With the diffusion of new technologies, technical errors may pass down to subsequent inventions and create negative externalities. Using predicate lists in the 510(k) premarket notification program, we track the knowledge flows in medical devices that claim the equivalence between existing...

Intangible resources play an increasingly influential role in today's business operations, but how they affect inventory management remains underexplored in the literature. This paper associates a firm's inventory-turnover performance with its capabilities of utilizing the intangible resources...

We examine the effects of China’s new policy target of doubling the number of invention patents per 10,000 people in the 12th Five-Year Plan (2011-2015). Although this per-capita target policy is more challenging for local governments of less innovative provinces, we find an increase in patent...

This paper uses deep learning and natural language processing (NLP) methods on the US patent corpus to evaluate their predictive power in estimating two measures of patent value: (i) investor reaction to patent announcements as measured in Kogan et al., 2017 and (ii) forward citations. While...

This paper establishes a strong relation between technology competition and corporate bankruptcy. Using detailed firm-level patent data we show that: 1) the capability of firms to innovate predicts future bankruptcies better than the typical measures such as Z-score and credit rating, 2)...

In this paper, I propose that technological innovations increase expected stock returns and premiums at the aggregate level. I use aggregate patent data and research and development (Ramp;D) data to measure technological innovations in the U.S., and find that patent shocks and Ramp;D shocks have...

We examine the effect of pay discrimination on corporate innovation and inventor productivity using difference-in-differences regressions based on the staggered passage of state-level pay secrecy laws that mitigate pay discrimination. We find significant increases in the quantity and quality of...

Although constituency statutes were enacted in 35 U.S. states from 1984 to 2016 to protect the interests of employees, customers, and suppliers, research has yet to empirically verify whether customers actually benefit from such laws. A game theory model suggests that product quality improves...

By examining administrative databases of Taiwan, we find that men significantly outperform women in real estate investment returns. This is in sharp contrast to the previous findings in the literature that women outperform men in the stock market. Other than traditional explanations, we propose...