Given the inherent risk of innovative activity, firms can improve the odds of success by pursuing multiple parallel objectives. Since innovation draws on many sources of ideas, firms also may improve their odds of successful innovation by accessing a large number of knowledge sources. In this research study, we conduct one of the first firm-level… (More)
Dynamic capabilities enable firms to create new products and processes and respond to changing market conditions. This empirical investigation of dynamic R&D capabilities deals with the role of complementary know-how and other assets in the context of changing conditions in the U.S. petroleum industry during the 1970s and early 1980s. The analysis suggests… (More)
The question of whether corporations add value beyond that created by individual businesses has engendered much debate in recent years. Some of this debate has focused on the pros and cons of related vs. unrelated diversification. A standard explanation of the benefits of related diversification has to do with the ability to obtain intra-temporal economies… (More)
Management Conference in Washington, D.C. for their feedback. Finally, we would like to thank Marshall Schminke and the three anonymous reviewers for their thoughtful direction and encouragement.
Business history is by its very nature an interdisciplinary subject. Because businesses are first and foremost economic units that make such decisions as how much of a good to produce, how to make it, and what to ß charge for it, their behavior is nothing if not the subject of economic theory. At the same time, however, businesses are organizations of… (More)
Working papers are in draft form. This working paper is distributed for purposes of comment and discussion only. It may not be reproduced without permission of the copyright holder. Copies of working papers are available from the author. Abstract Tournaments are widely used in the economy to organize production and innovation. We study individual… (More)