In this paper, we develop a multilevel model of knowledge retrieval in teams to explore how individuals on the periphery of knowledge networks—because of their inexperience, location, lack of social capital, gender, or role—access knowledge from such a knowledge repository.
In this paper, we study the problem of allocating inventory procured using donor funding to patients in different health states over a finite horizon with the objective of minimizing the number of disease‐adjusted life periods lost.
This paper exploits policy discontinuities at U.S. state borders to examine the effect of R&D investments on innovative projects. We examine the Small Business Innovation Research (SBIR) State Match program.
This paper investigates how institutions impact tie formation, arguing that institutions can direct firm strategies towards exploration or towards exploitation.
This paper starts by defining economic development and then considers the role of government, arguing that public policy should focus on building capacities that are beyond the ability of the market to provide.
Performance measurement and event studies frequently assume a specific stochastic process for stock returns. The purpose of this paper is to validate the predictive accuracy of various stochastic processes on data different from those used in estimating the models. The main conclusion is that multi-factor models estimated with factor analytic techniques provide more accurate forecasts than the usual market model with either an equal- or value-weighted index, and Fama–French three-factor model.
The extent to which federal investment in research crowds out or decreases incentives for investment from other funding sources remains an open question. Scholarship on research funding has focused on the relationship between federal and industry or, more comprehensively, non-federal funding without disentangling the other sources of research support that include nonprofit organizations and state and local governments. This paper extends our understanding of academic research support by considering the relationships between federal and non-federal funding sources provided by the National Science Foundation Higher Education Research and Development Survey.
This paper examines the cross-university variation in spin-off activity by faculty members from 124 US academic institutions, using a unique database including data on founders of both formal and informal spin-offs. Accordingly, the rate of spawning founders is positively affected by the quality of the institution and its departments, the R&D expenditure of the institution, and the strength of the local cluster.
This paper analyzes factors that shape the technological capabilities of individual U.S. states and European countries, which are arguably comparable policy units. The analysis demonstrates convergence in technological capabilities from 2000 to 2007.
Venture philanthropy presents a new model of research funding that is particularly helpful to those fighting orphan diseases, which actively manages the commercialization process to accelerate scientific progress and material outcomes. This paper begins by documenting the growing importance of foundations as a source of funding academic research as traditional funding from industry and government sources decline.
When multinational corporations face foreign marketing crises, the psychic distance between the home and host country represents a distinct challenge. This paper examines the curvilinear relationship between psychic distance and firm performance during marketing crises, and the moderating role of marketing capabilities.
In a recent paper, “Demystifying Illiquid Assets – Expected Returns for Private Equity,” Ilmanen, Chandra and McQuinn (of AQR) give a perspective on the past, present, and expected future performance of private equity. They conclude that “private equity does not seem to offer as attractive a net-of-fee return edge over public market counterparts as it did 15-20 years ago from either a historical or forward-looking perspective.” This analysis provides our perspective based on more recent and, we think, more reliable data and performance measures – the historical perspective is more positive than Ilmanen et al. portray.
Does the availability of health insurance for young adults affect entrepreneurial behavior? This paper proposes that policy effects may go beyond the binary, and shape choices around entrepreneurial form, such as incorporation. I use the adoption of 38 dependent coverage mandates in 31 states, passed from 1986 to 2013, and the adoption of a federal mandate in 2010 to analyze the relationship between non-employer provided insurance and entrepreneurial activity.
This paper presents an easy-to-use measure of patent scope that is grounded both in patent law and in the practices of patent attorneys. We validate our measure by showing both that patent attorneys’ subjective assessments of scope agree with our estimates, and that the behavior of patenters is consistent with it.
This paper evaluates the role of various volatility specifications, such as multiple stochastic volatility (SV) factors and jump components, in appropriate modeling of equity return distributions.