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This paper analytically demonstrates that the tails of income and wealth distributions converge to a Pareto distribution in a variation of the Solow or Ramsey growth model where households bear idiosyncratic investment shocks. The Pareto exponent is shown to be decreasing in the shock variance,...

This paper studies the effect of strategic complementarity among firms' lumpy investments on the fluctuations of aggregate investments. We investigate an extensive panel data set on Italian manufacturing firms. We first show that the fluctuations of fraction of firms that experience large...

In this thesis, we will analyze the effect of venture capitalists (VC) on patent applications, focusing on their effects on patent applications in the pre-and post-IPO periods for Japanese firms. It can be stated that the shareholding by VC is positively correlated with their patent applications...

This paper presents a model of endogenous fluctuations of investment and output at the business cycles frequencies. Aggregate investments fluctuate endogenously due to the strategic complementarity of micro-level lumpy investments. The investment fluctuations are transmitted to the output via...

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The objective of this paper is to assess whether large firms' organizational competencies affect their innovation performances. About 40 organizational sub-competencies are defined and measured through an original survey questionnaire answered by 148 large firms in Belgium. The sub-competencies...

This paper examines the development process of music businesses on mobile Internet in Japan and Korea, two leading countries in the world that have been enjoying rapid growth of mobile Internet businesses. Based on the "Large Technological System" perspective (Hughes 1983, 1989), this paper sees...

We present a framework to evaluate the impact of digital music distribution. We set up a representative model that enables the comparative static analysis. We then interpret two empirical observations about the music industry, the sales decline and the price constancy, and fit the model to these...