The impact of meritocracy on asset pricing

Investigating how meritocracy enables economic growth Socioeconomic inequality is on the rise across the globe, yet research suggests that citizens in unequal societies characterized by greater inequality are generally less concerned about inequality than those in more egalitarian societies. One possible explanation for this is that people may be more likely to accept inequality if…

The public-private interface in the oncology market

How public science transforms drug-development efforts This project studies whether and how public science can promote innovation in the private-sector development of drugs and biologics, with particular attention to the oncology market. The work has policy implications for today’s health environment. For example, while the Covid-19 pandemic has affected every facet of our daily lives,…

Essential business cycles

Towards understanding how the consumption patterns of the wealthy sectors of society impact the poorer to better inform macroeconomic policy choices. “Understanding how different consumption patterns by the wealthy and the poor affect the economic cycle and its amplification can help policy makers target scarce resources to improve the livelihoods of the most vulnerable members…

Entrepreneurship, ESG and venture capital

Towards a long-term research initiative at the intersection of ESG and entrepreneurship The integration of environmental, social and governance (ESG) factors in investment decisions has increased rapidly, but investing in high-growth startups through venture capital (VC) has significantly lagged behind. Evidence suggests this trend is accelerating, and that VCs tend to invest in highly disruptive…

Institutional independence and social media

Providing real-time, market-based evidence on threats to institutional independence With the rise of political polarisation and populism in recent election cycles, attacks on national and international independent institutions (Centers for Disease Control and the World Health Organisation) have increased. Analysing market-implied expectations around attacks by political leaders allows assessment of the credibility and severity of…

Private investment in basic science

Investigating ways to cure disease, reduce mortality rates and improve life expectancy The challenge Research and development (R&D) expenditure in the pharmaceutical industry is extremely high. However, developing countries face severe resource constraints and weak institutions, and their urgent need for medicines can only be met by profit-driven, big pharmaceutical firms. Why do (some) firms…