Proprietary Knowledge Protection and Product Market Performance
利用美国各州法院逐步采纳不可避免披露原则（加强专有知识保护）的差异，研究发现受保护的新企业行业调整后销售增长比对照组高2%，且对小而年轻的企业效果更强，表明专有知识保护通过缓解“深口袋”竞争对手的掠夺风险来提升产品市场绩效。
Abstract Does proprietary knowledge protection (PKP) spur or hinder the product-market performance of new firms? Exploiting the staggered adoptions of the inevitable disclosure doctrine by U.S. State Courts, which enhance PKP, we show that treated firms increase industry-adjusted sales growth by 2% compared to control firms. The effect is concentrated among small and young firms and increases with the scope of proprietary knowledge and rivals’ access to external finance. PKP encourages firms to develop new products and stimulates initial public offering activity. Our results suggest that PKP alleviates predation risk associated with “deep-pocket” rivals by allowing firms to maintain competitive advantages.