This paper examines the effects of geographic sources of competitive advantage on firm value among publicly-traded pharmaceutical companies in the United States. A central argument is that firm value responds positively to geographic factors. We hypothesize that firm value is influenced by the...

The shale gas revolution has fundamentally transformed energy markets domestically and abroad. Rising production has led to falling gas and oil prices in the U.S., while Europe, in contrast, is paying four to five times more for its natural gas and becoming one of the biggest importers of U.S....

We present a theory of spatial development. A continuum of locations in a geographic area choose each period how much to innovate (if at all) in manufacturing and services. Locations can trade subject to transport costs and technology diffuses spatially across locations. The result is an...

Globalization has had an enormous impact on traditional industrial structures. It seems almost the case that everything is everywhere the same. And yet, in reality, some regions in a single industrialized country enjoy rapid economic growth while others are downsizing or stagnating. Thus there...

We compare the industrial dynamics in the core, semi-periphery and periphery in The Netherlands in terms of firm entry-exit, size, growth and sectoral location patterns. The contribution of our work is to provide the first comprehensive study on spatial differentiation in industrial dynamics for...

Economies of the Midwest United States led the world in entrepreneurialism, wealth creation, and economic transformation in the 20th century. But the institutions created to maintain that wealth are now constraining the region's capacity to make the changes necessary to adapt to the new global...

There is a widespread sense that over the last two decades firms have been decentralizing decisions to employees further down the managerial hierarchy. Economists have developed a range of theories to account for delegation, but there is less empirical evidence, especially across countries. This...

Firms play a central role in the selection, sponsorship, and employment of skilled immigrants entering the United States for work through programs like the H-1B visa. This role has not been widely recognized in the literature, and the data to better understand it have only recently become...

Technological progress builds upon itself, with the expansion of invention in one domain propelling future work in linked fields. Our analysis uses 1.8 million U.S. patents and their citation properties to map the innovation network and its strength. Past innovation network structures are...