How does a firm's market power in existing products affect its incentives to innovate? We explore this fundamental question using granular project-level and firm-level data from the pharmaceutical industry, focusing on a particular mechanism through which incumbent firms maintain their market...

How does a firm’s market power in existing products affect its incentives to innovate? We explore this fundamental question using granular project-level and firm-level data from the pharmaceutical industry, focusing on a particular mechanism through which incumbent firms maintain their market...

We study the environmental impact of green innovations by combining detailed firm-level toxic release data with patent-level measures of environmental technologies. To address the endogeneity concerns and measurement problems, we obtain patent-level exposures to the Green Technology Pilot...