This paper discusses the incentives for innovation when liability is limited or not. Clearly innovative activity …

-in-differences design to causally identify the short-run impact of COVID-19 on innovation spending in 2020 and expected innovation spending … substantially reduced innovation expenditure not only in the first year of the pandemic (2020) but also in the two subsequent years …, indicating ’Long–Covid’ effects on innovation. In 2020, innovation expenditure fell by 4.7 % due to the pandemic. In 2022 …

Recent empirical evidence has shown that firm’s innovation behavior exhibits high persistency but not much is known … environment and asks how local knowledge spillovers affect firms' innovation persistence. The empirical analysis draws upon a … former evidence that persistency in innovation is driven by true state dependence. More importantly, we find that the local …