We examine whether the high cash ratio and the secular increase in cash holdings of U.S. firms are driven by healthcare and technology industries. We find that these two industries have significantly increased their cash holdings from 1980 to 2015. It is only in these two industries that firms...

The paper explores the role of institutional mechanisms in generating technological knowledge spillovers. The estimation is over panel datasets of patent grants, and unpatented innovations that were submitted for prizes at the annual industrial fairs of the American Institute of New York, during...

This study evaluates the impact of high-skilled immigrants on US technology formation. Specifically, we use reduced-form specifications that exploit large changes in the H-1B visa program. Fluctuations in H-1B admissions levels significantly influence the rate of Indian and Chinese patenting in...