Common ownership and innovation efficiency
利用制药初创企业及其风险投资数据，研究发现共同所有权导致风投机构抑制项目、撤回资金并重新引导创新，既通过减少重复研发提升效率，也因追求市场势力带来社会成本。
How does common ownership affect innovation? We study this question using project-level data on pharmaceutical startups and their venture capital (VC) investors. We find that common ownership leads VCs to hold back projects, withhold funding, and redirect innovation at lagging startups. Effects are stronger where R&D costs are larger, consistent with common owners aiming to cut duplicate costs. Effects are also stronger where technological similarity is greater and preexisting competition is lower, consistent with common owners seeking market power for their surviving projects. Overall, common VC ownership appears to generate social benefits, via improved innovation efficiency, but also social costs.