Bernard Paulré

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We relate innovation to sales growth for incumbent firms in four high-tech sectors. A firm, on average, experiences only modest growth and may grow for a number of reasons that may or may not be related to ‘innovativeness’. However, given that firms are heterogeneous and that growth rates distributions are heavy-tailed, it may be misleading to use(More)
Complicated neoclassical models predict that if investment is sensitive to current financial performance, this is a sign that something is ‘wrong’ and is to be regarded as a problem for policy. Evolutionary theory, on the other hand, refers to the principle of ‘growth of the fitter’ to explain investment-cash flow sensitivities as the workings of a healthy(More)
A robust feature of the corporate growth process is the Laplace, or symmetric exponential, distribution of firm growth rates. In this paper, we sketch out a class of simple theoretical models capable of explaining this empirical regularity. We do not attempt to generalize on where growth opportunities come from, but rather we focus on how firms build upon(More)
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