Recent years have seen a remarkable increase in patents in the field of information, communication and entertainment (ICE) technology and biotechnology. The growth of patents in those areas has triggered serious concern about access to ICE and genome related inventions, as the rise of patents...

Leveraging the detailed project-level data on biotech startups and their IPO records, this paper studies how adverse selection in capital markets affects financing decisions of entrepreneurs and firm values. By structurally estimating a dynamic model that features strategic experimentation and...

The recent emergence and rapid growth of biotechnology as a commercial industry has raised serious questions concerning the role of patent law as the industry's dominant form of intellectual property protection. Several commentators, drawing on an analogy to computer software protection, have...

Transaction costs foster the creation of (new) wealth through innovation and entrepreneurship, facilitated by "elementary contracts" – risky, non-traded agreements involving time-separated exchanges. However, the current price theory ignores these crucial realities. This research models the...

Cooperation can benefit and hurt firms at the same time. An important question then is: when is it better to cooperate. And how can an appropriate partner be selected? In this paper we present a model of inter-firm cooperation driven by cognitive distance, appropriability conditions and external...

Cooperation can benefit and hurt firms at the same time. An important question then is: when is it better to cooperate. And how can an appropriate partner be selected? In this paper we present a model of inter-firm cooperation driven by cognitive distance, appropriability conditions and external...

This paper extends the existing literature on strategic R&D alliances by presenting a model of innovation networks with endogenous absorptive capacity. The networks emerge as a result of bilateral cooperation over time between firms occupying different locations in the knowledge space. Social...

This paper extends the existing literature on strategic R&D alliances by presenting a model of innovation networks with endogenous absorptive capacity. The networks emerge as a result of bilateral cooperation over time between firms occupying different locations in the knowledge space. Social...

Cooperation can benefit and hurt firms at the same time. An important question then is: when is it better to cooperate. And how can an appropriate partner be selected? In this paper we present a model of inter-firm cooperation driven by cognitive distance, appropriability conditions and external...