Recent research has led to the empirical regularity that rm growth rate distributionsare heavy tailed. This nding implies that a few rms experience spectaculargrowth rates and decline, but that most rms have marginal growth rates. The literatureon high growth rms shows that high growth rms are...

Theoretically and experimentally, we generalize the analysis of acquiringa company (Samuelson and Bazerman 1985) by allowing for competition ofboth, buyers and sellers. Naivety of both is related to the idea that higherprices exclude worse qualities. While competition of naive buyers...

We model deferred compensation as a share of an uncertain futureprofit granted by a financially constrained employer to her employeein mutual agreement. Deferred compensation serves as a retentionmechanism, helping the employer to avoid bankruptcy. The optimalcombination of cash and deferred...

The paper presents a linear model of product quality in scientific competition.The only outputs of research are published papers; the onlyinputs are labor and papers by other researchers, which are cited whenused. Researchers compete for status, measured as their rank in a citationscount. If...

Using a new dataset encompassing more than 2,200 inventions made by Max Planck Societyresearchers from 1980 to 2004, we explore how licensee and technology characteristics affectthe licensing and commercialization of technologies from public research. We find noevidence that spin-offs and...