" about future performance and standard measures of corporate innovation. We begin by developing a career concern model where … probability of failure, are more likely to pursue innovation, and that this effect is larger in more competitive industries. We …

interplay of these two localized externalities and their impact on regional innovation. We examine MSA-level patent data during … the period 1975-2000 and find that innovation output is higher where large and small labs coexist. The finding is robust …