NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Did Bank Distress Stifle Innovation During the Great Depression?

Ramana Nanda, Tom Nicholas

NBER Working Paper No. 20392
Issued in August 2014

---- Acknowledgements ----

We are grateful to Shai Bernstein, Mark Carlson, Iain Cockburn, Ronnie Chatterji, Mihir Desai, Charles Eesley, Joan Farre-Mensa, Price Fishback, Naomi Hausman, Rick Hornbeck, Bill Kerr, Josh Lerner, Matt Marx, David Mowery, Matthew Rhodes-Kropf, Gary Richardson, Jonathan Rose, Antoinette Schoar, Chris Woodruff, Nicolas Ziebarth and seminar participants at the NBER Productivity Lunch, the Federal Reserve Board, the All-UC Economic History Group Conference on Science, Intellectual Property, and Innovation at UC Berkeley, the University of Iowa (Tippie) and the Queen's University of Belfast for helpful comments. We thank the Division of Research and Faculty Development at Harvard Business School for funding. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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