FRIC/Finance seminar with Rui Silva, London Business School
The Department of Finance and FRIC, Center for Financial Frictions, are proud to announce the upcoming seminar with Rui Silva, London Business School.
Rui Silva will present:
"Bankruptcy, Team-specific Human Capital, and Productivity: Evidence from U.S. Inventors"
We study the impact of corporate bankruptcies on the productivity and career of inventors in the United States. We find that the quality of patents produced by inventors decreases after bankruptcy; this effect is exacerbated when inventor teams are dissolved during bankruptcy. Furthermore, workers affected by team dissolution are less likely to remain active as inventors. When, instead, inventor teams remain intact and jointly move to a new firm, their post-bankruptcy productivity increases. Consistent with the labor market recognizing the value of team stability, the probability of joint inventor relocation after bankruptcy is positively associated with past collaboration.
Solbjerg Plads 3,