What are the factors behind the recent development of industrial technology in China? Does China follow the path of learning technology from outside through direct foreign investment and international trade as other Asian newly industrialized economies, or imitate the U.S. model that develop...

We find evidence that chief executive officers' (CEOs') hobby of flying airplanes is associated with significantly better innovation outcomes, measured by patents and citations, greater innovation effectiveness, and more diverse and original patents. We rule out alternative explanations, leading...