NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Patent Rights, Innovation and Firm Exit

Alberto Galasso, Mark Schankerman

NBER Working Paper No. 21769
Issued in December 2015, Revised in May 2017

---- Acknowledgements ----

Previously circulated as "Patents Rights and Innovation by Small and Large Firms." We are grateful to two anonymous referees and the Editor for very constructive suggestions that greatly improved the paper. We also thank Philippe Aghion, Iain Cockburn, Petra Moser, Florian Schuett, Carlos Serrano, Mariagrazia Squicciarini, Heidi Williams and participants in seminars at Bocconi University, Cattolica University, CEPR Conference on Applied IO, Duke, Einaudi Institute in Rome, IESE Barcelona, Tel Aviv University, UC Berkeley, University of Toronto, ZEW Mannheim, NBER and Paris School of Economics for helpful comments. We thank John Golden and David Schwartz for their help in clarifying points regarding the legal doctrine and procedure governing patent invalidation suits. Joanne Evangelista provided excellent research assistance. 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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