Financial institutions differ from individual investors both in their analytical ability and in their level of diversification. Their access to derivative markets is also superior compared to that enjoyed by individual investors. All these factors make institutional investors more capable of...

We study the value of innovation in a case study of one of the most visible innovative products in recent years, Apple's iPhone. The value effects of news announcements, patent publications, and trademarks relating to iPhone are taken into account. Our estimate of the lower bound on the value of...

We estimate the private value of Apple's iPhone by observing abnormal stock market reactions to news announcements and patent publications related to the innovation. Our estimate of the lower bound on the market valuation of iPhone is fairly high, at minimum 30 billion U.S. (event day) dollars....

Career concerns can limit a manager’s willingness to take risks, which can lead to excessive policy conservatism. An increase in a CEO’s ability and willingness to change jobs (CEO mobility) can diversify her human capital and reduce her conservatism. We derive several CEO mobility measures...

We propose a novel approach to comparing publications across business disciplines. Specifically, we aim to provide an objective method for evaluating the interdisciplinary value of publications based on intradisciplinary author rankings. Using publication data from the leading journals in...