The Global Economic Impact of Private Equity Report 2008 - World ...

Table 4: Relative citation intensity with patentee fixed and random effects(1) (2) (3) (4) (5) (6)Negative NegativePoisson Poisson Poisson Poisson Binomial BinomialModel Model Model Model Model ModelFixed Random Fixed Random Fixed RandomEffects Effects Effects Effects Effects EffectsEvent Year -3 1.145*** 1.131*** 1.107 1.080(0.048) (0.046) (0.072) (0.068)Event Year -2 1.192*** 1.185*** 1.119* 1.105(0.050) (0.049) (0.073) (0.070)Event Year -1 1.080* 1.069 1.027 1.015(0.045) (0.045) (0.068) (0.066)Event Year 1 1.045 1.044 0.912 0.924(0.050) (0.050) (0.072) (0.071)Event Year 2 1.446*** 1.426*** 1.037 1.041(0.073) (0.072) (0.093) (0.090)Event Year 3 1.779*** 1.761*** 1.210** 1.207**(0.093) (0.092) (0.118) (0.115)Event Year 4 1.720*** 1.703*** 1.235* 1.242*(0.110) (0.108) (0.144) (0.140)Event Year 5 1.689*** 1.704*** 1.218 1.246(0.147) (0.146) (0.196) (0.196)Post LBO Dummy 1.244*** 1.243***(0.035) (0.034)Observations 4,005 4,205 4,005 4,205 4,005 4,205Standard errors in parentheses* significant at 10%; ** significant at 5%; *** significant at 1%NOTE: The sample consists of 6,398 patents awarded up to May 2007 to 495 firms that received private equity backing between 1980 and 2005. Firmsand patents are only included in the sample if patents were applied for between three years before and five years after the private equity investment. Theunit of observation is each patent in the sample with at least three years to be cited. The dependent variable is the number of citations received in the threeyears after the award. The table reports incidence rate ratios.Table 5: OLS estimates of originality and generality(1) (2) (3) (4) (5) (6) (7) (8)Originality Originality Originality Originality Generality Generality Generality GeneralityEvent Year -3 0.029** 0.006 ‐0.115*** ‐0.037**(0.012) (0.012) (0.017) (0.017)Event Year -2 0.002 -0.010 ‐0.078*** ‐0.031*(0.012) (0.012) (0.016) (0.016)Event Year -1 ‐0.004 -0.009 ‐0.045*** ‐0.024(0.012) (0.011) (0.017) (0.016)Event Year 1 ‐0.020 -0.014 0.036* 0.006(0.013) (0.013) (0.019) (0.019)Event Year 2 ‐0.021 -0.007 0.029 ‐0.017(0.015) (0.014) (0.022) (0.022)Event Year 3 ‐0.020 -0.001 0.108*** 0.017(0.017) (0.017) (0.024) (0.024)Event Year 4 ‐0.041** -0.004 0.120*** 0.006(0.019) (0.019) (0.029) (0.029)Event Year 5 ‐0.095*** -0.059** 0.056 ‐0.090**(0.022) (0.023) (0.036) (0.036)Post LBO Dummy ‐0.033*** -0.008 0.114*** 0.017(0.008) (0.008) (0.012) (0.013)Peer Average 0.794*** 0.802***Originality (0.041) (0.041)Peer Average Generality 0.890*** 0.908***(0.057) (0.053)Constant 0.513*** 0.072*** 0.519*** 0.065*** 0.731*** 0.667*** 0.096** 0.059(0.009) (0.025) (0.004) (0.024) (0.012) (0.005) (0.043) (0.036)R-squared 0.223 0.269 0.220 0.268 0.314 0.298 0.364 0.360Observations 6,346 6,089 6,346 6,089 3,416 3,416 3,413 3,413NOTE: The sample consists of 6,398 patents awarded up to May 2007 to 495 firms that received private equity backing between 1980 and 2005. Firmsand patents are only included in the sample if patents were applied for between three years before and five years after the private equity investment.The unit of observation is each patent in the sample for which originality and generality can be computed. The dependent variables are the originalityand generality of the patents.The Global Economic Impact of Private Equity Report 2008 Large-sample studies: Long-run investment 39