We study the effects of broadband internet use on the investment decisions of individual investors. A public program in Norway provides plausibly exogenous variation in internet use. Our instrumental variables estimates show that internet use causes a substantial increase in stock market...

We document three new facts about entrepreneurship. First, a majority of male entrepreneurs start a firm in the same or a closely related industry as their fathers' industry of employment. Second, this tendency is correlated with intelligence: higher-IQ entrepreneurs are less likely to follow...

National policies take varied approaches to encouraging university-based innovation. This paper studies a natural experiment: the end of the "professor's privilege" in Norway, where university researchers previously enjoyed full rights to their innovations. Upon the reform, Norway moved toward...