Pharmaceutical firms typically enjoy market exclusivity for new drugs from concurrent protection of the underlying invention (through patents) and the clinical trials data submitted for market approval (through data exclusivity). Patent invalidation during drug development renders data...

Recent innovation literature has documented the benefits of cross-pollination of ideas across a wide set of industries and technology fields in an economy. Industrial and trade policies, by contrast, tend to favor economic specialization through the promotion of selected sectors. In this paper...

We study the cyclicality of public R&D in 28 OECD countries (1995-2017). While procyclical on average, public R&D reacts asymmetrically over different phases of the business cycle and becomes acyclical during recessions. It is also heterogeneous across countries: Innovation leaders and followers...

We discuss the impacts of the Russian invasion on Ukrainian science. Using newly collected data, we show that the war has already had significant effects on science in Ukraine: research papers produced by Ukrainian scientists declined by about 10%, approximately 5% of the most prolific...

Mergers & acquisitions (M&A) are most popular external growth strategies. While the number of M&A has been increasing during the past decades, on average, only the shareholders of target firms gain value during the acquisitions process, while acquirers do not receive abnormal positive returns....

This study analyzes the impact of COVID-19 deniers on the spread of COVID-19 in Germany. In a first step, we establish a link between regional proxies of COVID-19 deniers and infection rates. We then estimate the causal impact of large anti-lockdown protests on the spread of COVID-19 using an...

"Closing borders is naive, the virus will come regardless" - this was the policy assumption that was repeatedly stated until mid-March by the WHO, the EU, as well as responsible authorities in Germany and other countries. Meanwhile, other states had started closing their borders to travellers...

The COVID-19 pandemic increased pressure on the relationship between governments and the public, making cooperation between both actors more critical than ever. Surprisingly, there is significant variation in public compliance with health policies, especially regarding vaccine uptake across...