Immigrants are typically found to have less wealth and hold it in different forms than the native born. These differences may affect both the economic assimilation of immigrants and overall portfolio allocation when immigrants are a large share of the population, as in New Zealand. In this...

This paper presents estimates of the R&D depreciation rate using survey data on Australian inventions. Its novelty is twofold. First, it relies on direct observation of the revenue streams of inventions. This is in sharp contrast with previous studies, which all rely on models based on indirect...

A low-quality patent system threatens to slow the pace of technological progress. Concerns about low patent quality are supported by estimates from litigation studies suggesting that the majority of patents granted by the U.S. patent office should not have been issued. This paper proposes a new...