# Professor Deepak Hegde and Alexander Ljungqvist's joint research on patent applications is featured

1 Faculty News May 2, 2017 ![HBS Working Knowledge logo](/sites/default/files/styles/246w/public/assets/images/con_033415.jpg?itok=ibBU0_jX)>

Excerpt from [HBS Working Knowledge](http://hbswk.hbs.edu/item/first-look-at-new-research-may-2-2017) -- "Joan Farre-Mensa, [Deepak Hegde](http://www.stern.nyu.edu/faculty/bio/deepak-hegde), and [Alexander Ljungqvist](http://www.stern.nyu.edu/faculty/bio/alexander-ljungqvist) examine the implications in the working paper What is a Patent Worth? Evidence from the U.S. Patent ‘Lottery.’ 'Using unique data on all first-time applications filed at the U.S. Patent Office since 2001, we find that start-ups that win the patent ‘lottery’ by drawing lenient examiners have, on average, 55% higher employment growth and 80% higher sales growth five years later,' they write."

[Read more](http://hbswk.hbs.edu/item/first-look-at-new-research-may-2-2017)