Growth of Firms under Injunction Risk
利用2006年美国最高法院对eBay案的裁决作为外生冲击，发现降低禁令风险后，被告企业推出更多新产品并提高盈利能力，且融资渠道受限的企业创新增长更显著。
Although injunctions serve as a crucial remedy for intellectual property protection, their excessive use has the potential to limit economic growth. We use the 2006 Supreme Court ruling in eBay v. MercExchange, which reduced injunction likelihood for defendants in cases related to information and communications technology patents, as a shock to injunction risk. These defendants launched more new products and became more profitable after the ruling. The increase in treated firms’ new product development became more pronounced for firms with more limited financing sources, consistent with a financing channel for these results. Moreover, treated firms’ increased profitability is concentrated in firms with less product diversity, under more litigation risk, and under more intensive product-market competition.