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Teams and Bankruptcy

Ramin P. Baghai, Rui C Silva and Luofu Ye

No 13198, CEPR Discussion Papers from C.E.P.R. Discussion Papers

Abstract: We study the impact of corporate bankruptcies on teams and inventor productivity in the United States. We show that bankruptcy reduces team stability. After a bankruptcy, team inventors produce fewer and less impactful patents, and they are more likely to cease patenting. This points to the loss of team-specific human capital as a cost of resource reallocation through bankruptcy. Our findings also suggest that the labor market values teams and their stability. Past collaboration increases the probability of inventors jointly moving to a new firm after bankruptcy, and the productivity of inventors that relocate together with their team increases.

Keywords: bankruptcy; creative destruction; Innovation; labor productivity; Team-specific human capital; Teams; Teamwork (search for similar items in EconPapers)
JEL-codes: G33 J24 J63 O31 O32 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-lab
Date: 2018-09
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