This paper integrates innovation input and output effects of R&D subsidies into a modified Crépon–Duguet–Mairesse (CDM) model. Our results largely confirm insights of the input additionality literature, i.e. public subsidies complement private R&D investment. In addition, results point to...

This is a draft chapter for a forthcoming book. A business that cannot fund its innovative and commercialization activities internally has a number of options for seeking external sources of funding. These vary according to the nature of the business, the technologies it is developing, the...

We document cycles of innovation fueled by early-mover advantages in the hedge-fund industry. Our method involves clustering hedge funds based on their self-reported strategic risk profile at inception. The 'innovative funds', compared with their 'imitators', survive twice as long while...