Entrepreneurial start-up ventures are a major contributor to innovation and job creation in the U.S. One critical task that entrepreneurs face is finding investors who are willing to provide the funding and resources that will allow the business to survive.…Read More
Prior work suggests that more valuable patents are cited more and this view has become standard in the empirical innovation literature. Using an NPE-derived dataset with patent-specific revenues we find that the relationship of citations to value in fact forms an inverted-U, with fewer citations at the high end of value than in the middle.…Read More
This study analyzes how the divestitures that are impelled by activist investors in their campaigns against public corporations affect shareholder value. …Read More
What is the effect of housing supply regulations on innovation? Just as innovation has become increasingly localized, restrictive local building policies are cited as the cause of skyrocketing housing prices in American cities; yet evidence is limited on the effect of such policies. …Read More
A well-known maxim in management is that “your people are your greatest asset”. Recruitment strategies in particular have been linked to firms’ innovative capacity, emphasizing the importance of maintaining competitive advantages in HR as a key goal of effective innovation management. …Read More
Given the large and growing role of academic entrepreneurs and inventors via patents, start-up development, and university-industry relationships, understanding how funding sources may impact academic scientists’ incentives is a crucial area for innovation research, particularly in the biomedical sciences. …Read More
Economic nationalism is an ideology which favors policies that emphasize domestic control of the economy. Previous work has documented that firm innovation/investment and firm productivity are important for economic growth. Hence, understanding how barriers to firm innovation/investment and restrictions on firm productivity is crucial to the study of development. …Read More
Improvements in information technology in recent decades has changed our lives and upended industries. One of its major impacts is to make previously inaccessible information accessible, reduce information asymmetries and improve market efficiencies.…Read More
The business model of Pharmacy Benefit Managers (PBMs) has evolved dramatically over the last few decades from basic insurance claims processors to becoming one of the key drivers of pharmaceutical pricing and utilization in the U.S. PBMs are the “middlemen” between insurers and drug manufacturers.…Read More
We investigate how investments that allow firms to better understand their customers’ preferences interact with a firm’s ability to compete.…Read More
The Patient-Centered Medical Home (PCMH) is a widely-implemented model for improving primary care, emphasizing care coordination, information technology, and process improvements. However, its treatment as an undifferentiated intervention obscures meaningful variation in implementation. …Read More
How does the organization of patenting activity affect a firm’s patenting outcomes? We investigate how the composition of patenting teams relates to both the scope of their patent applications and the speed with which their patents are approved. …Read More
This paper examines how past effort can impact subsequent effort, such as when effort is reduced following an interruption. I conducted 3 incentivized real-effort experiments in which both piece rates and leisure options were manipulated and find effort displays significant stickiness, even in the absence of switching costs.…Read More
Research linking interorganizational networks to innovation has focused on spanning structural boundaries as a means of knowledge recombination. Increasingly, firms also partner across institutional boundaries (countries, industries, technologies) in their search for new knowledge.…Read More
The performance of venture capital (VC) investments load positively on shocks to aggregate return volatility. I document this novel source of risk at the asset-class, fund, and portfolio-company levels. The positive relation between VC performance and volatility is driven by the option-like structure of VC investments, especially by VCs’ contractual option to reinvest.…Read More
We describe the effect of social media advertising content on customer engagement using data from Facebook. We content-code 106,316 Facebook messages across 782 companies, using a combination of Amazon Mechanical Turk and Natural Language Processing algorithms.…Read More
Crowdfunding allows founders of for-profit, artistic, and cultural ventures to fund their efforts by drawing on relatively small contributions from a relatively large number of individuals using the internet, without standard financial intermediaries. Crowdfunding has been drawing substantial attention from policy makers, managers, and entrepreneurs, but relatively little notice from academics.…Read More
Do workers have different equality preferences depending on the type of payoff? In many firms, the distribution of equity compensation is more equal than the distribution of salary. We design an experimental group production game to examine how workers respond to combinations of different distributions of equity and salary.…Read More
Firms commonly use disaggregated accounting information to facilitate efficient contracting over intangible assets. However, reliance on accounting measures creates information asymmetries and thus a role for contract audits.…Read More
We examine the role of price transparency in consumer preferences and demand. We assemble a detailed dataset on the driving school industry in Portugal to quantify how firms present the price of the course of instruction, and its individual components, to potential students.…Read More
