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Why entrepreneurs choose risky R&D projects : but still not risky enough
Färnstrand Damsgaard, Erika; Norbäck, Pehr-Johan; … - 2012
. We also show that commercialization support induces entrepreneurship but may lead to mediocre entrepreneurship by … inducing entrepreneurs to choose less risky projects, whereas R&D support encourages entrepreneurship without affecting the … type of entrepreneurship. Using Swedish patent citation data, we find empirical support for predictions of the model …
Persistent link: https://www.econbiz.de/10009625140
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Creative Destruction and Productive Preemption
Norbäck, Pehr-Johan; Persson, Lars; Svensson, Roger - C.E.P.R. Discussion Papers - 2011
We develop a theory of innovation for entry and sale into oligopoly, and show that an invention of higher quality is more likely to be sold (or licensed) to an incumbent due to strategic product market effects on the sales price. Preemptive acquisitions by incumbents are shown to stimulate the...
Persistent link: https://www.econbiz.de/10008865973
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The Organization of the Innovation Industry: Entrepreneurs, Venture Capitalists and Oligopolists
Norbäck, Pehr-Johan; Persson, Lars - C.E.P.R. Discussion Papers - 2006
Exit of venture-backed firms often takes place through sales to large incumbent firms. We show that in such an environment, venture-backed firms have a stronger incentive to develop basic innovations into commercialized innovations than incumbent firms, due to strategic product market effects....
Persistent link: https://www.econbiz.de/10005791605
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The organization of the innovation industry : entrepreneurs, venture capitalists and oligopolists
Norbäck, Pehr-Johan; Persson, Lars - 2009
cost advantages, or if development is associated with double moral hazard problems. -- Acquisitions ; Entrepreneurship …
Persistent link: https://www.econbiz.de/10003809049
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Why big data can make creative destruction more creative - But less destructive
Norbäck, Pehr-Johan; Persson, Lars - 2023
preferable since it stimulates creative entrepreneurship …
Persistent link: https://www.econbiz.de/10014542206
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Why big data can make creative destruction more creative - but less destructive
Norbäck, Pehr-Johan; Persson, Lars - 2023
preferable since it stimulates creative entrepreneurship. …
Persistent link: https://www.econbiz.de/10014232974
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Venture Capitalists, Asymmetric Information and Ownership in the Innovation Process
Fabrizi, Simona; Lippert, Steffen; Norback, Pehr-Johan; … - Volkswirtschaftliche Fakultät, … - 2007
This paper constructs a model where entrepreneurial innovations are sold into oligopolistic industries and where adverse selection problems between entrepreneurs, venture capitalists and incumbents are present. We first show that aggressive development of a basic innovation by better informed...
Persistent link: https://www.econbiz.de/10005835952
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The Organization of the Innovation Industry: Entrepreneurs, Venture Capitalists, and Oligopolists
Norbäck, Pehr-Johan; Persson, Lars - In: Journal of the European Economic Association 7 (2009) 6, pp. 1261-1290
We construct a model where incumbents can either acquire basic innovations from entrepreneurs, or wait and acquire developed innovations from entrepreneurial firms supported by venture capitalists. We show that venture-backed entrepreneurial firms have an incentive to overinvest in development...
Persistent link: https://www.econbiz.de/10011009861
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Verifying high quality: Entry for sale
Norbäck, Pehr-Johan; Persson, Lars; Svensson, Roger - 2017
When and how do entrepreneurs sell their inventions? To address this issue, we develop an endogenous entry-sale asymmetric information oligopoly model. We show that lowquality inventions are sold directly or used for own entry. Inventors who sell post-entry use entry to credibly reveal...
Persistent link: https://www.econbiz.de/10011917062
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Verifying high quality : entry for sale
Norbäck, Pehr-Johan; Persson, Lars; Svensson, Roger - 2017
When and how do entrepreneurs sell their inventions? To address this issue, we develop an endogenous entry-sale asymmetric information oligopoly model. We show that lowquality inventions are sold directly or used for own entry. Inventors who sell post-entry use entry to credibly reveal...
Persistent link: https://www.econbiz.de/10011742388