This paper develops a multitask model where employees make choices between their assigned standard tasks, for which the firm has a performance measure and provides incentives, and privately observed innovation opportunities that fall outside of the performance metrics, and require ex post...

This paper examines the implications of corporate manager's tendency to promote her private benefits by realizing inefficient investments that incurs a cost for shareholders in terms of lost shareholder value. Under reasonable conditions, we derive an expression for such a loss and propose a...

We use a sample of U.S. dual-class companies to examine how the divergence between insider control rights and cash-flow rights affects managerial extraction of private benefits of control. We find that as the insider control-cash flow rights divergence becomes larger, dual-class acquirers...

Firm creation is used by universities not only to transfer technology to society but also to contribute to the development of the regional economy. However, due to the relatively recent character of the phenomenon of the university spin-offs, the empirical studies are not plentiful on the topic....

[ES] La creación de empresas desde las universidades no sólo es una vía de transferencia de tecnología sino que además contribuye al desarrollo de la economía regional. Sin embargo, debido al carácter relativamente reciente del fenómeno de las spin-offs universitarias, no abundan los...

Intangible assets in general and intellectual capital in particular are important to both society and organizations. It can be a source of competitive advantage for business and stimulate innovation that leads to wealth generation. Technological revolutions, the rise of the knowledge-based...

This paper evaluates the role of collective trademarks in enhancing the ability of tourism clusters to stimulate economic growth, local ownership and innovative governance. Illustrating how intellectual property (IP) law can be leveraged to achieve this, we offer a new economic rationale for...

There are two competing accounts for explaining Britain's technological transformation during the Industrial Revolution. One sees it as the inevitable outcome of a largely exogenous increase in the supply of new ideas and ways of thinking. The other sees it as a demand side response to economic...

International patenting activity is a source of international technology diffusion. However, technology diffuses imperfectly and technology gaps exist between nations. Indeed patenting activity is largely concentrated in developed countries. A gap also exists in patent protection levels across...