Does regulation affect the pace and nature of innovation and if so, by how much? We build a tractable and quantifiable … sharp reduction in the firm's innovation response to exogenous demand shocks for firms just below the regulatory threshold …. We then quantitatively fit the parameters of the model to the data, finding that innovation at the macro level is about 5 …

We find that institutional ownership in publicly traded companies is associated with more innovation (measured by cite … with career-concerns, where institutional owners increase managerial incentives to innovate by reducing the career risk of … career-concern model allows for complementarity. Empirically, we reject substitution effects. Second, CEOs are less likely to …