互补性(分子生物学)
债务
激励
资产(计算机安全)
事前
知识产权
货币经济学
债务融资
业务
财务
投资(军事)
产权
经济
微观经济学
宏观经济学
法学
政治
生物
遗传学
计算机科学
计算机安全
政治学
摘要
Abstract I examine how the investment and financing of innovation are affected by the contractual allocation of intellectual property rights using a Federal Circuit ruling that strengthened firms’ property rights to employee patents. I find that treatment firms’ total debt-to-assets ratio and R&D spending increase by 18% and 9%, respectively, as the residual control over patents increases firms’ incentives to innovate. These effects are more pronounced when ex ante holdup exposure is high. Furthermore, I find a positive marginal effect of asset complementarity as it limits the decline in employee incentives. Consistently, I show that firms’ ex post asset complementarity improves. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.
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