Campbell, Douglas L.; Brodeur, Abel; Johannesson, Magnus; … - 2024
Aghion, Van Reenen and Zingales (2013) find that institutional ownership causes an increase in innovation as measured … by citation-weighted patent counts. To identify a causal effect, they use membership in the S&P 500 as an instrument for … ownership and innovation is robust in 22% of robustness checks. On average, 2nd stage z-scores were just 42.7% of the original …