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We investigated how the knowledge capabilities of industry incumbents affected the generation, development, and performance of " spin-outs " (entrepreneurial ventures of ex-employees). Analyses of 1977–97 data from the disk drive industry supported our hypothesis that incumbents with both strong technological and market pioneering know-how generate fewer(More)
Using proxy data on all Fortune-500 firms during 1994–2000, we find that family ownership creates value only when the founder serves as CEO of the family firm or as Chairman with a hired CEO. Dual share classes, pyramids, and voting agreements reduce the founder's premium. When descendants serve as CEOs, firm value is destroyed. Our findings suggest that(More)
* All of the arguments and opinions in this paper are solely those of the authors and should not be attributed to any individuals acknowledged below. We thank Shiri for their suggestions and trenchant critiques. We deeply appreciate the guidance from Woody Powell and the time invested by and trenchant suggestions from the four anonymous reviewers. 1(More)
A brief overview of agent-based computational economics (ACE) is given, followed by a synopsis of the articles included in this special issue on ACE and in a companion special issue on ACE scheduled to appear in the Journal of Economic Dynamics and Control. Agent-based computational economics (ACE) is the computational study of economies modelled as(More)
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