Owners of private companies often invest a substantial share of their net worth in one company, which exposes them to idiosyncratic risk. For US companies we investigate whether owners require compensation for lack of diversification in the form of higher returns to equity. Exposure to...

Existing literature has confined university technology transfer almost exclusively to formal mechanisms, like patents, licenses or royalty agreements. Relatively little is known about informal technology transfer that is based upon interactions between university scientists and industry...