Your pharmaceutical firm is interested to know how much information the stock market reveals about its intellectual property.

Your pharmaceutical firm is interested to know how much information the stock market reveals about its intellectual property. You have merged stock market return data with patent citation data into the file “patents” (PFA stata file ) 

a. Is there is a positive return to a firm having their patent portfolio cited? (regress stock market returns “rtn” against patent citations when they occur “bcites”)

b. The return also includes general stock market movements. If you use the return net of S&P 500 movements “bxrtn”, is there still a return?

c. Sometimes information is not updated until a day later or it leaks out a day early. If you include lag and lead values of bcites, is the total return higher?

d. Is this result robust to fixed effects for the Permno and the year?

e. A measure of the value of a patent is the number of citations it will eventually generate, “fcites.” Repeat the above steps for fcites instead of bcites. Is there a positive return to having a more highly cited patent granted?

f. Is there a return to having a more highly cited patent granted after controlling for citations when they occur?

g. The market value of a firm is the number of shares outstanding times the price. What is average market value over the sample and what is the dollar value of a citation when it occurs and when the patent is granted?

must provide a complete explanation of how you got answers. For questions involving data analysis, you must attach an output log of how you estimated your parameter values

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