We study how the human capital embedded in teams is affected by, and reallocated through, corporate bankruptcies. After a bankruptcy, U.S. inventors produce fewer and less impactful patents. Moreover, teams become less stable. Consequently, compared to inventors that rely less on teamwork, the performance of team inventors deteriorates more. These findings point to the loss of team-specific human capital as a cost of resource reallocation through bankruptcy. Acquisitions by industrial firms and joint mobility of inventors with past collaborations limit these losses, suggesting that the labor market and the market for corporate control help preserve team-specific human capital in bankruptcies. (JEL J24, J63, G33, O31, O32)

中文翻译：

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团队与破产

我们研究团队中的人力资本如何受到公司破产的影响并通过公司破产进行重新分配。破产后，美国发明家创造的专利影响力越来越小。此外，团队变得不稳定。因此，与较少依赖团队合作的发明家相比，团队发明家的绩效恶化得更多。这些发现表明，团队特定人力资本的损失是破产导致资源重新分配的成本。工业企业的收购以及过去合作中发明人的联合流动限制了这些损失，这表明劳动力市场和公司控制权市场有助于在破产时保留特定团队的人力资本。 (JEL J24、J63、G33、O31、O32)