 million, is the only player in history with at least 30 home runs in his first 10 seasons. And that means big money on the free agent market. The team is believed to have offered $200 million for eight years and the St. Louis Post-Dispatch even speculated an ownership stake was pa...
We examine the relationship between the knowledge capital and the stock market value of innovating firms in the pharmaceutical and semiconductor industries in the United States. We use unique patent-firms matched data in the two industries and estimate Tobin' s q equation on the R&D intensity, patent yield of firms, and citations to patents. We find the duration of patent citations received explains the variance of a firm's market value better than the conventional variable of knowledge capital stock. This relationship becomes stronger when the number of citations received 4 or more years after a patent is granted is used as a proxy for the knowledge stock. Use of number of citations received in long-term fixes heterogeneity problem of patent values, thus enables us to better study ...
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