主题：Political Disagreement and Intellectual Collaboration: Evidence from Global Innovation of U.S. Multinational Corporations
Exploring U.S. multinational firms’ overseas R&D, this paper finds that political disagreement between home and host countries hurt the quantity and quality of patents generated by U.S. multinationals in the host country. We draw a causal inference based on difference-in-differences models using the breakout of the Iraq War as a quasi-natural experiment. We argue that the primary mechanism is because political conflicts hinder international intellectual collaboration. Three key findings support our argument. (i) Research teams affected by political conflicts generate fewer valuable patents and have a higher likelihood of dissolution than unaffected teams. (ii) Relative to unaffected inventors, there is a steady decline in patent quality and quantity for inventors residing in conflict countries as well as for U.S.-based inventors who collaborated with inventors residing in conflict countries. (iii) Political conflicts negatively correlate with inventors’ international migration into or out conflict countries. Finally,antagonistic political relations lower firms’ overall innovation, suggesting that impaired overseas innovation cannot be replaced by domestic R&D.
陈翀，中央财经大学中国金融发展研究院金融学助理教授，硕士生导师，香港城市大学商学院经济及金融系金融学博士，研究领域为公司金融。其代表性学术成果发表或接受发表在Journal of Corporate Finance, Pacific-Basin Finance Journal、Emerging Markets Finance and Trade、Asia-Pacific Journal of Accounting and Economics、《管理学报》《中国流通经济》等国内外金融管理领域权威刊物，他主持国家自然科学基金青年项目，并长期担任Applied Economics, Emerging Markets Finance and Trade, Journal of International Financial Management & Accounting以及Asia-Pacific Journal of Accounting and Economics杂志的匿名审稿人。