Firms winning the R&D 100 Award, a prestigious award for technology breakthroughs in product inventions, provide significantly higher subsequent stock returns. We hypothesize that such return predictability stems from the awarded firms' access to high-end markets in segmented markets. We develop...

Medical innovation enhances labor health, promotes human capital productivity, and influences asset prices. Using a manually collected dataset on drug approvals to identify medical innovation, I first confirm its direct impact on human capital -- a higher medical innovation shock predicts a...

Despite the significance of patented university research, it is difficult to measure the economic value of their patented inventions and observe the extent to which universities are able to capture such value through patent licensing. Moving beyond assessing commercialization performance by...

Patent thickets, a phenomenon of fragmented ownership of overlapping patent rights, hamper firms' commercialization of patents and thus deliver asset pricing implications. We show that firms with deeper patent thickets are involved in more patent litigations, launch fewer new products, and...

We examine how industry-university collaboration (IUC) enhances the commercialization of corporate innovation using a comprehensive dataset of 93,303 industrial firms and 153 notable research universities in China. Measuring IUC with the occurrence and frequency of patents co-assigned to both...

Exchange-traded funds (ETFs) collect approximately 7% of all U.S. corporate dividends, which they are required to redistribute to investors. How do the funds manage these dividend flows, and does such management have spillover effects on other financial markets? In this paper, we document a new...

Footprint (FP) is the main indicator for quantitatively analyzing the surface urban heat island (SUHI) effect. Existing SUHI FP calculation methods ignore the interference caused by city shape and are mostly based on the isotropic expansion assumption, resulting in too rough FP. Therefore, this...

In this paper, a novel absorption refrigeration system (ARS) working pair of a dual amino-functionalized ionic liquid (IL) 3-aminopropyl tributyl phosphonium glycinate ([aP 4443 ][Gly]), which has high thermal stability as absorbent and water (H 2 O) as green refrigerant was studied. The heat...