This paper investigates the effects of board of director collusion on managerial incentives and firm values. Recent academic research hints at the social network of board of directors as an important conduit for coordinating corporate governance policies, such as managerial pay, and curbing...

The paper investigates the mechanics through which novel technological principles are developed and diffused throughout an economy consisting of a technologically heterogeneous ensemble of firms. In the model entrepreneurs invest in the discovery and in the diffusion of a technological principle...