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We develop an analysis of ex ante monitoring of risky projects in banking. If protected from competition, banks are more concerned about not catching good risk projects when the perceived state of the economy improves, while they are more concerned about being induced to finance bad risk...
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Do contributions to online content platforms induce a feedback loop of ever more user-generated content or will they discourage future contributions? To assess this, we use a randomized field experiment which added content to some pages in Wikipedia while leaving similar pages unchanged. We find...
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Recent innovation literature has documented the benefits of cross-pollination of ideas across a wide set of industries …
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Recent empirical evidence has shown that firm’s innovation behavior exhibits high persistency but not much is known … environment and asks how local knowledge spillovers affect firms' innovation persistence. The empirical analysis draws upon a … former evidence that persistency in innovation is driven by true state dependence. More importantly, we find that the local …
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We provide the first measurement of knowledge spillovers from venture capital-financed companies onto the patenting activities of other companies. On average, these spillovers are nine times larger than those generated by the R&D investment of established companies. Spillover effects are larger...
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