Investment, Growth and Innovation

Intangible assets are particularly critical for the 21st century firm. Building such assets requires substantial and sustained investment, which may not pay off until the very long-run. My work studies what drives companies to focus on the long-term rather than the short-term.

Theory

Determinants of long-run investment:

    Empirics

    Effect of short-term CEO contracts (Edmans, Fang, Lewellen RFS 2017)

    Link between intangible investment and firm value