effect on innovation. We develop a simple "trapped factor" model of innovation that is consistent with these empirical …

How does firm entry affect innovation incentives and productivity growth in incumbent firms? Micro-data suggests that … threat spurs innovation incentives in sectors close to the technological frontier--successful innovation allows incumbents to … prevent entry. In laggard sectors it discourages innovation--increased entry threat reduces incumbents' expected rents from …

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 …