Two contrasting explanations are offered in the literature for the R&D-to-market anomaly: mispricing of R&D resulting from limited investor attention to R&D spending, and the failure of conventional risk factors to completely capture the risk associated with R&D. Exploiting accounting treatments...

This article discusses the historical most relevant types of decentralization that helped usher in the age of decentralization. Key components of decentralization that are discussed herein include: decentralization of science, technological decentralization, organizational decentralization,...

During the Covid 19 Pandemic, there have been countless calls for the creation of ''global public goods'' or ''global commons'' issued by a variety of actors with sometimes diametrically opposed views, as if the two notions had the same meaning. And indeed, even today these notions are still...

There has been no previous research on the link between license market and stock market. Are the two markets integrated or coupled such that the valuation of the same portfolio of intangible assets is consistent cross market? This study tries to fill the research gap. Based on the data of...

Employee referrals are a very common means by which firms hire new workers. Past work suggests that workers hired via referrals often perform better than non-referred workers, but we have little understanding as to why. In this paper, we demonstrate that this is primarily because referrals allow...

This paper studies whether and how corporate venture capital (CVC) spurs changes in firm scope. Using two sets of firm scope metrics, a text-based emerging business measure and Compustat segment measures, I document that CVC investments are strongly associated with subsequent firm scope changes...

We investigate the interdependence of debt financing and R&D activities of young firms. Using micro-level data of the KfW/ZEW Start-up Panel, our estimation results show that firm characteristics are more important than personal characteristics of the founders for explaining young firms'...

This paper builds a two-country (North, South), two-sector (polluting, nonpolluting) trade model with directed technical change, examining whether unilateral environmental policies can ensure sustainable growth. The polluting good is produced with a clean and a dirty input. A temporary Northern...