Do upstream research shocks directly and contemporaneously impact related but disconnected downstream product markets? We explore this question using a natural experiment involving the New Delhi Metallo-Beta-Lactamase 1 superbug pathogenic outbreak in India. Using a difference-in-differences...

Do stronger intellectual property rights incentivize female participation in innovation? We provide new evidence on this question using a unique database of artificial intelligence patents publicly shared by the USPTO. Our identification strategy leverages China's WTO TRIPs accession, which led...

We explore how firms respond to downstream product shocks. We find that affected firms increase R&D and make additional safety-related investments in their existing assets-in-place. These investments vary with firm capabilities and across shock severity. Competitors appear to vicariously learn...