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30 July 2014

Causes and Consequences of Patent Litigation

Lauren Cohen, Umit Gurun, and Scott Duke Kominers study the determinants of, and consequences of, lawsuits by non-practicing entities (NPEs) alleging that operating firms have infringed on the NPEs' patents. They find that NPEs are more likely to sue firms that have high levels of cash on hand, as well as firms that are busy with other non-patent litigation. They also report a negative effect of NPE litigation on the target firm's subsequent innovative activity.

29 July 2014

Credit Market Seasonality for Corporate Borrowers

Justin Murfin and Mitchell Petersen discover significant seasonal variation in the corporate credit market. Firms that borrow from banks during late spring and fall do so at an average borrowing rate 19 basis points lower than winter and summer borrowers.

28 July 2014

The Impact of Expansions in the School Breakfast Program

Diane Whitmore Schanzenbach and Mary Zaki find that two experimental expansions of the School Breakfast Program, universal free school breakfast and the "Breakfast in the Classroom" program, increased the take-up rate of school breakfast. Most of the increase, however, reflected shifting breakfast consumption from home to school; they find little evidence of overall improvements in the 24-hour nutritional intake of participants.

25 July 2014

Does it Pay to Invest in Firms with High Workplace Satisfaction?

Alex Edmans, Lucius Li, and Chendi Zhang find that high employee satisfaction is correlated with positive abnormal stock market returns in countries with flexible labor markets, such as the United States, but not in countries with low labor market flexibility, such as Germany. The study compares companies in 14 countries with heterogeneous labor markets.
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