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The research and development (R&D) process is critical to a firm’s competitive advantage and often requires external funding.  Yet, we know little about how different types of investors respond to the cash needs of established R&D intensive firms nor about how external financial analysts influence those decisions.  We address these gaps by examining how a firm’s patenting activity affects its ability to raise cash.  We distinguish the motivations of two investor groups: open-market and alliance partners.  We focus on how patents based on emergent technologies impact two types of investors and their willingness to fund the R&D process.  We develop theory and test our hypotheses using data from publicly traded biopharmaceutical firms by drawing upon knowledge-based view, alliance, and investment theories.  We find evidence that patents built upon emergent technologies are viewed differently by the two types of investors.  We find open market investors were less likely to invest in emergent technologies and invested less when they did.  Conversely, alliance partner investors would be more appreciative of the opportunities new technology inputs present, thus, more likely to invest in firms using emergent technologies and invest more. 

The importance given by the governments to building a sound intellectual property infrastructure is increasing in developing countries and especially in Central Asian countries. This infrastructure is continuously improved to live up to a common standard in collaboration with government agencies, educational institutions and international agencies. In this paper, the infrastructure developments that took place in the Central Asian countries is going to be elaborated and furthermore some statistical analyses will be used in order to compare the differences and similarities between the Central Asian republics within themselves and the rest of the world. Patent based statistical data reveal a broad range of information concerning the innovative capability of countries, regions and firms. The number of patents that a country obtains in different technological fields and the change in this number over the years may provide useful information regarding the growth potential of the country and the ability to follow technological advances. For this purpose, patent statistics collected by institutions like World Intellectual Property Organization (WIPO) have been analyzed using statistical techniques. In addition to basic statistics, multidimensional scaling analysis (MDS) has been applied to the data sets.