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We show that firms with chief executive officers (CEOs) who gain general managerial skills over their lifetime work experience produce more patents. We address the potential endogenous CEO-firm matching bias using firm-CEO fixed-effects and variation in the enforceability of non-compete agreements across states and over time during the CEO’s career.
Our findings suggest that generalist CEOs spur innovation because they acquire knowledge beyond the firm’s current technological domain, and have skills that can be applied elsewhere should innovation projects fail. We conclude that an efficient labor market for executives can promote innovation by providing a mechanism of tolerance for failure.
We use new data that measure forward-looking physical climate risk at the firm level to examine the impact of climate risk on capital structure. We find...
This paper is a chapter of a forthcoming monograph, Regulating the Crypto-economy, to be published by Hart Publishing in the latter half of 2021. The book...