We examine the corporate governance ratings provided by three premier US rating agencies (The Corporate Library, Institutional Shareholder Services, and Governance Metrics International) and find that summary scores are generally poor predictors of primary and secondary measures of future firm...

We study how patenting enhances customer capital and creates financial value. We find that firms with more and higher quality patents develop more customer capital as measured by better customer perceptions of product innovativeness and quality. To establish causality, we exploit the exogenous...