We analyze 7.7 million patents via textual analysis to develop a novel patent-to-patent measure of innovation similarity among firms. With this measure, we investigate whether stock price movements reveal information about firms' technological connectedness. We find that investors impound...

We examine the causal effects of terrorism on inventor productivity and mobility. During the five-year window after terrorist attacks, inventors close to the strikes are more likely to move to distant companies. While the inventors that continue working for firms near the attacks exhibit a...