This paper analyzes a procurement setting with two identical firms and stochasticinnovations. In contrast to the previous literature, I show that a procurer who cannot charge entry fees may prefer a fixed-prize tournament to a first-price auction since holding an auction may leave higher rents...

We provide a theoretical justification for bi-sourcing, which refers to thesituation where a final goods producer buys an input from an outside supplier and alsoproduces it in-house. Bi-sourcing occurs if the marginal cost of producing the input inhouseis higher than the marginal cost of outside...

We use an innovative survey tool to collect management practice data from 732 medium sizedmanufacturing firms in the US, France, Germany and the UK. These measures of managerialpractice are strongly associated with productivity, profitability, Tobin’s Q, sales growth and survivalrates....

This paper analyses market valuations of UK companies using a new data set of their R&Dand IP activities (1989-1999). In contrast to previous studies, the analysis is conducted at thesectoral level, where the sectors are based on the technological classification in Pavitt (1984).The first main...