We propose that general purpose technologies (GPTs) — a class of technologies that have pervasive impacts on the economy and spill over across countries — are a source of non-diversifiable technology risk in international stock markets. We construct an empirical GPT factor from patent data...

This paper empirically examines the effects of industrial and geographic innovations on firm-level profitability and stock returns due to spillovers. Using the data of U.S. patents and patent inventors, we propose empirical proxies for industrial and geographic spillovers and find a positive...

Routinely granted injunctions during patent lawsuits have been regarded as a significant obstacle to economic growth and corporate competition. We use the 2006 Supreme Court ruling in eBay v. MercExchange that reduced injunction likelihood in cases related to information and communications...

Routinely granted injunctions during patent lawsuits have been regarded as a significant obstacle to economic growth and corporate competition. We use the 2006 Supreme Court ruling in eBay v. MercExchange that reduced injunction likelihood in cases related to information and communications...

By combining various databases of academic publications and patents of China’s publicly listed firms, we explore the effects of academic publications on firm valuation. We find that Chinese firms’ academic publications are positively associated with their market valuation. More importantly,...

We compare innovation strategies of public and private firms based on a large sample over the period 1997-2008. We find that public firms' patents rely more on existing knowledge, are more exploitative, and are less likely in new technology classes, while private firms' patents are broader in...