We provide evidence that investors in US public markets are increasingly discounting firms' expected future cash flows during 1980-2013. This trend is shown not only on average across firms, but also within firms over time after alternative explanations are accounted for. To corroborate a link...

Leveraging a new measure of patent citation trees (Corredoira & Banerjee, 2015), we demonstrate that research funded by the federal government is likely to spark more active technological trajectories. Our findings tie government funding to the generation of breakthrough inventions. The...

Smallholder supply chains of the developing world face the challenge of insufficient price transparency that limits the welfare of smallholder farmers. Digital information platforms have been introduced to improve price information access. For such platforms to sustainably improve welfare,...

In this paper, we examine the relationship between rising short-termism and the nature of innovation in US public firms, 1980-2019. Breakthrough inventions, or those that significantly influence later innovation, require sub-technologies to be created that don’t yet exist. We argue that these...