Innovation

Working Paper

01 August 2016

Are Foreign Investors Locusts? The Long-Term Effects of Foreign Institutional Ownership

This paper challenges the view that foreign investors lead firms to adopt a short-term orientation and forgo long-term investment. Using a comprehensive sample of publicly listed firms in 30 countries over the 2001-2010 period, we...

Jan Bena | Miguel Ferreira | Pedro Matos | Pedro Pires
28 June 2017

Bringing the AGM to the 21st Century: Blockchain and Smart Contracting Tech for Shareholder Involvement

The AGM is often considered to play an important role in direct shareholder monitoring of directors and corporate blockholders. However, its practical functioning suffers from large obstacles. In this research we outline the...

Christoph Van Der Elst | Anne Lafarre
18 September 2017

The Promise and Perils of Crowdfunding: Between Corporate Finance and Consumer Contracts

‘Crowdfunding’ — raising capital through large numbers of small contributions — is a burgeoning phenomenon, spurred by the internet’s capacity to reduce communication costs. Its still-evolving status is reflected in...

John Armour | Luca Enriques
25 September 2017

Fintech and the Financing of Entrepreneurs: From Crowdfunding to Marketplace Lending

For the last decade economists have been preoccupied with the decline in bank financing to small businesses and entrepreneurs. This effort has produced a better understanding of the obstacles to external financing. We examine the...

Mark Fenwick | Joseph McCahery | Erik Vermeulen
06 November 2018

Creative Corporate Culture and Innovation

We define creative companies by means of the Competing Value Framework, and we identify them by means of textual analysis. We show that a creative corporate culture is an important driver of innovation, as measured by the number of...

Franco Fiordelisi | Luc Renneboog | Ornella Ricci | Saverio Stentella Lopes
12 November 2018

Technology and Corporate Governance: Blockchain, Crypto, and Artificial Intelligence

Over recent decades, the on-going “digital revolution” has transformed many aspects of everyday life. Think of the increased power and shrinking size of personal computers and smartphones; the global expansion of the Internet...

Mark Fenwick | Erik Vermeulen

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