This paper empirically examines the effects of industrial and geographic innovations on firm-level profitability and stock returns due to spillovers. Using the data of U.S. patents and patent inventors, we propose empirical proxies for industrial and geographic spillovers and find a positive...

Focusing on the link between prior alliance experience and firm benefits from R&D collaborations, this paper explores whether firms learn to manage their alliances. While prior experience should increase collaborative benefits from the current alliance, I expect these returns: (1) to be most...

This study shows that shocks to firms returns affect direct customers more than direct suppliers. However, indirect customers and indirect suppliers are affected by an economically similar magnitude. This finding casts doubt on the propagation of supply shocks downstream only