We analyze the effect of the rise of knowledge-based activities on spatial inequality within U.S. cities. We exploit the network of patent citations to instrument for local trends in innovation. Innovation intensity is responsible for 14% of the overall increase in urban segregation between 1990...

Using a newly assembled dataset of U.S. patents, we show that overall innovation activity is less concentrated in high-density urban areas than commonly believed, but inventions based on atypical combinations of knowledge are indeed more prevalent in high-density cities. To interpret this...

We study the ex ante stock market reactions to events leading up to China's convergence to International Financial Reporting Standards (IFRS). The literature consistently shows that the benefits of mandatory IFRS convergence are concentrated in countries with stronger legal enforcement and...