Social Capital and Innovation: Evidence from Connected Holdings

Hongxun Ruan, Finance, The Wharton School

Abstract: In this project, I want to study the financial intermediary’s impact on firm’s innovation. More specific, I want to study whether a firm can innovate more if its shares are heavily held by connected mutual funds. Here I define a mutual fund as connected if the mutual fund managers went to the same school as the top officers of the firm.