We examine the effect of Chinese import penetration on the innovation activities of US manufacturers. We find that firms boost innovation in response to greater import penetration. The boost in innovation builds on narrow focus and familiar technology and results in greater product...

We document that the likelihood of asset sales increases with union presence and union wages. Furthermore, acquiring firms gain significant concessions from the incumbent union following asset sales. Finally, the anticipation of union concessions helps explain the excess stock returns around...

We examine the effect of Chinese import penetration on the innovation activities of US manufacturers. We find that firms boost innovation in anticipation of greater import penetration. The boost in innovation relies on familiar technology and results in greater product differentiation. However,...