This paper documents differences across higher-education courses in the coverage of frontier knowledge. Comparing the text of 1.7M syllabi and 20M academic articles, we construct the “education-innovation gap,” a syllabus’s relative proximity to old and new knowledge. We show that courses...

We explore the interaction of capital reallocation and entrepreneurship activities. Across a broad range of equipment types and industries, young firms are the predominant buyers of vintage physical capital previously owned by older local firms. The pattern is strongest when financial...

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 demonstrates a new agency channel through which payout taxation affects corporate investment. Lower payout taxes increase managers' cash flow right to the firm via managerial ownership, which further aligns shareholder-manager incentives but exacerbates managerial risk exposures to...

This paper investigates why industrial firms conduct Corporate Venture Capital (CVC) investment in entrepreneurial companies. I test alternative views on CVC by exploiting the entry, investment, and termination decisions of CVC divisions. CVC entry concentrates in firms that experience...

We study how innovative firms manage their innovation portfolios after filing for Chapter 11 reorganization using three decades of data. We find that they sell off core (i.e., technologically critical and valuable), rather than peripheral, patents in bankruptcy. The selling pattern is driven...

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...