What is the optimal form of firm organization during "bad times"? Using two large micro datasets on firm decentralization from US administrative data and 10 OECD countries, we find that firms that delegated more power from the Central Headquarters to local plant managers prior to the Great...

When investing in research and development (R&D), institutions must decide whether to take a top-down approach - soliciting a particular technology - or a bottom-up approach in which innovators suggest ideas. This paper examines a reform to the U.S. Air Force Small Business Innovation Research...

This paper revisits the results of Bloom, Schankerman, and Van Reenen (2013) on the impact of R&D spillovers on growth. We extend their analysis to include an additional 15 years of data on firm R&D and performance, and update the measures of firms' interactions in technology space and product...

U.S. research has found that unionization adversely affects research and development investment, consistent with the view that labor unions' rent-seeking activities act as a tax on innovation. In this U.K. study, preliminary analysis of two datasets (a cross-section of plants and a company panel...

This paper develops a framework to analyze the relationship between the diffusion of new technologies and the decentralization decisions of firms. Centralized control relies on the information of the principal, which we equate with publicly available information. Decentralized control, on the...

We find that institutional ownership in publicly traded companies is associated with more innovation (measured by cite-weighted patents). To explore the mechanism through which this link arises, we build a model that nests the lazy-manager hypothesis with career-concerns, where institutional...

When investing in research and development (R&D), institutions must decide whether to take a top-down approach – soliciting a particular technology – or a bottom-up approach in which innovators suggest ideas. This paper examines a reform to the U.S. Air Force Small Business Innovation...

Organizations investing in R&D must decide whether to solicit specific technologies or allow innovators to suggest ideas. Using administrative data, we study the “Open” reform to U.S. Air Force R&D procurement, which invited firms to suggest any new potentially useful technology. The new...