Using US patent data for the period 1977–2005, we find that there are inverted-Ushaped relationships between the degree of industry-level technological imitation and industry-level innovation activities and between the degree of industry-level

This paper proposes a politico-economic theory of public debt dynamics that a policy maker decides on fiscal policies for being elected by voters of overlapping generations who face uninsurable idiosyncratic risk on their disposable incomes

This study examines the effects of uncertainty on the value of cash holdings

Detecting and predicting financial bubbles have become crucially important because of the economic significance of endogenous market crashes

Observed bequest patterns of widely diverse societies are polarized into equigeniture (dividing bequests equally) and unigeniture (giving all to one child)

This study proposes a generalized partial adjustment model of dividends in which managers set target dividends based on adaptively-formed earnings prospects

The massive rural-to-urban migration is one of the most important features of China’s labor market during the past decades

We investigate collective behavior in corporate bankruptcies and its relationship with business cycle

This study examines the effects of uncertainty on firms’ capital structure dynamics, finding that high-uncertainty firms have substantially lower target leverage while those firms’ leverage adjustment speeds increase only if they are over-levered

This is one of the most comprehensive studies of corporate finance to date, which employs filtering techniques to distinguish between the financing of routine investments and “investment spikes ”