s
differs materially from the outcomes of the single-equation Poisson
approach of Aghion et al. (2013).
</p>
<p>Institutional ownership (institutions) is defined as the proportion of
stock owney by institutions. According to Aghion et al. (2013), an
institutional owner is defined as an institution that files a Form 13-F
with the Securities and Exchange Commission (SEC).
</p>
<p>Future cite-weighted patents (cites) are used as a proxy for
innovation. They are calculated using ultimately granted patent, dated