Despite the importance of green innovation in fighting climate change, we find that green patent announcements do not have a positive effect on shareholder wealth. Even green patents that are granted to firms with a high climate risk exposure have no significant wealth impact. Similarly, neither...

Patent attorneys are responsible for obtaining patents that bring the highest expected profits for their corporate clients. We investigate the role of patent attorney capability in determining the value of corporate patents. We find that a one standard deviation increase in legal expertise leads...