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The Effect of Leverage Buyouts on Innovation (view source)
Revision as of 12:54, 10 July 2020
, 12:54, 10 July 2020→Beyond JF
Addressing his concerns:
*A paragraph on the many and varied endogeneity issues is a very good idea. We should have done this more properly.
*The paper (in the dropbox folder) seems to use an event study approach to isolate the stock market reaction (in terms of market cap) to a patent issue. We can't do that - it's too much work. Also , almost all (85%+) of patent applications result in at least one issue, and the 'news' occurs when the patent application is made public (usually 18 months after filing), so that whole paper is pretty questionable.
Kogan, L., Papanikolaou, D., Seru, A., & Stoffman, N. (2017). Technological innovation, resource allocation, and growth. The Quarterly Journal of Economics, 132(2), 665-712.
