We find that institutional ownership in publicly traded companies is associated with more innovation (measured by cite-weighted patents). To explore the mechanism through which this link arises, we build a model that nests the lazy-manager hypothesis with career-concerns, where institutional owners increase managerial incentives to innovate by reducing the career risk of risky projects. The dat...

Interacting with residents, medical students, and other “learners” (the new politically correct, nonperjorative term) affords loads of opportunities. Sure, this responsibility forces providers to maintain a certain level of competency; it reminds us of the fragility of the young ego; it allows us to believe that we are somehow molding the future of medicine. Working with learners also ensures l...