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This study analyzes the impact of the Uniform Trade Secrets Act (UTSA) on firm
advertising expenses. From a theoretical point of view, UTSA may have both positive and
negative effects on advertising expenditure. To understand which effect prevails, I
estimated a difference-in-difference model with data for public companies from 1979 to
2000 retrieved from the Compustat database. I find the negative effect to be predominant.