Using panel data on U.S. public firms, we document a positive effect of board independence on corporate innovation. This effect is concentrated in firms that are larger in size, in the non-technical industries, facing less product market competition, and using more debt, where managers are more...

Complex information technologies (CITs), such as ERP packages, have become the core component of modern organizations. Corporate investments in CITs have soared to a record high. Firms need to creatively apply the technologies in order to adapt to the ever-changing environments and realize the...

We study how innovative firms manage their innovation portfolios after filing for Chapter 11 reorganization using three decades of data. We find that they sell off core (i.e., technologically critical and valuable), rather than peripheral, patents in bankruptcy. The selling pattern is driven...