Risky Bank Guarantees
Applying standard portfolio-sort techniques to bank asset returns for 15 countries from 2004 to 2018, we uncover a risk premium associated with implicit government guarantees. This risk premium is intimately [...]
Four Facts Concerning Competition in U.S. Generic Prescription Drug Markets
We establish four facts concerning competition among U.S. generic drug suppliers, using IQVIA’s National Sales Perspective™ 2004Q4 – 2016Q3 data. We define a unique product market (“molform”), consisting of the [...]
Antitrust and Innovation: Welcoming and Protecting Disruption
The goal of antitrust policy is to protect and promote a vigorous competitive process. Effective rivalry spurs firms to introduce new and innovative products, as they seek to capture profitable [...]
Occupational Licensing and Immigrants
Occupational licensing laws create minimum standards that individuals must meet to work in a number of fields. These minimum standards usually include competency tests, hours of practice, application fees, and [...]
Irrational Ignorance at the Patent Office
There is widespread belief that the Patent Office issues too many bad patents that impose significant harms on society. At first glance, the solution to the patent quality crisis seems [...]
Standing on the Shoulders of Science
The goal of science is to advance knowledge, yet little is known about its value for marketplace inventions. While important breakthrough technologies could not have been developed without scientific background, [...]
Does Occupational Licensing Impact Access to Dental Care?
There is a need in the United States for greater access to dental and oral health services. As of 2018, over five thousand three hundred dental Health Professional Shortage Areas [...]
Patent Examiner Specialization
We study the matching of patent applications to examiners at the U.S. Patent and Trademark Office. Using test statistics originally developed to identify industry agglomeration, we find strong evidence that [...]
Primary Care Physician Practice Styles and Patient Care: Evidence from Physician Exits in Medicare
Primary care physicians (PCPs) provide frontline health care to patients in the U.S.; however, it is unclear how their practice styles affect patient care. In this paper, we estimate the [...]
Procrastination in the Workplace: Evidence from the U.S. Patent Office
Despite much theoretical attention to the concept of procrastination and much exploration of this phenomenon in laboratory settings, there remain few empirical investigations into the practice of procrastination in real [...]