Firm markups and the economic value of innovation
研究了企业加成率与创新经济价值的关系，发现高加成率企业的创新不仅私人价值更高，还能产生更多知识溢出，对研究创新与市场势力的学者有参考价值。
We examine the relationship between firms' markups and the economic value of their innovation, including both the private value captured by the innovating firm and the knowledge spillovers that benefit other firms. Using a sample of over 14,500 EU firms and 2,400 US firms granted patents between 2005 and 2014, we find that innovation by high-markup firms is more valuable privately and also creates more external value. These associations are robust to controlling for the stock of past innovation and to estimating innovation value in various ways.