Firms winning the R&D 100 Award, a prestigious award for technology breakthroughs in product inventions, provide significantly higher subsequent stock returns. We hypothesize that such return predictability stems from the awarded firms' access to high-end markets in segmented markets. We develop...

I develop a sequential trading model with ambiguity-averse market makers and provide a theoretical explanation to the historical coincidence of ambiguous events, asset illiquidity, and price variability. My model implies that the bid-ask spread of an asset contains an additive component of...

Despite the significance of patented university research, it is difficult to measure the economic value of their patented inventions and observe the extent to which universities are able to capture such value through patent licensing. Moving beyond assessing commercialization performance by...

Patent thickets, a phenomenon of fragmented ownership of overlapping patent rights, hamper firms' commercialization of patents and thus deliver asset pricing implications. We show that firms with deeper patent thickets are involved in more patent litigations, launch fewer new products, and...

We examine how industry-university collaboration (IUC) enhances the commercialization of corporate innovation using a comprehensive dataset of 93,303 industrial firms and 153 notable research universities in China. Measuring IUC with the occurrence and frequency of patents co-assigned to both...

As an important component of the fracturing treatment, fracturing fluids act as the carrier of proppant materials in offshore fracturing and frac-pack operations, thereby playing a decisive role in enhancing the deliverability near fractures and the productivity accordingly. According to the...