Technology is a bundle of inventions, which are increasingly protected by intellectual property rights. Typically, these rights are owned by multiple different entities, operating in different industries and countries. Moreover, once an invention protected by intellectual property right is...

IT standards are sometimes set by a single firm and sometimes set by a group of firms. One reason to do things in groups is to share risk. We theorized that setting standards in a group changes the stock returns and risk profiles of the group members. We tested our theory using a sample of 789...