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We establish the importance of team-specific capital in the typical inventor's career. Using administrative tax and patent data for the population of US patent inventors from 1996 to 2012, we find that an inventor's premature death causes a large and long-lasting decline in their co-inventor's earnings and citation-weighted patents (-4% and -15% after 8 years, respectively). After ruling out firm disruption, network effects and top-down spillovers as main channels, we show that the effect is driven by close-knit teams and that team-specific capital largely results from an "experience" component increasing collaboration value over time. JEL codes: O31, O32, J24, J30, J41 deaths as a source of identification is becoming increasingly common (Jones and Olken (2005); Bennedsen et al. (2007); Azoulay, Graff Zivin and Wang (2010); Nguyen and Nielsen (2010); Oettl (2012); Becker and Hvide (2016); Fadlon and Nielsen (2015); Isen (2013)) and several papers have investigated peer effects in specific areas of science: Agrawal, Kapur and McHale (2008);Borjas and Doran (2012, 2015); Oettl (2012); Waldinger (2010, 2011). Our paper is the first to study collaboration effects by looking at both earnings and innovation outcomes. Our results are consistent with the findings that direct collaborators matter, as in Azoulay, Graff Zivin and Wang (2010) and Borjas and Doran (2015) , but also that there are no wider firm-specific or university-specific spillovers, as in Waldinger (2011). We estimate the differential spillover effect of an inventor on various peer groups (co-inventors, coworkers, and second-degree connections in the co-inventor networks) using the same research design, which allows us to establish the unique importance of co-inventors in an inventor's career. Other related strands of literature study
We establish the importance of team-specific capital in the typical inventor's career. Using administrative tax and patent data for the population of US patent inventors from 1996 to 2012, we find that an inventor's premature death causes a large and long-lasting decline in their co-inventor's earnings and citation-weighted patents (-4% and -15% after 8 years, respectively). After ruling out firm disruption, network effects and top-down spillovers as main channels, we show that the effect is driven by close-knit teams and that team-specific capital largely results from an "experience" component increasing collaboration value over time. JEL codes: O31, O32, J24, J30, J41 deaths as a source of identification is becoming increasingly common (Jones and Olken (2005); Bennedsen et al. (2007); Azoulay, Graff Zivin and Wang (2010); Nguyen and Nielsen (2010); Oettl (2012); Becker and Hvide (2016); Fadlon and Nielsen (2015); Isen (2013)) and several papers have investigated peer effects in specific areas of science: Agrawal, Kapur and McHale (2008);Borjas and Doran (2012, 2015); Oettl (2012); Waldinger (2010, 2011). Our paper is the first to study collaboration effects by looking at both earnings and innovation outcomes. Our results are consistent with the findings that direct collaborators matter, as in Azoulay, Graff Zivin and Wang (2010) and Borjas and Doran (2015) , but also that there are no wider firm-specific or university-specific spillovers, as in Waldinger (2011). We estimate the differential spillover effect of an inventor on various peer groups (co-inventors, coworkers, and second-degree connections in the co-inventor networks) using the same research design, which allows us to establish the unique importance of co-inventors in an inventor's career. Other related strands of literature study
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