Innovating firms face a risk of knowledge leakage as their workers can join competitors. We study the threat of worker departure as the key mechanism through which firms decide on knowledge protection strategies. Our empirical analysis exploits a milestone court decision in 1998 whereby the...

This paper examines how market competition affects the intensity and breadth of innovation. I assembled a unique dataset comprising all 461 prosecuted collusion cases in the U.S. from 1975-2016, where I match 1,818 collusive firms to firm-level data on innovation. Empirical results from a...

This study examines factors underlying three phases of change or persistence in industrial leadership in the sector of interchangeable-lens cameras over the past century. During this period there were two major phases of leadership change, both associated with the emergence of innovations...

How does artificial intelligence (AI) improve human decision-making? Answering this question is challenging because it is difficult to assess the quality of each decision and to disentangle AI’s influence on decisions. We study professional Go games, which provide a unique opportunity to...

A firm can exhibit many “good” cultural values, for example collaboration, integrity, or ambition. Influential theories of corporate culture claim that firms must choose which cultural values to foster because of inherent trade-offs between them. This paper tests this proposition using a new...

A growing body of literature finds that a healthy corporate culture is associated with superior financial performance. A separate stream of research has found that a firm's adoption of management “best practices” is correlated with higher efficiency and productivity. To date, the cultural...

Despite the upsurge in cross-border R&D collaboration within multinational corporations (MNCs), firms often fail to realize the full potential of cross-border R&D teams. We examine under what conditions geographic diversity might lead to higher or lower innovation performance by focusing on the...