The real options theory and the diversification approach to strategic investments represent two important ways of thinking about how firms cope with uncertainty. Yet, these two lines of reasoning have developed independently of each other and the literature has missed interesting opportunities...

The first essay builds upon economic theories of entrepreneurship that view the decision to engage in entrepreneurship as a career choice and contends that entry into the entrepreneurial process only occurs when expected performance exceeds an unobserved, individual-specific entry threshold....

This study empirically tests Pouder & St. John's propositions (1996) on the evolutions of geographic clusters, in the context of the U.S. biotechnology industry. We find that during the origination period of the cluster evolution clustered biotechnology firms exhibit higher cost economies and...