Reverse leveraged buyouts (RLBOs) have received increased public scrutiny but attracted little systematic study. We collect a comprehensive sample of 526 RLBOs between 1981 and 2003 and examine the three-year and five-year stock performance of these offerings. RLBOs appear to perform as well as...

After more than two decades of dramatic growth in the venture capital industry, the recent sharp decline in venture capital activity has raised concerns about the implications for technological innovation. This article argues that venture capital may have a powerful impact on innovation, but...

The economic importance of innovative activity brings with it an active debate on public policy's effect on the innovation process. This annual series, sponsored by the National Bureau of Economic Research, brings the work of leading academic researchers to the broader policy community. Volume 6...

This annual series, sponsored by the National Bureau of Economic Research, provides a forum for research on the interactions among public policy, the innovation process, and the economy. Discussions cover all types of policy that affect the ability of an economy to achieve scientific and...

The consequences of providing public funds to financial institutions remain controversial. We examine the Community Development Financial Institution (CDFI) Fund’s impact on credit union activity, using hitherto little studied U.S. Treasury data. The CDFI Fund grants increase lending at credit...

A major policy issue in standard setting is that patents that are ex-ante not that important may, by being included into a standard, become standard-essential patents (SEPs). In an attempt to curb the monopoly power that they create, most standard-setting organizations require the owners of...

<DIV>There is considerable debate regarding the implications of technological change for economic policy and the appropriate policies and programs regarding research, innovation, and the commercialization of new technology. This debate has intensified as policy makers have focused on new sources of...</div>

<DIV><DIV><P><I>Innovation Policy and the Economy </I>provides a forum for research on the interactions among public policy, the innovation process, and the economy. The distinguished contributors cover all types of policy that affect the ability of an economy to achieve scientific and technological progress or...</i></p></div></div>