Kogan, Leonid; Papanikolaou, Dimitris; Seru, Amit; … - National Bureau of Economic Research (NBER) - 2012
We explore the role of technological innovation as a source of economic growth by constructing direct measures of innovation at the firm level. We combine patent data for US firms from 1926 to 2010 with the stock market response to news about patents to assess the economic importance of each...