How does the publication of patents affect innovation? To answer this question, we exploit a large-scale natural experiment — the passage of the American Inventor's Protection Act (AIPA) — that accelerated the public disclosure of most patents in the U.S. by two years. After the passage of...

Concern exists that public funding of science is increasingly risk averse. Funders have addressed this concern by soliciting the submission of high-risk research to either regular or specially designed programs. Little evidence, however, has been gathered to examine the extent to which such...

Every now and then a disruptive event happens, such as the invention of the internet,that changes markets, industries, even societies. Successful well-managed companiesthrive in mature markets by focusing on doing what they do, just a little bit better.Consequently, when a disruptive event, such...