This paper studies how hedge fund activism impacts corporate innovation. Firms targeted by activists improve their innovation efficiency over the five-year period following hedge fund intervention. Despite a tightening in R&D expenditures, target firms increase innovation output, as measured by...

This paper studies how hedge fund activism reshapes corporate innovation. Firms targeted by hedge fund activists experience an improvement in innovation efficiency during the five-year period following the intervention. Despite a tightening in R&D expenditures, target firms experience increases...

This paper studies how hedge fund activism reshapes corporate innovation. Firms targeted by hedge fund activists experience an improvement in innovation efficiency during the five-year period following the intervention. Despite a tightening in R&D expenditures, target firms experience increases...

Little attention has been devoted to the question of how late movers overcome first-mover advantage and catch up with incumbents. We examine the role in catch-up of late movers' optimal resource allocation between innovation and imitation. Building on Nelson and Winter's (1982) technology...

We examine the role of latecomers’ optimal resource allocation between innovation and imitation in latecomers’ catch-up under diverse technological regimes. Building on Nelson and Winter (1982), we develop computational models of technological leadership change. The results suggest that...

This study examines when and how latecomers can surpass incumbents in technological capabilities with a focus on the role of technological opportunity. There is disagreement in theoretical prediction and evidence on whether technological opportunity is conducive to technological leadership...

Building on the co-evolutionary perspective, this study investigates the reciprocal and co-evolving relationship between political ties and green innovation in the presence of institutional and environmental changes. Using panel data for Chinese listed private firms for a sample period that runs...