作者
Patrick Kline, Neviana Petkova, Heidi Williams, Owen Zidar
发表日期
2019/8/1
期刊
The quarterly journal of economics
卷号
134
期号
3
页码范围
1343-1404
出版商
Oxford University Press
简介
This article analyzes how patent-induced shocks to labor productivity propagate into worker compensation using a new linkage of U.S. patent applications to U.S. business and worker tax records. We infer the causal effects of patent allowances by comparing firms whose patent applications were initially allowed to those whose patent applications were initially rejected. To identify patents that are ex ante valuable, we extrapolate the excess stock return estimates of Kogan et al. (2017) to the full set of accepted and rejected patent applications based on predetermined firm and patent application characteristics. An initial allowance of an ex ante valuable patent generates substantial increases in firm productivity and worker compensation. By contrast, initial allowances of lower ex ante value patents yield no detectable effects on firm outcomes. Patent allowances lead firms to increase employment, but entry wages …
学术搜索中的文章
P Kline, N Petkova, H Williams, O Zidar - The quarterly journal of economics, 2019