In this paper, we consider the extent to which R&D outsourcing and centralisation of R&D within the firm varies depending on the products that the firm produces and how applied the R&D is to a particular product. We find that, in general, the most applied type of R&D is more likely to be...

Can directed technical change be used to combat climate change? We construct new firm-level panel data on auto industry innovation distinguishing between “dirty” (internal combustion engine) and “clean” (e.g. electric and hybrid) patents across 80 countries over several decades. We show...

We find that institutional ownership in publicly traded companies is associated with more innovation (measured by cite-weighted patents). To explore the mechanism through which this link arises, we build a model that nests the lazy-manager hypothesis with career-concerns, where institutional...