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Five small Minnesota towns are examined one year after the arrival of six large discount stores. Three hundred consumers were surveyed to determine reasons for store choice and how the new discounters affected shopping. Findings indicate that consumers shop at discounters for low prices and large variety and specialty stores for the unique items they cannot find elsewhere. They shop at the new discounters more and the existing stores less. Specialty stores need to differentiate themselves from discounters by increasing product assortments in the key categories carried, upgrading quality with branded merchandise not available to discounters, and maintaining good in‐stock positions.

The article attempts to determine whether academic research in the area of finance has a direct link to the practitioners in the field.

This paper used a survey of over 50 finance practitioners to ask their opinion on the relevance of academic finance journals to their respective jobs.

The results suggest that most business practitioners are more interested in proprietary research than in generally distributed academic research, the academic peer‐review process seems to reduce the interest of practitioners in academic research due to the time lag between the findings of research and their publication, and the statistical significance of academic research results does not interest practitioners as much as the immediate relevance of the research findings to their respective jobs.

A review of the literature suggests this might be one of the first papers to actually test the hypothesis that academic finance research has a direct transference to the finance industry.

The purpose of this paper is to conduct comparative research of small innovative entrepreneurship under different types of institutional environment in Russia and the USA.

A survey was administered among small innovative firms in the State of Minnesota (USA) and Novosibirsk Oblast (Russia). Mann-Whitney test for median differences adjusted for multiple comparisons using Benjamini-Hochberg procedure is used to establish statistically significant dissimilarities between Siberian and Minnesotan populations.

The results indicate that there are significant differences in the challenges faced by the Russian and American firms. The most important among them are the lack of legal structure for innovation and availability of qualified staff in Russia.

The study is limited to two regions with comparable economic and geographic environments.

It is indicated in the results that significant changes in institutional business environment are necessary for the future development of innovative entrepreneurship in Russia.

This study is the first of its kind to compare the challenges facing small innovative entrepreneurship in Russia and the USA.