We develop a model of gestational surrogacy, in which a childless couple faces heterogeneous prospective surrogates. High-type surrogates add more value but also have higher outside options. Surrogates can make specific investments for the overall well-being (care) of the unborn child. We show...

Bargaining is all around us. Bargaining is how prices are set across a range of economic activities such as between licensors and licensees of intellectual property, employees and employers, content providers and distributors, health insurers and hospitals, and in many intermediate product...

This study examines "tunneling" practices through which health care providers covertly extract profit by making inflated payments for goods and services to commonly-owned related parties. While incentives to tunnel exist across sectors, health care providers may find it uniquely advantageous to...

We in this paper provide an analytical structure to endogenize the optimal gestational surrogacy contract in terms of a simple moral hazard framework. We show that altruistic surrogacy is optimal only if the surrogate has lower outside option and is sufficiently altruistic. Otherwise commercial...

Private equity (PE) plays an increasingly important role in the modern US economy. However, its impacts on owned-firms are incompletely understood. We exploit a historically large leveraged buyout of a national hospital chain to examine how the full life cycle of PE influences hospital-level...

Using data on over 900 firms for the period 1988-2000, we estimate the effect on phase-specific biotech and pharmaceutical R&D success rates of a firm's overall experience, its experience in the relevant therapeutic category; the diversification of its experience, and alliances with large and...

Au-delà de ses fonctions en termes de protection et de financement de l’innovation, le brevet est aussi un instrument de médiation et un support d’interactions. Dans le cas du développement des nouveaux vaccins issus du génie génétique, nous montrons qu’il est une composante...

This study addresses the determinants of time-to-licensing, defined as the elapsed time between the disclosure of an invention and the signed licensing contract, and its impact on the commercial success of the licensed inventions from public research. Using a dataset containing detailed...

Previous studies of organizations have highlighted that leadership and organizational performance have a strong and long-term impact on employee behavior in private firms. In this study, we analyze whether similar effects can also be observed in academia by examining the commercialization...

This paper investigates the determinants of vertical integration using data from the UK manufacturing sector. We find that the relationship between a downstream (producer) industry and an upstream (supplier) industry us more likely to be vertically integrated when the producing industry is more...