Team-Specific Capital and Innovation
利用美国专利发明人数据，研究发现发明人早逝会导致其合作者收入和专利产出长期下降，表明团队专属资本在发明人职业生涯中至关重要。
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 spillovers 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.