The logic of joint research and development
Article Abstract:
Recently, joint R&D involving horizontal collaboration among three or more competing firms has emerged in a variety of industrial sectors. This article views the evolution of the R&D collaborative as an innovative and efficient institutional form for the development of "leaky" intellectual property. The authors argue that private firms underinvest in the development of "leaky" intellectual property due to difficulties in appropriability. Three U.S. case histories and one Japanese example of horizontal R&D collaboration illustrate differences in organizational design, goal formation, and management. The authors conclude that an insufficiency of institutional support for U.S. collaboratives may lead to underinvestment in "leaky" technologies. (Reprinted by permission of the publisher.)
Publication Name: California Management Review
Subject: Business, general
ISSN: 0008-1256
Year: 1988
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Pension plans vs. mutual funds: is the client victim or culprit?
Article Abstract:
This article compares the investment performance of corporate pension plans to that of mutual funds, revealing that pension plans have done quite poorly relative to mutual funds on a risk adjusted basis. Since the same money managers may manage both pools of money, this is odd. The authors conclude that clients' adjustments in asset allocation and other inconstant policies are prime causes for the relatively poor performance of pension plans. (Reprinted by permission of the publisher.)
Publication Name: California Management Review
Subject: Business, general
ISSN: 0008-1256
Year: 1988
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