This paper examines the location of innovations within green technology, using U.S. patent citation data to trace their inter-generational knowledge flows over time. Clustering is clearly evident, and we use multivariate left-censored Tobit regression analysis to control for identifiable...

For much of its history, Berkshire Hathaway has been regarded primarily as the investment vehicle of Warren Buffett rather than a bona fide corporation. However, as Berkshire Hathaway has expanded beyond its core insurance operations, more attention is being paid to the structure by which these...

Pay for non-performance is among the most prominent arguments of executive rent extraction, especially Bertrand and Mullainathan's (2001) pay for luck. We revisit their finding over the last two decades, 1997 through 2016. Pay for luck presents in the first decade but declines in the second...

CEO activism — the practice of CEOs taking public positions on environmental, social, and political issues not directly related to their business — has become a hotly debated topic in corporate governance. To better understand the implications of CEO activism, we examine its prevalence, the...

Many observers consider the most important responsibility of the board of directors its responsibility to hire and fire the CEO. To this end, an interesting situation arises when a CEO resigns and the board chooses neither an internal nor external candidate, but a current board member as...

Understanding CEO compensation plans is a continuing challenge for directors and investors. The disclosure of these plans is dictated by SEC rules that rely heavily on the “fair value” of awards at the time they are granted. The problem with these numbers is that they are static and do not...

There are two counter-intuitive trends in technological collaboration currently at work, making collaborative patent applications less common but where they exist, the collaborations involve more partners. Patent data are used to examine these trends along with the impact of two recent policy...

The ultimate goal of any world-class swimmer is to break a record, and technology enables that accomplishment. Using 40 years of data at the individual, national and international level, we identify the quantitative impact that innovation has had on the number of record breaks. We find small but...