This paper exposes a formal model of the spiral of silence theory. It is based on game theoy. The game consists on three players: players 1 and two have two strategies, to speak (s) or not (~s); the third player is Nature, which decides whether players 1 and 2 agree in their opinion or not. If...

Do financial derivatives enhance or impede innovation? We aim to answer this question by examining the relationship between equity options markets and standard measures of firm innovation. Our baseline results show that firms with more options trading activity generate more patents and patent...

Do financial derivatives enhance or impede innovation? We aim to answer this question by examining the relationship between equity options markets and standard measures of firm innovation. Our baseline results show that firms with more options trading activity generate more patents and patent...