We examine the role that the emotional and mental states of innovative workers have on firm value through the innovation channel. Analyzing a large inventor-level dataset, we find that sunshine-induced mood is positively associated with the economic value that inventors generate for their firms...

This paper examines how financial frictions and policy uncertainty jointly influence firms' investments in pollution abatement. Our data analyses suggest that financially constrained firms are less likely to invest in pollution abatement and are more likely to release toxic pollutants, with this...

While designs play a critical role in corporate innovation and business operations, the determinants of design innovation (i.e., new aesthetic or stylistic forms) are largely underexplored in the literature. Accumulating evidence suggests that openness to the exchange of ideas, the adoption of...

We present empirical evidence that the establishment of secondary stock exchanges spurs local high-tech entrepreneurship. We find a significant increase in high-tech entrepreneurial activities following the staggered launches of such stock exchanges, and this increase is disproportionally higher...

We examine the role that the emotional and mental states of innovative workers have on firm value through the innovation channel. Analyzing a large inventor-level dataset, we find that sunshine-induced mood is positively associated with the economic value that inventors generate for their firms...

We evaluate the impact of the 2008 Apex Oil court decision that made the creditors of some corporations financially liable for the environmental damages caused by specific pollutants. Apex reduced the circumstances under which environmental liabilities were dischargeable in Chapter 11, which...

With the diffusion of new technologies, technical errors may pass down to subsequent inventions and create negative externalities. Using predicate lists in the 510(k) premarket notification program, we track the knowledge flows in medical devices that claim the equivalence between existing...