Team-Specific Capital and Innovation

• 成果类型: Article
• 署名作者: Jaravel, Xavier; Petkova, Neviana; Bell, Alex
• 署名单位: University of London; London School Economics & Political Science; United States Department of the Treasury; Harvard University
• 刊物名称: AMERICAN ECONOMIC REVIEW
• ISSN/ISSBN: 0002-8282
• DOI: 10.1257/aer.20151184
• 发表日期: 2018
• 页码: 1034-1073
• 关键词: ethnic divisions; nazi germany; KNOWLEDGE; GROWTH; CONFLICT; FIRMS; PRODUCTIVITY; COMPETITORS; performance; COLLEAGUES

摘要

We establish the importance of team-specific capital in the typical inventor's career Using administrative tax and patent data for the population of US patent inventors from 1996 to 2012, we find that an inventor's premature death causes a large and long-lasting decline in their co-inventor's earnings and citation-weighted patents (-4 percent and 15 percent after 8 years, respectively), After ruling out firm disruption, network effects, and top-down spill-overs as main channels, we show that the effect is driven by close-knit teams and that team-specific capital largely results from an experience component increasing collaboration value over time.