innovation, but once discovery takes place there is an incentive to lower protection. The sub optimal but time consistent policy … involves an insufficient level of protection and, therefore, of innovation. In more technologically advanced economies … participation in the World Trade Organization, or, more controversially, some form of bilateral punishment, may be used …

can result in rising returns to innovation and in turn greater demand for cash as firms insure against innovation … major G7 countries during 1995-2014, a period that saw an unprecedented rise in globalization and business innovation …

by building a unique dataset uniting detailed firm balance sheet information with firm patent data for the period of 1998 …-2007. We find strong evidence that within-firm increases in patent stock are associated with increases in firm size, exports … also demonstrate similar effects following initial patent application. We also find that although state-owned enterprises …