This paper, which introduces the special issue on corporate governance co-sponsored by the Review of Financial Studies … and the National Bureau of Economic Research (NBER), reviews and comments on the state of corporate governance research … governance project. Each of the papers represents state-of-the-art research in an important area of corporate governance research …

Intelligently allocating research effort and funds requires deciding whether to build on recent advances or on more … established knowledge. When recent advances create superior opportunities for invention, their adoption as research inputs in the … invention process promotes technological progress. The gains from pursuing such innovative research paths may, however, be very …

We develop a model of induced innovation where research effort is a function of the death rate, and thus the potential … predictions. First, initial death rates and subsequent research effort should be positively correlated. Second, research effort …

respect to the patent term? We then review the — surprisingly small — body of empirical evidence that has been developed on …

Research productivity depends on the ability to discern whether an idea is promising, and a willingness to abandon the …-third of the good ideas survive the review process. Author experience and increased attention from the IETF community are …-prize. Subsidies have a larger impact on research output, though prizes perform better when accounting for researchers' opportunity …