Court Decisions and Equity Markets: Estimating the Value of Copyright Protection
- Topics:
- Music
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Overview: The paper uses a novel database on U. S. federal court decisions to measure the changes in the state of copyright protection in both statute and case law. We combine an index of copyright breadth derived from this database with a quarterly panel of firms in creative industries over the years 1986-1998. Using this data, it measures the impact of changes in the breadth of copyright on the market valuation of firm equity. It maintains the assumption that equity markets will incorporate the value of copyright innovations into the price of equity.
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Format: PDF | Size: 243KB | Date: May 2004 | Pages: 31
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