Crowd-funded markets have recently emerged as a novel source of capital for entrepreneurs. As the economic potential of these markets is now being realized, they are beginning to go mainstream, a trend reflected by the explicit attention crowdfunding has received in the American Jobs Act as a...

Dealing with the reluctant investor examines the governance of defined contribution (DC) schemes with reference to investment choice and, in particular, the design of the default fund. We explain where and why the current system fails to support DC scheme members and what steps can be taken to...

Biomedical innovation in oncology has become riskier and more expensive, precipitating a withdrawal of private sector funding from the sector. In this article, we consider a portfolio-based approach to funding in which multiple distinct ovarian cancer treatment candidates are funded within a...

Although there seems to be consensus in the literature that venture capital investors increase the innovation output of their portfolio companies, there is little evidence about how investor type (governmental vs. private) and transaction structure (syndicated vs. non-syndicated) moderate this...

Institutional investors have long struggled to manage their own technology, and widely fail at using advanced investment-related technologies to create competitive advantages. These technological disadvantages have had many negative ramifications for institutional investors, such as being...

We differentiate the effects of passive institutional investors, which mainly refer to index funds that adopt a passive portfolio strategy, on firms' innovation activities and innovation strategies. Relying on plausibly exogenous variation in passive institutional ownership generated by Russell...

This paper challenges the stereotypical view that transient institutional investors, characterized by short-term horizons, exacerbate managerial myopia and harm corporate innovation. Our evidence implies that the results of previous studies may have been biased due to endogeneity issues. To...