We combine theory and evidence on incubator and accelerator programmes and their effects on urban economic development. These structured co-working programmes have grown rapidly. However, a rich descriptive literature reveals little about their impact on participants or surrounding urban areas. We situate programmes in a conceptual framework of co-location tools, theorise objectives and benefits and ...
We investigate how R&D spillovers propagate across firms linked through Research Joint Ventures (RJVs). Building on the framework developed by Bloom et al. (2013) which considers the opposing effects of knowledge spillovers and product market rivalry, we extend the model to account for RJV cooperation. Since the firm’s decision to join a RJV is endogenous, we build a model of RJV participation. The ...
Sovereign borrowers may tighten their fiscal stance in order to signal their creditworthiness to lenders. In a model of sovereign debt with incomplete information, I show that a trustworthy country may reduce its debt beyond the optimal level in order to separate itself from less reliable countries. Since austerity is costly, the gains in the price of debt from separating need to be high enough, as ...
Objective: Leaders differ in their personalities from non- leaders. However, when do these differences emerge? Are leaders “born to be leaders” or does their personality change in preparation for a leadership role and due to increasing leadership experience? Method: Using data from the German Socio-Economic Panel Study, we examined personality differences between leaders (N = 2683 leaders, women: n ...
Understanding the causes of the slowdown in aggregate productivity growth is key to maintaining the competitiveness of advanced economies and ensuring long-term economic prosperity. This paper is the first to provide evidence that investment in intangible capital, despite having a positive effect on productivity at the micro level, is a driver of the weak productivity performance at the aggregate level ...
Venture capital (VC) is often seen as an instrumental tool that allows many start-ups to pursue innovation with the potential to shake-up current markets and/or to replace incumbents. Using a highly granular, project-level dataset from preclinical diabetes R&D, this paper shows that VCs actively steer the direction of R&D and streamline activities of research focused firms (pipeline firms)...
The tremendous growth of digital transactions – mainly through online platforms - is profoundly affecting the way we interact and opening vast opportunities to improve our lives. Consumers are benefiting from an unprecedented proliferation of new services and products that previously were too costly to be developed and marketed to customers. At the same time, the characteristics of platform...
This paper contributes to the debate on the internationalization of the R&D activity of multinational enterprises (MNEs). Specifically, we examine the following research questions: (1) What are the determinants of the MNEs’ R&D internationalization level? (2) What types of internationalization strategies—home-base-augmenting (HBA), home-base-exploiting (HBE), technology-seeking (TS), and/or market-seeking ...
We study the relationship between crowding and performance in the active mutual fund industry. We construct a fund-specific measure of crowding using the equity holdings overlap of 17,364 global funds. Funds in the top decile of crowding underperform passive benchmark funds by 1.4% per year. The impact of crowding on performance cannot be attributed to diseconomies of scale. We explore several mechanisms: ...
We investigate patterns in common ownership networks between firms that are active in the U.S. pharmaceutical industry for the period 2004–2014. Our main findings are that “brand firms”—that is, firms that have research and development capabilities and launch new drugs—exhibit relatively dense common ownership networks with each other that further increase significantly in density over time, whereas ...