Aghion, Philippe; Reenen, John Van; Zingales, Luigi - Fondazione ENI Enrico Mattei (FEEM) - 2010
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 …, policy changes and disaggregating by type of owner we find that the effect of institutions on innovation does not appear to …