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The New Lyrics of the Old Folks: The Role of Family Ownership in Corporate Innovation

Hsu, Po-Hsuan; Huang, Sterling; Massa, Massimo; Zhang, Hong - C.E.P.R. Discussion Papers - 2015

impede innovation. This argument, however, fails to recognize that modern family firms can benefit from capitalist … institutions that promote innovation. Using a comprehensive sample of U.S. family-owned public firms and patents for the period … from 1998 to 2010, we show that family ownership plays multiple roles in promoting innovation and its influence can be …

Persistent link: https://www.econbiz.de/10011186622

Innovation and Institutional Ownership

Aghion, Philippe; Van Reenen, John; Zingales, Luigi - C.E.P.R. Discussion Papers - 2009

We find that institutional ownership in publicly traded companies is associated with more innovation (measured by cite …, policy changes and disaggregating by type of owner we find that the effect of institutions on innovation does not appear to …

Persistent link: https://www.econbiz.de/10005661518

Identifying Technology Spillovers and Product Market Rivalry

Bloom, Nicholas; Schankerman, Mark; Van Reenen, John - C.E.P.R. Discussion Papers - 2005

Support for many R&D and technology policies relies on empirical evidence that R&D ‘spills over’ between firms. But there are two countervailing R&D spillovers: positive effects from technology spillovers and negative effects from business stealing by product market rivals. We develop a...

Persistent link: https://www.econbiz.de/10005662082

Research Productivity and Patent Quality: Measurement with Multiple Indicators

Lanjouw, Jean O; Schankerman, Mark - C.E.P.R. Discussion Papers - 2002

We analyse the determinants of the decline in measured research productivity (the patent/R&D ratio) using panel data on manufacturing firms in the US for the period 1980-93. We focus on three factors: the level of demand, the quality of patents, and technological exhaustion. We first develop an...

Persistent link: https://www.econbiz.de/10005791451

Foreign Equity Investment Restrictions, Capital Flight, and Shareholder Wealth Maximization

Stulz, René M - C.E.P.R. Discussion Papers - 1995

This paper provides a theory of foreign equity investment restrictions. We consider a model where the demand function for domestic shares differs between domestic and foreign investors because of dead-weight costs in holding domestic and foreign securities that depend on the country of residence...

Persistent link: https://www.econbiz.de/10005067636

State Capitalism vs. Private Enterprise

Chen, Donghua; Jiang, Dequan; Ljungqvist, Alexander P.; … - C.E.P.R. Discussion Papers - 2015

We study the efficiency of internal capital markets at state-controlled and privately owned business groups in China. Using highly granular data on within-group capital flows, we document stark differences: while private groups allocate more capital to units with better investment opportunities,...

Persistent link: https://www.econbiz.de/10011168893

Business Groups in Emerging Markets: Paragons or Parasites?

Khanna, Tarun; Yafeh, Yishay - C.E.P.R. Discussion Papers - 2005

Diversified business (or corporate) groups, consisting of legally independent firms operating in multiple markets, are ubiquitous in emerging markets and even in some developed economies. The study of groups, a hybrid organizational form between firm and market, is of relevance to industrial...

Persistent link: https://www.econbiz.de/10005114482

Subcontracting in International Asset Management: New Evidence on Market Integration

Massa, Massimo; Schumacher, David - C.E.P.R. Discussion Papers - 2015

We study the decisions of international asset managers to outsource portfolio management of their funds and we link these decisions to market integration. Using a structural model of selfselection, we endogenize the decision to outsource in a comprehensive sample of international mutual funds...

Persistent link: https://www.econbiz.de/10011196041

The European Bond Markets Under EMU

Pagano, Marco; von Thadden, Ernst-Ludwig - C.E.P.R. Discussion Papers - 2004

In this Paper, we document how in the wake of monetary unification the markets for euro area sovereign and private-sector bonds have become increasingly integrated. Issuers and investors alike have come to regard the euro area bond market as a single one. Primary and secondary bond markets have...

Persistent link: https://www.econbiz.de/10005791915

Retained State Shareholding in Chinese PLCs: Does Government Ownership Reduce Corporate Value?

Estrin, Saul; Tian, Lihui - C.E.P.R. Discussion Papers - 2005

The role of government shareholding in corporate performance is central to an understanding of China’s newly privatized large firms and the stock market. In this paper, we analyse shareholders as agents that can both harm and benefit companies. We examine the ownership structure of 826 listed...

Persistent link: https://www.econbiz.de/10005656424

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