Cohen, Lauren; Gurun, Umit G.; Nguyen, Quoc H. - 2022
No firm or sector of the global economy is untouched by innovation. In equilibrium, innovators will flock to (and … innovation will occur where) the returns to innovative capital are the highest. In this paper, we document a strong empirical … pattern in green patent production. Specifically, we find that oil, gas, and energy producing firms – firms with lower …