By discriminating between a lazy manager and a career concerns hypothesis, Aghion et al. (Am Econ Rev 103(1):277-304, 2013. doi:10.1257 try to disentangle the link between innovation and institutional ownership. Citationweighted patent counts are used as a proxy for innovation, which motivates the use of count data models. A replication in a narrow sense confirms their empirical results which are mainly based on Poisson models (i.e., with a single set of regression coefficients). However, when extending the model framework by count data hurdle models, it is shown that the two hurdle parts do not coincide-as they should under the Poisson model-but lead to different results. Nevertheless, a remarkably stable positive correlation of citation-weighted patents and institutional ownership across all model specifications can be shown.

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