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Innovation and Institutional Ownership
Abstract
We find that institutional ownership in publicly traded companies is associated with more innovation (measured by cite-weighted patents). To explore the mechanism through which this link arises, we build a model that nests the lazy-manager hypothesis with career-concerns, where institutional owners increase managerial incentives to innovate by reducing the career risk of risky projects. The data supports the career concerns model. First, whereas...
Paper Details
Title
Innovation and Institutional Ownership
Published Date
Jan 1, 2010
Journal
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