TABLE 1

Variable	Description
VALUE	Index equal to 1–10 for the following PatVal-EU classes of patent values: 30K; 30–100K; 100–300K; 300K–1M; 1–3M; 3–10M; 10–30M; 30–100M; 100–300M; 300M
VALUEM	Mid point of VALUE (15K; 65K; 200K; 650K; 2M; 6.5M; 20M; 65M; 200M; 650Ma)
CITES	# of forward citations to the patent within 5 years after the publication of the patent (usually 18 months after the priority date), including citations to equivalent patents
REFS	# of backward references in the patent
CLAIMS	# of claims of the patent at the moment of grant
STATES	# of designated European countries in which the patent is applied for
CITES0–5	Six dummies for CITES=0; 1; 2; 3–5; 6–8; or 9, corresponding to the following percentiles of the CITES distribution of all the EPO patents with priority date 1993–1997 granted by 2003 and with first inventor in our eight countries (49,941 patents): 1–45; 46–70; 71–83; 84–96; 96–98; 99.
VALUE5, VALUE6, VALUE7	Three dummies equal to 1 if VALUE 5, 6 or 7, corresponding to 17.5, 7.8, or 3.9% of the 8217 PatVal-EU patents for which data on VALUE are available.
Country dummies	Eight dummies for address of the first inventor in Denmark, France, Germany, Hungary, Italy, Netherlands, Spain, UK
Application year dummies	Six dummies for application years 1993–1998b.
Technology dummies	Thirty technological area dummies obtained by converting the IPC classes of the patent using the ISI-INPI-OST concordance listc.
IPC 3-digit dummies	117 dummies for the main IPC 3-digit class of the patent

^a For the last interval of VALUE, VALUEM was set equal to the mid-point of 300–1000M.

^b PatVal-EU sampled patents with priority date 1993–1997, but applications may exhibit a later date because applicants may patent first in their national countries. Hence, for some PatVal-EU patents application year is 1998.

^c See Giuri et al. (2007) and Schmoch and Kirsch (1993) for details and references on the ISI-INPI OST concordance list. The 30 technology areas are: Agricultural and food processing, machinery and apparatus; Agriculture, food chemistry; Analysis, measurement, control technology; Audio-visual technology; Biotechnology; Chemical and petrol industry, basic materials chemistry; Chemical engineering; Civil engineering, building, mining; Consumer goods and equipment; Electrical devices, electrical engineering, electrical energy; Engines, pumps, turbines; Environmental technology; Handling, printing; Information technology; Machine tools; Macromolecular chemistry, polymers; Materials processing, textiles, paper; Materials, metallurgy; Mechanical Elements; Medical technology; Nuclear engineering; Optics; Organic fine chemistry; Pharmaceuticals, cosmetics; Semiconductors; Space technology weapons; Surface technology, coating; Telecommunications; Thermal processes and apparatus; Transport.