'[T]he passage of SHBs is associated with significantly lower innovations (R&D and Patents). This effect is plausibly channeled via reductions in the capture of

'[T]he passage of SHBs is associated with significantly lower innovations (R&D and Patents). This effect is plausibly channeled via reductions in the capture of scientists by innovative firms, and is stronger in firms with inefficient hiring, higher financial risk, and lower productivity. SHBs exert adverse valuation and product market effects by disconnecting the value of patents and product differentiation from innovations.'