Participants in research and development alliances face a difficult challenge: how to maintain sufficiently open knowledge exchange to achieve alliance objectives while controlling knowledge flows to avoid unintended leakage of valuable technology. Prior research suggests that choosing an...

We examine the effect of firm ownership status on three environmentally relevant variables: energy efficiency, toxic emissions and spending on pollution abatement. Prior research has demonstrated that public firms invest less than private firms and suggests this difference is due pressure from...

We provide evidence that investors in US public markets are increasingly discounting firms' expected future cash flows during 1980-2013. This trend is shown not only on average across firms, but also within firms over time after alternative explanations are accounted for. To corroborate a link...

In this paper, we examine the relationship between rising short-termism and the nature of innovation in US public firms, 1980-2019. Breakthrough inventions, or those that significantly influence later innovation, require sub-technologies to be created that don’t yet exist. We argue that these...

Most prior event studies find that the announcement of a new alliance is accompanied by a positive stock market response for the partners. This result has usually been interpreted as evidence for the prevailing view that alliances are effective vehicles for partners to acquire or access new...