We follow the migration patterns of European inventors and find evidence of a novel emigration determinant: policy uncertainty. We find that policy uncertainty raises the rate of inventor emigration by a notable…
When firms are forced to publicly disclose financial information, credit rating agencies are supposed to improve their risk assessments. Theory predicts such an information quality effect but also an adverse…
Family firms are known for their reluctance to invest in research and development. We show that strengthened trade secret protection is associated with higher R&D investment by family firms. More specifically,…
We investigate how intangible capital in form of intellectual property, such as patents, might mitigate financing constraints. While scholars have already argued that patents might have a signalling value…