<p>Biased information about the payoffs received by others can drive innovation, risk-taking, and investment booms. We study this cultural phenomenon using a model based on two premises. The first premise is a tendency for large successes, and the actions that lead to them, to be more salient to...</p>

From the early decades of the twentieth century, a dominant characteristic of the modern “capitalist” corporation, especially in the United States, was the separation of asset ownership in the form of publicly traded shares from allocative control over the corporation's resources by salaried...

Using data from the U.S. automobile market, we empirically examine the link between competition and innovation. Consistent with a large literature, we use patent counts as a measure of innovation. The combination of the U.S. market's economic importance, market dynamics, and the significant...

Italian Abstract: Dopo aver definito la differenziazione verticale come una caratterizzazione oggettiva della qualità che da luogo ad una indiscutibile utilità o produttività marginale crescente nella qualità, utilizzando il modello classico di Shaked e Sutton vengono determinati prezzi e...

Many markets feature an economic structure with value co-created by multiple producers whose outputs are sold as a common bundle by a producer-consortium or independent firm. Examples include in-home video entertainment, technology goods and services, multi-sourced data platforms, and patent...

Using data from the U.S. automobile market, we empirically examine the link between competition and innovation. Consistent with a large literature, we use patent counts as a measure of innovation. The combination of the U.S. market's economic importance, market dynamics, and the significant...

This paper examines the relationship between profit maximization and sustainability within the framework of the life cycle phenomenon for a corporation. It appears a pattern becomes the norm regarding business entities as well as other organizational forms regarding sustainability

Prior research provides mixed evidence on whether corporate lobbying activities increase or decrease shareholder value. In this study we use detailed data on corporate lobbying expenditures to investigate which factors influence the returns to corporate lobbying activities. Specifically, we...

The concept of vertical architecture defines the scope of a firm and the extent to which it is open to final and intermediate markets. A firm can make or buy inputs, and transfer outputs downstream or sell them. Permeable vertical architectures are partly integrated and partly open to the...

A manager who wants to be viewed favorably has an incentive to advance or delay the arrival of information about his firm's profitability. In the model, a high ability manager tries to advance resolution of a likely-favorable outcome, while a low ability manager may defer resolution. Such...