Tech Stock Valuation

CONCLUSION 179

influence tied to a simple count of the number of U.S. patents except in the case

of the very largest high-tech Japanese companies. This finding should not be

interpreted to mean that U.S. patenting activity is not profitable for Japanese com-

panies. The fact that Japanese companies are so active in U.S. patenting activity

argues otherwise. Instead, the failure of a simple count of U.S. patent statistics to

favorably influence the market values of Japanese high-tech companies merely

suggests that patent count data offer an insufficient basis for gauging the value of

Japanese patenting activity in the United States. This interpretation is ...