The effects of terrorist attacks on inventor productivity and mobility |
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| Institution: | 1. LeBow College of Business, Drexel University, Philadelphia, PA 19104, USA;2. Faculty of Finance and Investment, Academy of Policy and Development, Nam An Khanh, Hanoi 13200, Viet Nam;3. Durham Business School, Durham University, Durham DH1 3LB, UK |
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| Abstract: | We investigate the impact of deadly terrorist attacks on inventor productivity and mobility in the U.S. During the five-year window after such events, nearby firms generate fewer and less impactful inventions. Moreover, their inventors typically exhibit a post-attack decline in their patent production, unless they move to a distant company (which some tend to do after an attack). Firms' financial constraints and inventor talent appear to provide channels underlying our productivity and mobility findings, respectively. These results provide novel insights about the impact of shocks that distort the invention process and promote the mobility and reallocation of inventors among firms. |
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