Some observers consider the offshoring of research and development by venture capital (VC)-backed businesses as a harbinger of the erosion of innovative capabilities in the United States. In this paper, the author presents how his interviews with the CEOs of 105 such businesses suggest that the...

Housing finance, fair lending, and fair credit reporting rules the US induce widespread reliance on credit bureau scores by originators of residential mortgages and consumer loans. Reliance on scores that issuers cannot control -- but can disclose to investors -- has helped raise loans...

Frank Knight distinguished between 'uncertainty' and 'risk' to specify the true nature of 'profit’, but his specification never caught on and I do not see realistic possibilities for renewing research in this direction. Using uncertainty to analyze the organization and conduct of contemporary...

Our case history describes the development of Prozac, a blockbuster drug that transformed the treatment of depression – and became a cultural phenomenon in the United States. Specifically, we chronicle the: 1) prior treatments for depression and the research that provided a foundation for...

Our case history describes the development of tamoxifen, considered a “gold standard” treatment for millions of breast cancer patients. Specifically, we describe breast cancer treatments prior to tamoxifen’s development; the initial development of tamoxifen from 1960 to 1973; tamoxifen’s...

Frank Knight distinguished between 'uncertainty' and 'risk' to specify the true nature of 'profit’, but his specification never caught on and I do not see realistic possibilities for renewing research in this direction. Knight also used uncertainty to specify the distinctive role of the...

This case history analyzes how the founders of McKinsey & Co. built one of the world's leading management consulting firms by developing a “system” of professional norms, approach to serving clients, personnel policies, organization, governance, and ownership. The history also shows that...

Our case history describes the development of three generations of cephalosporins – antibiotics that have significantly reduced hospital infections. Specifically, we chronicle how: 1) Early (pre-cephalosporin) antibiotics were developed in the first half of the 20th century. 2) Drug companies...

Subjective uncertainty helps explain features of entrepreneurial activity that fall outside the scope of models that focus on information asymmetries and misaligned incentives. Uncertainty, construed simply as missing information, can lead to unintended misjudgments. Efforts to control...

Governments and universities are pouring money into more ‘practical’ research – ‘translational’ medicine and ‘evidence-based’ policies in education, public health and economic development, for instance. But just translating or applying science rarely produces useful advances –...