R&D

The ownership and financing of innovation in R&D races

Creative Corporate Culture and Innovation

We define creative companies by means of the Competing Value Framework, and we identify them by means of textual analysis. We show that a creative...

Overlapping Ownership, R&D Spillovers, and Antitrust Policy

This paper considers cost-reducing R&D investment with spillovers in a Cournot oligopoly with overlapping ownership. We show that overlapping...

Financial Dependence and Innovation: The Case of Public versus Private Firms

In this paper, we examine the relation between innovation and a firm's financial dependence using a sample of privately-held and publicly-traded U.S....

What is Stock Market Short-Termism?

What precisely is stock market short-termism? For an issue that pervades corporate governance thinking, rhetoric, and policymaking, one would think...

Corporate Short-Termism - In the Boardroom and in the Courtroom

A long-held view in corporate circles has been that furious rapid trading in stock markets has been increasing in recent decades, justifying corporate...

Putting Technology to Good Use for Society: the Role of Corporate, Competition and Tax Law

Innovation and its main output, technology, are changing the way we work, socialise, vote, and live. New technologies have improved our lives and made...

Are Foreign Investors Locusts? The Long-Term Effects of Foreign Institutional Ownership

This paper challenges the view that foreign investors lead firms to adopt a short-term orientation and forgo long-term investment. Using a...

Do General Managerial Skills Spur Innovation?

We show that firms with chief executive officers (CEOs) who gain general managerial skills over their lifetime work experience produce more patents. We...

The European Commission's Sustainable Corporate Governance Report: A Critique

In July 2020, the European Commission published the “Study on directors’ duties and sustainable corporate governance” by EY. The Report...