Patent Thickets, Stock Returns, and Conditional CAPM

The authors thank the editor (Karl Diether), an anonymous associate editor, and two anonymous reviewers for constructive comments and Vikas Agarwal, Hengjie Ai, Rui Albuquerque, Jan Bena, Fred Bereskin, Ling Cen, Lauren Cohen, Jay Coughenour, Nathan Dong, Jin-Chuan Duan, Phil Dybvig, Assaf Eisdorfer, Adlai Fisher, Lorenzo Garlappi, Brent Glover, Will Gornall, Shantaram Hegde, Gerard Hoberg, Kewei Hou, David Hsu, Olga Itenberg, Dana Kiku, Leonid Kogan, Lars-Alexander Kuehn, Howard Kung, William Latham, Paul Laux, Yen-Teik Lee, Dongmei Li, Kai Li, Chen Lin, Xuewen Liu, Lars Lochstoer, Dong Lou, Evgeny Lyandres, Stefan Nagel, Micah Officer, Yaxuan Qi, Gideon Saar, Jose Scheinkman, Lukas Schmid, Jay Shanken, Clemens Sialm, Noah Stoffman, Yongxian Tan, Dragon Yongjun Tang, Charles Trzcinka, Kevin Tseng, Chi-Yang Tsou, Rossen Valkanov, Stefan Wagner, Kuo-Chiang Wei, Elizabeth Whalley, Xueping Wu, Yan Xu, Hongjun Yan, Fan Yang, Ko-Chia Yu, Wayne Yu, Rosemarie Ziedonis, Shen Zhao, participants at the Annual Conference of Financial Economics and Accounting, Asian Bureau of Finance and Economic Research Meeting, China International Conference in Finance, Eastern Finance Association Meeting, Financial Management Association Annual Meeting, Financial Management Association Asia Pacific Meeting, Midwest Finance Association Meeting, SFS Cavalcade North America, and Taiwan Economic Research Meeting, and seminar attendees in the City University of Hong Kong, Shanghai University of Finance and Economics, University of British Columbia, University of Connecticut, University of Delaware, and University of Hong Kong for insightful feedback. All authors contributed equally to this research.