Li, Xuelin; Lo, Andrew W.; Thakor, Richard T. - 2021 - This Draft: 19 June 2021
innovation by new entrants after the ruling in response to increased competition. Overall, these results are consistent with … their innovation activities in response to the potential entry of direct competitors. We then examine a legal ruling that … subjected these agreements to antitrust litigation, thereby reducing the incentive to enter them. After the ruling, incumbent …