Private Equity and Long Run Investments: The Case of Innovation. Josh Lerner, Morten Sorensen, and Per Stromberg
|
|
- Philomena Long
- 5 years ago
- Views:
Transcription
1 Private Equity and Long Run Investments: The Case of Innovation Josh Lerner, Morten Sorensen, and Per Stromberg
2 Motivation We study changes in R&D and innovation for companies involved in buyout transactions. This helps us distinguish two opposing views of buyout transactions: Buyouts liberate firms from short-term agency problems arising in public firms (Jensen [1989]). Buyouts compromise long-term values to extract short-term rents (Shleifer, Summers [1988]). 2
3 Hypothesis 1: Private Equity investors as long-term investors Jensen [1989] The eclipse of the public corporation predicts that LBOs will become the dominant corporate organization form: Superior corporate governance. Concentrated ownership by active owners. Strong managerial incentives. Impact on innovation: Facilitate long-run investments that myopic (quarterto-quarter) public firms cannot. Avoid wasteful expenditures of others (Jensen [1993]) 3
4 I realize, gentlemen, that thirty million dollars is a lot of money to spend. However, it s not real money and, of course, it s not our money either. 4
5 Hypothesis 2: Private Equity investors as short-term investors Critics suggest different view (Shleifer, Summers [1988]): Investors compromise long-term value creation to enhance short-term performance. Renege on implicit and explicit obligations to employees and retirees. This helps investors flip offerings quickly, to pay large dividends: Boosts IRR and allow raising new funds sooner, enhancing fee income. Implication for innovation is a temptation to defer expenditures: These depress current accounting earnings with few immediate gains. 5
6 The Great Global Buyout Bubble, by Andrew Sorkin, New York Times 6
7 What we do We examine investment in innovation as one form of long-run investment. Investment in innovation presents an attractive testing ground: Costs must be written off immediately. Benefits may not be apparent for many years. But clearly important to long-term success. Systematic, well-understood measures available. We use patent data to overcome problems with gathering data for private firms. 7
8 Rationale for study Growth of private equity industry: Larger sample to work with. Investors now have more operational orientation but also more intense competition. Recently have observed greater representation of technology transactions. Patent data allow us to look beyond the publicto-private transactions: Private-to-private deals may have different features. 8
9 Relevant Literature (1/2) R&D and capital constraints: Greenwald, Salinger and Stiglitz [1991]: Case studies of auto and airline industries. Hall [1992]: 1247 R&D-performing manufacturing firms. Hao and Jaffe [1993]: Panel data on 81 firms in five high-tech industries. Himmelberg and Petersen [1994]: Panel data on 179 small high-tech firms. Conclusions: Internal finance availability important for R&D. Interpretation of pattern is challenging. 9
10 Relevant Literature (2/2) Hall [1992] considers public-to-private LBOs during 1980s: Notes these firms were doing little R&D before transaction. 4% of 1982 employment, but 1% of R&D. Concludes LBO wave unlikely to have much impact on innovation. Lichtenberg and Siegel [1990]: 43 whole-firm LBOs that filled out RD-1 survey R&D expenditures appear to increase after LBO on absolute and relative basis. More likely for R&D to increase for LBO firms than for matches. 10
11 Data: Transactions (1/4) Begin with CapitalIQ database: Transactions between 1/1/80 and 12/31/05. Focus on leveraged buyout investments. Classified in CIQ as Going Private, JV/LBO, LBO, Management Participated, or MBO. Closed and effective deals. Supplement with information from Dealogic, other CapitalIQ databases, Directory of Corporate Affiliations, Hoovers on financial characteristics, previous parents, exits. 11
12 Data: Match to patents (2/4) Match CIQ data to HBS patent database: Contains of all patents awarded through May Assignee names have been cleansed (relative to original USPTO data). Identify all LBO targets assigned at least one patent from three years prior to five years after buyout: Match on name and location. 12
13 Data: Divisional targets (3/4) If LBO target is a unit of a larger firm, patents likely to be assigned to parent. Identify all corporate parents in [-3,+5] window: CapitalIQ, Dealogic, DCA, Factiva, Google. Identify all patents assigned to parent with same inventor as LBO target. This method captures some, but not all, of the relevant parent patents. 13
14 Data: Trimming (4/4) For CapitalIQ buyouts from 1980 to 2005: 496 firms have successful patent applications filed from years -3 to +5 relative to buyout: Due to many recent buyouts Due to old economy nature of firms. 8,938 patents filed in this window, but >1/4 th assigned to Seagate: Second largest firm has 4%. We eliminate Seagate, leaving us with 6,398 awarded patents. 14
15 Investments and Exits by Year Investments Exits
16 Patents and LBOs in sample 16
17 Patent Applications and Grants Applications Grants
18 Industry composition 18
19 Number of patent applications, relative transaction 19
20 Methodology: three measures of innovation We measure three aspects of innovation: Patent quality: Economic impact. Basic/fundamental nature. Number of patent filings. Patent portfolio composition. 20
21 Patent quality measures Citation counts: Proxy for economic importance We use three year window to count citations Originality: One minus Herfindahl of classes of patents cited by patent. Generality: One minus Herfindahl of classes of patents citing patent. 21
22 Three-year citation counts for portfolio firm patents 22
23 Need for benchmark Citation rates change over time: Changing importance. Changing technology mixture. Changing propensity to cite overall. Use all patents in same USPTO technology class and grant year as control group: Compute baseline citation rates for these matching patents. Similar issues for originality, generality. 23
24 Average three-year citation counts for matching patents 24
25 Citations through 3 rd Year after Patent Grant For Patents Applied for in Years Relative to Buyout. Citations -3 to 0 +1 to +5 P-Value Unadjusted [0.000] Relative [0.000] 25
26 Multivariate statistical analysis We use Poisson and Negative Binomial specifications for citations. Consider both unadjusted and relative citation counts. Use individual year dummies as well as combined Post dummy. 26
27 Changes in citation count around buyout transactions 27
28 Fixed- and random-effects specifications 28
29 Three-year citation counts for portfolio firms (with fixed effects) 29
30 Other patent quality measures 30
31 Amount of patenting Truncation challenges: As-yet unissued patents. Assignment to corporate parents. Responses: Year and firm fixed effects. Limiting to observations before Limiting to firms with early and late patents. Still, this analysis is less conclusive 31
32 Number of patents granted 32
33 Composition of patent portfolios Now looking at firm level: Does the distribution of areas in which firms pursue innovation change? Where is increase in citations taking place? 33
34 Comparing citations in well and poorly populated classes 34
35 Comparing citations in growing and shrinking classes 35
36 Changes in citation count, controlling for patent class share 36
37 Summary of empirical evidence Patent quality appears to improve following buyouts: Not sacrificing originality or generality. Amount of patenting is probably not affected: More challenging analysis, due to data limitations. Composition of patent portfolio appears to focus on the more central technologies. 37
38 Concern #1 We may be double counting secondary buyouts: Same patents may appear both before and after a transaction. Repeat analysis, treating these patents separately: We count only first transaction. We delete these patents entirely. Makes little difference. 38
39 Concern #2 Are three years sufficient to capture patents citation counts? Citations are strongly serially correlated: Three-year citation count is a good proxy for total citation count. We also repeat analysis using 2 and 4 years windows: Find little or no difference to results. 39
40 Concern #3 Are differences due to investors cherry picking in divisional buyouts? Parent company may keep the best patents. We repeat analysis excluding divisional deals: Magnitude of difference in citations increases, still significant. Other results unchanged. 40
41 Concern #4 Results may be due to investors selecting targets with promising innovation portfolios: However, most targets are old economy firms where innovation is relatively small part of business potential. Pattern shows most of the improvement in years 2-3 following the transactions. Selection of targets unlikely to introduce large distortions. 41
42 Wrapping Up Innovation present a natural testing ground for understanding motivation of private equity firms. Our results are consistent with the positive view of private equity: We find an increase in innovation quality. No evidence of decline in fundamental nature of research. See a focusing of patent portfolios. Focusing of awards on high-impact areas. 42
Private Equity and Long-Run Investment: The Case of Innovation
Private Equity and Long-Run Investment: The Case of Innovation Josh Lerner, Morten Sørensen, and Per Strömberg* April, 2008 Abstract: A long-standing controversy is whether LBOs relieve managers from shortterm
More informationNBER WORKING PAPER SERIES PRIVATE EQUITY AND LONG-RUN INVESTMENT: THE CASE OF INNOVATION. Josh Lerner Morten Sørensen Per Strömberg
NBER WORKING PAPER SERIES PRIVATE EQUITY AND LONG-RUN INVESTMENT: THE CASE OF INNOVATION Josh Lerner Morten Sørensen Per Strömberg Working Paper 14623 http://www.nber.org/papers/w14623 NATIONAL BUREAU
More informationPrivate Equity and Long-Run Investment: The Case of Innovation
Private Equity and Long-Run Investment: The Case of Innovation Josh Lerner, Morten Sørensen, and Per Strömberg* January 2010 Abstract: A long-standing controversy is whether LBOs relieve managers from
More informationHow Does Hedge Fund Activism Reshape Corporate Innovation?
How Does Hedge Fund Activism Reshape Corporate Innovation? Alon Brav, Duke University Wei Jiang, Columbia University Song Ma, Yale University Xuan Tian, Indiana University December 2016 What the existing
More informationNEWS RELEASE FOR WIRE TRANSMISSION: 8:30 A.M. EDT, FRIDAY, APRIL 17, William Zeile: (202) BEA 09-14
NEWS RELEASE FOR WIRE TRANSMISSION: 8:30 A.M. EDT, FRIDAY, APRIL 17, 2009 William Zeile: (202) 606-9893 BEA 09-14 Summary Estimates for Multinational Companies: Employment, Sales, and Capital Expenditures
More informationVENTURE CAPITALISTS IN MATURE PUBLIC FIRMS. Ugur Celikyurt. Chapel Hill 2009
VENTURE CAPITALISTS IN MATURE PUBLIC FIRMS Ugur Celikyurt A dissertation submitted to the faculty of the University of North Carolina at Chapel Hill in partial fulfillment of the requirements for the degree
More informationFUNDS DATABASE SCOPE INCLUSION CRITERIA DATA HIGHLIGHTS
INDUSTRY RE FUNDS 1969 to present Industry surveys, quarterly and annual fund reports 9,240+ venture capital and private equity funds Venture capital and buyout funds that have invested in companies Name
More informationEffects of Real Earnings Management: Evidence from Patents
Effects of Real Earnings Management: Evidence from Patents Qin Lian a, Qiming Wang b, Zhaohui Xu c a Department of Finance, Louisiana Tech University, Ruston, LA 71272, 318.257.3593, qlian@latech.edu b
More informationUnder the Patronage of His Highness Sayyid Faisal bin Ali Al Said Minister for National Heritage and Culture
ORIGINAL: English DATE: February 1999 E SULTANATE OF OMAN WORLD INTELLECTUAL PROPERTY ORGANIZATION Under the Patronage of His Highness Sayyid Faisal bin Ali Al Said Minister for National Heritage and Culture
More informationBASICS OF RAISING CAPITAL OCTOBER 11, 2012
BASICS OF RAISING CAPITAL OCTOBER 11, 2012 Agenda Private Equity Industry Benefits of Private Equity What Private Equity Investors Look For Clairvest Group Inc. 2 Private Equity Overview Fundraising Investment
More informationInside or Outside the IP System? Business Creation in Academia. Scott Shane (CWRU)
Inside or Outside the IP System? Business Creation in Academia Scott Shane (CWRU) Academic Entrepreneurship, Innovation, and Policy Academic research is a key engine of economic growth and competitive
More informationPrivate Equity Market Update. February 2013
Private Equity Market Update February 213 U.S. Private Equity Deal Activity Deal activity in the first three quarters of 212 was lower than the corresponding quarters in 211 due to a number of factors.
More informationIsrael Venture Capital Investments Report Q3 2017
Israel Venture Capital Investments Report Q3 2017 NOVEMBER 2017 Summary of Israeli Venture Capital Raising Q3/2017 +14% from Q2/2017 Israeli high-tech capital raising summed up to $1.44B @ ALL RIGHTS RESERVED.
More informationThe University of Chicago
Working Paper No. 228 Leveraged Buyouts and Private Equity STEVEN KAPLAN AND PER STROMBERG George J. Stigler Center for the Study of the Economy and the State The University of Chicago Journal of Economic
More informationIn a leveraged buyout, a company is acquired by a specialized investment firm
Journal of Economic Perspectives Volume 23, Number 1 Winter 2009 Pages 121 146 Leveraged Buyouts and Private Equity Steven N. Kaplan and Per Strömberg In a leveraged buyout, a company is acquired by a
More informationGOVERNMENT PROMOTION OF HIGH- POTENTIAL ENTREPRENEURSHIP AND VENTURE CAPITAL
GOVERNMENT PROMOTION OF HIGH- POTENTIAL ENTREPRENEURSHIP AND VENTURE CAPITAL Josh Lerner Harvard Business School and Private Capital Research Institute ECONOMISTS HAVE LONG UNDERSTOOD LINK BETWEEN INNOVATION
More informationTechnological Forecasting & Social Change
Technological Forecasting & Social Change 77 (2010) 20 33 Contents lists available at ScienceDirect Technological Forecasting & Social Change The relationship between a firm's patent quality and its market
More informationPitchBook. Bet ter Data. Bet ter Decisions. 4Q 2012 Private Equity. Company Inventory. Report. Sponsored by:
4Q 2012 Private Equity Company Inventory Report Sponsored by: www.newstarfin.com Introduction In the last few quarters, an overwhelming number of the inquiries coming in to the Research Team have centered
More informationSilicon Valley Venture Capital Survey Second Quarter 2018
fenwick & west Silicon Valley Venture Capital Survey Second Quarter 2018 Full Analysis Silicon Valley Venture Capital Survey Second Quarter 2018 fenwick & west Full Analysis Cynthia Clarfield Hess, Mark
More informationAn Empirical Look at Software Patents (Working Paper )
An Empirical Look at Software Patents (Working Paper 2003-17) http://www.phil.frb.org/econ/homepages/hphunt.html James Bessen Research on Innovation & MIT (visiting) Robert M. Hunt* Federal Reserve Bank
More informationFSIC FRANCHISE. Frequently asked questions
Frequently asked questions FSIC FRANCHISE 1. What are the details of the announced transaction? FS Investments ( FS ) and KKR Credit ( KKR ) announced an agreement to form a partnership to provide investment
More informationDETERMINANTS OF STATE ECONOMIC GROWTH: COMPLEMENTARY RELATIONSHIPS BETWEEN R&D AND HUMAN CAPITAL
DETERMINANTS OF STATE ECONOMIC GROWTH: COMPLEMENTARY RELATIONSHIPS BETWEEN R&D AND HUMAN CAPITAL Catherine Noyes, Randolph-Macon David Brat, Randolph-Macon ABSTRACT According to a recent Cleveland Federal
More informationIs the Dragon Learning to Fly? China s Patent Explosion At Home and Abroad
Is the Dragon Learning to Fly? China s Patent Explosion At Home and Abroad Markus Eberhardt, Christian Helmers, Zhihong Yu University of Nottingham Universidad Carlos III de Madrid CSAE, University of
More informationVenture capital, Ownership concentration and Enterprise R&D investment
Available online at www.sciencedirect.com ScienceDirect Procedia Computer Science 91 (2016 ) 519 525 Information Technology and Quantitative Management (ITQM 2016) Venture capital, Ownership concentration
More informationPatent Mining: Use of Data/Text Mining for Supporting Patent Retrieval and Analysis
Patent Mining: Use of Data/Text Mining for Supporting Patent Retrieval and Analysis by Chih-Ping Wei ( 魏志平 ), PhD Institute of Service Science and Institute of Technology Management National Tsing Hua
More informationTOLERANCE FOR FAILURE AND CORPORATE INNOVATION
TOLERANCE FOR FAILURE AND CORPORATE INNOVATION Xuan Tian Kelley School of Business Indiana University tianx@indiana.edu (812) 855-3420 Tracy Y. Wang Carlson School of Management University of Minnesota
More informationInternet Appendix for. Industry Expertise of Independent Directors and Board Monitoring
Internet Appendix for Industry Expertise of Independent Directors and Board Monitoring Cong Wang Fei Xie Min Zhu Appendix A. Definitions of Earnings Management Measures I. Abnormal Accruals We follow Dechow,
More informationInternationalisation of STI
Internationalisation of STI Challenges for measurement Prof. Dr. Reinhilde Veugelers (KUL-EC EC-BEPA) Introduction A complex phenomenon, often discussed, but whose drivers and impact are not yet fully
More informationIncentive System for Inventors
Incentive System for Inventors Company Logo @ Hideo Owan Graduate School of International Management Aoyama Gakuin University Motivation Understanding what motivate inventors is important. Economists predict
More informationMissouri Economic Indicator Brief: Manufacturing Industries
Missouri Economic Indicator Brief: Manufacturing Industries Manufacturing is a major component of Missouri s $293.4 billion economy. It represents 13.1 percent ($38.5 billion) of the 2015 Gross State Product
More informationRaising & Investing an SBIC Fund
Raising & Investing an SBIC Fund pehub Webinar, November 2012 Brad Whitman Partner, Renovus Capital Overview of Renovus Capital SBIC Fund founded in January 2010 Received Greenlight in September 2010 Licensed
More informationAre Foreign Private Equity Buyouts Bad for Workers?
IFN Working Paper No. 1230, 2018 Are Foreign Private Equity Buyouts Bad for Workers? Martin Olsson and Joacim Tåg Research Institute of Industrial Economics P.O. Box 55665 SE-102 15 Stockholm, Sweden info@ifn.se
More informationForum Science & Business FCRi - EY Foundation
Forum Science & Business FCRi - EY Foundation How European Policy could help the Entrepreneurial and Venture Capital Ecosystems 16 th April 2015 Anne Glover Chief Executive, Amadeus Capital & EVCA Chairman
More informationPatents as Indicators
Patents as Indicators Prof. Bronwyn H. Hall University of California at Berkeley and NBER Outline Overview Measures of innovation value Measures of knowledge flows October 2004 Patents as Indicators 2
More informationTECHNOLOGICAL DIVERSIFICATION, CUMULATIVENESS AND VENTURE CAPITAL EXIT: M&A VERSUS IPO
Frontiers of Entrepreneurship Research Volume 27 Issue 1 CHAPTER I. ENTREPRENEURSHIP FINANCING Article 1 6-9-2007 TECHNOLOGICAL DIVERSIFICATION, CUMULATIVENESS AND VENTURE CAPITAL EXIT: M&A VERSUS IPO
More informationAccelerating the Economic Impact of Basic Research Lynne G. Zucker & Michael R. Darby, UCLA & NBER
Accelerating the Economic Impact of Basic Research Lynne G. Zucker & Michael R. Darby, UCLA & NBER Making the Best Use of Academic Knowledge in Innovation Systems, AAAS, Chicago IL, February 15, 2014 NIH
More informationLabor Mobility of Scientists, Technological Diffusion, and the Firm's Patenting Decision*
Labor Mobility of Scientists, Technological Diffusion, and the Firm's Patenting Decision* Jinyoung Kim University at Buffalo, State University of New York Gerald Marschke University at Albany, State University
More informationDo Local and International Venture Capitalists Play Well Together? A Study of International Venture Capital Investments
Do Local and International Venture Capitalists Play Well Together? A Study of International Venture Capital Investments Thomas J. Chemmanur* Tyler J. Hull** and Karthik Krishnan*** This Version: September
More informationPromoting Foreign Direct Investment in The United States. Christopher Clement International Investment Specialist Invest in America
Promoting Foreign Direct Investment in The United States Christopher Clement International Investment Specialist Invest in America FDI in the U.S. Economy 5.2 million $40 billion $55 billion $190 billion
More informationThe Impact of the Breadth of Patent Protection and the Japanese University Patents
The Impact of the Breadth of Patent Protection and the Japanese University Patents Kallaya Tantiyaswasdikul Abstract This paper explores the impact of the breadth of patent protection on the Japanese university
More informationInnovation in Entrepreneurial Firms and VC Exits
Innovation in Entrepreneurial Firms and VC Exits Susanne Espenlaub Arif Khurshed Haitong Li This draft: October, 2016 I study the impact of portfolio companies pre-exit innovation on VC exit choices by
More informationMobility of Inventors and Growth of Technology Clusters
Mobility of Inventors and Growth of Technology Clusters AT&T Symposium August 3-4 2006 M. Hosein Fallah, Ph.D. Jiang He Wesley J. Howe School of Technology Management Stevens Institute of Technology Hoboken,
More informationRoss School of Business at the University of Michigan Independent Study Project Report
Ross School of Business at the University of Michigan Independent Study Project Report TERM : Winter 1997 COURSE : FIN 750 PROFESSOR : Mary Campbell STUDENT : Timothy B. Petersen TITLE : Venture Capital
More informationInnovation Management Processes in SMEs: The New Zealand. Experience
Innovation Management Processes in SMEs: The New Zealand Experience Professor Delwyn N. Clark Waikato Management School, University of Waikato, Hamilton, New Zealand Email: dnclark@mngt.waikato.ac.nz Stream:
More information18 The Impact of Revisions of the Patent System on Innovation in the Pharmaceutical Industry (*)
18 The Impact of Revisions of the Patent System on Innovation in the Pharmaceutical Industry (*) Research Fellow: Kenta Kosaka In the pharmaceutical industry, the development of new drugs not only requires
More informationDo General Managerial Skills Spur Innovation? *
Do General Managerial Skills Spur Innovation? * Cláudia Custódio Arizona State University W. P. Carey School of Business claudia.custodio@asu.edu Miguel A. Ferreira Nova School of Business and Economics,
More informationIntellectual Property Ownership and Disposition Policy
Intellectual Property Ownership and Disposition Policy PURPOSE: To provide a policy governing the ownership of intellectual property and associated University employee responsibilities. I. INTRODUCTION
More informationINTERNATIONAL PRIVATE EQUITY
INTERNATIONAL PRIVATE EQUITY Eli Talmor and Florin Vasvari WILEY A John Wiley and Sons, Ltd, Publication Contents Preface Abbreviations About the authors xi xiii xv Part 1 Overview and fund-level analysis
More informationKKR & Co. Inc. Goldman Sachs U.S. Financial Services Conference December 4, 2018
KKR & Co. Inc. Goldman Sachs U.S. Financial Services Conference December 4, 2018 KKR Today Private Markets Public Markets Capital Markets Principal Activities $104bn AUM $91bn AUM Global Franchise $19bn
More informationVENTURE CAPITAL. Financing startup and emerging growth companies Long term/patient capital Equity financing High Risk/High Return Exits: M &A or IPO
VENTURE CAPITAL Financing startup and emerging growth companies Long term/patient capital Equity financing High Risk/High Return Exits: M &A or IPO TWO ENTITIES BlueTree Allied Angels Aggregates active
More informationEvaluating a Report of Invention & Licensing. Technology Development Boot Camp Peter Liao March 25, 2013
Evaluating a Report of Invention & Licensing Technology Development Boot Camp Peter Liao March 25, 2013 Technology Transfer at UNC Is. The process of forming partnerships with industry for the purpose
More informationGetting Started. This Lecture
Getting Started Entrepreneurship (MGT-271) Lecture 9-11 This Lecture Intellectual Property Rights Forms of intellectual property Patent, its types and steps to obtaining patent Potential financing sources
More informationInnovation and Collaboration Patterns between Research Establishments
RIETI Discussion Paper Series 15-E-049 Innovation and Collaboration Patterns between Research Establishments INOUE Hiroyasu University of Hyogo NAKAJIMA Kentaro Tohoku University SAITO Yukiko Umeno RIETI
More informationOIM Squared, Inc. - Patent Portfolio Report
OIM Squared, Inc. - Patent Portfolio Report This report is derived from third party sources. All Bidder Due Diligence shall be done in advance of the auction and shall be the sole responsibility of the
More informationInnovation, IP Choice, and Firm Performance
Innovation, IP Choice, and Firm Performance Bronwyn H. Hall University of Maastricht and UC Berkeley (based on joint work with Christian Helmers, Vania Sena, and the late Mark Rogers) UK IPO Study Looked
More informationThe Private Costs of Patent Litigation. James Bessen and Michael J. Meurer
The Private Costs of Patent Litigation James Bessen and Michael J. Meurer Benefits Policy: benefits & costs Social (welfare, R&D) Private (value of patents) Patentee costs Patent prosecution costs Post-issue
More informationGOVERNMENT AND THE PROMOTıON
GOVERNMENT AND THE PROMOTıON OF ENTREPRENEURSHıP AND VENTURE CAPıTAL Josh Lerner Harvard Business School Source: CBO AND ın EMERGıNG ECONOMıES DESPERATE NEED FOR GREEN SHOOTS BUT ENTREPRENEURSHıP GROWTH
More informationSupplementary Data for
Supplementary Data for Gender differences in obtaining and maintaining patent rights Kyle L. Jensen, Balázs Kovács, and Olav Sorenson This file includes: Materials and Methods Public Pair Patent application
More informationINNOVATION AND ECONOMIC GROWTH CASE STUDY CHINA AFTER THE WTO
INNOVATION AND ECONOMIC GROWTH CASE STUDY CHINA AFTER THE WTO Fatma Abdelkaoui (Ph.D. student) ABSTRACT Based on the definition of the economic development given by many economists, the economic development
More informationVENTURE CAPITAL INVESTING REACHES HIGHEST LEVEL SINCE Q WITH $13.0 BILLION INVESTED DURING Q2 2014, ACCORDING TO THE MONEYTREE REPORT
Contacts: Clare Chachere, PwC US, 512-867-8737, clare.chachere@us.pwc.com Jeffrey Davidson, Brainerd Communicators for PwC, 212-739-6733, davidson@braincomm.com Ben Veghte, NVCA, 703-778-9292, bveghte@nvca.org
More informationVenture capital - An introduction into the nature of venture capital
08-4-2000 Venture capital - An introduction into the nature of venture capital Boris Brosowski South Africa Table of contents: 1. INTRODUCTION... 3 2. THE NATURE OF VENTURE CAPITAL... 3 2.1. WHAT IS VENTURE
More informationTHE TOP 100 CITIES PRIMED FOR SMART CITY INNOVATION
THE TOP 100 CITIES PRIMED FOR SMART CITY INNOVATION Identifying U.S. Urban Mobility Leaders for Innovation Opportunities 6 March 2017 Prepared by The Top 100 Cities Primed for Smart City Innovation 1.
More informationSEMICONDUCTOR INDUSTRY ASSOCIATION FACTBOOK
Factbook 2014 SEMICONDUCTOR INDUSTRY ASSOCIATION FACTBOOK INTRODUCTION The data included in the 2014 SIA Factbook helps demonstrate the strength and promise of the U.S. semiconductor industry and why it
More informationRevisiting the USPTO Concordance Between the U.S. Patent Classification and the Standard Industrial Classification Systems
Revisiting the USPTO Concordance Between the U.S. Patent Classification and the Standard Industrial Classification Systems Jim Hirabayashi, U.S. Patent and Trademark Office The United States Patent and
More informationAre large firms withdrawing from investing in science?
Are large firms withdrawing from investing in science? By Ashish Arora, 1 Sharon Belenzon, and Andrea Patacconi 2 Basic research in science and engineering is a fundamental driver of technological and
More informationPatents An Introduction for Owners
Patents An Introduction for Owners Outline Review of Patents What is a Patent? Claims: The Most Important Part of a Patent! Getting a Patent Preparing Invention Disclosures Getting Inventorship Right Consolidating
More informationInnovation and collaboration patterns between research establishments
Grant-in-Aid for Scientific Research(S) Real Estate Markets, Financial Crisis, and Economic Growth : An Integrated Economic Approach Working Paper Series No.48 Innovation and collaboration patterns between
More informationInnovation and "Professor's Privilege"
Innovation and "Professor's Privilege" Andrew A. Toole US Patent and Trademark Office ZEW, Mannheim, Germany NNF Workshop: The Economic Impact of Public Research: Measurement and Mechanisms Copenhagen,
More informationTHE IMPLICATIONS OF THE KNOWLEDGE-BASED ECONOMY FOR FUTURE SCIENCE AND TECHNOLOGY POLICIES
General Distribution OCDE/GD(95)136 THE IMPLICATIONS OF THE KNOWLEDGE-BASED ECONOMY FOR FUTURE SCIENCE AND TECHNOLOGY POLICIES 26411 ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT Paris 1995 Document
More informationNational Innovation System of Mongolia
National Innovation System of Mongolia Academician Enkhtuvshin B. Mongolians are people with rich tradition of knowledge. When the Great Mongolian Empire was established in the heart of Asia, Chinggis
More informationMergers and Acquisitions/ Private Equity. Providing In-Depth Deal Coverage for Buyers, Sellers, and Investors. Attorney Advertising
Mergers and Acquisitions/ Private Equity Providing In-Depth Deal Coverage for Buyers, Sellers, and Investors Attorney Advertising In every transaction, business perspective informs our legal strategy.
More informationFIN 501. Part 2 of a PhD course taught at. Bergen, Norway December 17-20, 2007
TOPICS IN CORPORATE FINANCE FIN 501 Part 2 of a PhD course taught at THE NORWEGIAN SCHOOL OF ECONOMICS AND BUSINESS ADMINISTRATION Bergen, Norway December 17-20, 2007 B. ESPEN ECKBO Tuck Centennial Professor
More informationIntellectual Property
Tennessee Technological University Policy No. 732 Intellectual Property Effective Date: July 1January 1, 20198 Formatted: Highlight Formatted: Highlight Formatted: Highlight Policy No.: 732 Policy Name:
More informationThe Influence of Patent Rights on Academic Entrepreneurship
The Influence of Patent Rights on Academic Entrepreneurship Andrew A. Toole Economic Research Service, USDA Coauthors: Dirk Czarnitzki, KU Leuven & ZEW Mannheim Thorsten Doherr, ZEW Mannheim Katrin Hussinger,
More informationPatent Pools and Patent Inflation An empirical analysis of contemporary patent pools
Patent Pools and Patent Inflation An empirical analysis of contemporary patent pools Tim Pohlmann Justus Baron CERNA-MINES, ParisTech Patent Statistics For Decision Makers, Paris, 2012 Introduction Joint
More informationOECD Science, Technology and Industry Outlook 2008: Highlights
OECD Science, Technology and Industry Outlook 2008: Highlights Global dynamics in science, technology and innovation Investment in science, technology and innovation has benefited from strong economic
More informationSilicon Valley Venture Capital Survey Third Quarter 2017
fenwick & west Silicon Valley Venture Capital Survey Third Quarter 2017 Full Analysis Silicon Valley Venture Capital Survey Third Quarter 2017 fenwick & west Full Analysis Cynthia Clarfield Hess, Mark
More informationSilicon Valley Venture Capital Survey Fourth Quarter 2018
fenwick & west Silicon Valley Venture Capital Survey Fourth Quarter 2018 First Look Silicon Valley Venture Capital Survey Fourth Quarter 2018 fenwick & west First Look Cynthia Clarfield Hess, Mark Leahy
More informationTechnology and Industry Outlook Country Studies and Outlook Division (DSTI/CSO)
OECD Science, Technology and Industry Outlook 2012 Directorate for Science Technology and Industry Directorate for Science, Technology and Industry Country Studies and Outlook Division (DSTI/CSO) What
More informationCorporate Venture Capital, Value Creation, and Innovation
Corporate Venture Capital, Value Creation, and Innovation Thomas J. Chemmanur Carroll School of Management, Boston College Elena Loutskina Darden School of Business, University of Virginia Xuan Tian Kelley
More informationfrom Patent Reassignments
Technology Transfer and the Business Cycle: Evidence from Patent Reassignments Carlos J. Serrano University of Toronto and NBER June, 2007 Preliminary and Incomplete Abstract We propose a direct measure
More informationEffects of early patent disclosure on knowledge dissemination: evidence from the pre-grant publication system introduced in the United States
Effects of early patent disclosure on knowledge dissemination: evidence from the pre-grant publication system introduced in the United States July 2015 Yoshimi Okada Institute of Innovation Research, Hitotsubashi
More informationDouble Bottom Line Investing: An Introduction to the CDVC Approach
Double Bottom Line Investing: An Introduction to the CDVC Approach A training session presented by the Community Development Venture Capital Alliance Getting Started in CDVC: Fund Formation, Fundraising,
More information2 nd Quarter Earnings Conference Call
2 nd Quarter Earnings Conference Call KKR & Co. Inc. Investor Update July 26, 2018 Recent Milestones K-1 $ Converted to a Corporation on July 1, 2018 Investor Day held on July 9, 2018 2 Key Metrics Assets
More informationETLA ELINKEINOELÄMÄN TUTKIMUSLAITOS
ETLA ELINKEINOELÄMÄN TUTKIMUSLAITOS THE RESEARCH INSTITUTE OF THE FINNISH ECONOMY Lönnrotinkatu 4 B 00120 Helsinki Finland Tel. 358-9-609 900 Telefax 358-9-601 753 World Wide Web: http://www.etla.fi/ Keskusteluaiheita
More information4 th Quarter Earnings Conference Call
4 th Quarter Earnings Conference Call KKR & Co. Inc. Investor Update February 1, 2019 Key Metrics Assets Under Management Management Fees ($ in billions) ($ in millions) $195 $1,069 $168 $905 $100 $107
More informationTECHNOLOGY TRANSFER: Challenges, Opportunities and Successful Cases. Phan Quoc Nguyen
COUNTRY REPORT OF VIETNAM TECHNOLOGY TRANSFER: Challenges, Opportunities and Successful Cases Phan Quoc Nguyen VNU University of Engineering and Technology, Email:pqnguyen@vnu.edu.vn Hanoi, November 3
More informationTrends in Terms of Venture Financings In Silicon Valley (Second Quarter 2011)
Trends in Terms of Venture Financings In Silicon Valley (Second Quarter 2011) Background We analyzed the terms of venture financings for 117 companies headquartered in Silicon Valley that reported raising
More informationEQUITY STRUCTURES FOR HIGH GROWTH ENTREPRENEURIAL VENTURES
I. Introduction EQUITY STRUCTURES FOR HIGH GROWTH ENTREPRENEURIAL VENTURES Authored By Philip N. Krause Two categories of entrepreneurial ventures: Revenue Model Growth Model this is what we are discussing
More informationPatents and Intellectual Property
Patents and Intellectual Property Teaching materials to accompany: Product Design and Development Chapter 16 Karl T. Ulrich and Steven D. Eppinger 5th Edition, Irwin McGraw-Hill, 2012. Value of Intellectual
More information25 The Choice of Forms in Licensing Agreements: Case Study of the Petrochemical Industry
25 The Choice of Forms in Licensing Agreements: Case Study of the Petrochemical Industry Research Fellow: Tomoyuki Shimbo When a company enters a market, it is necessary to acquire manufacturing technology.
More informationMeasuring and benchmarking innovation performance
Measuring and benchmarking innovation performance Rainer Frietsch,, Karlsruhe, Germany Fraunhofer ISI Institute Systems and Innovation Research Structure of presentation Content 1. The NIS heuristic 2.
More informationThe effect of patent protection on the timing of alliance entry
The effect of patent protection on the timing of alliance entry Simon Wakeman Assistant Professor, European School of Management & Technology Email: wakeman@esmt.org. This paper analyzes how a start-up
More information4 th Quarter Earnings Conference Call
4 th Quarter Earnings Conference Call KKR & Co. L.P. Investor Update February 8, 2018 4Q17 Reflections Fundamentals Are Strong (Dollars in millions, except per unit amounts and unless otherwise stated)
More informationI. Financial Markets and the Corporation. Role of Financial Management. II. What is Financial Management? Financial Markets
I. Financial Markets and the Corporation Firm Capital $$$ Investors Financial Markets 1 Role of Financial Management II. What is Financial Management? CFO Financial Management is the study of ways to answer
More informationA Citation-Based Patent Evaluation Framework to Reveal Hidden Value and Enable Strategic Business Decisions
to Reveal Hidden Value and Enable Strategic Business Decisions The value of patents as competitive weapons and intelligence tools becomes most evident in the day-today transaction of business. Kevin G.
More informationAFTER NEARLY 3 YEARS OF STEADY GROWTH, U.S. VENTURE INVESTMENT PULLS BACK 7% IN 1 ST QUARTER TO $6.84 BILLION
FOR IMMEDIATE RELEASE For more information: Adam Wade Dow Jones Financial Information Services (415) 439-6666 adam.wade@dowjones.com AFTER NEARLY 3 YEARS OF STEADY GROWTH, U.S. VENTURE INVESTMENT PULLS
More informationGreen policies, clean technology spillovers and growth Antoine Dechezleprêtre London School of Economics
Green policies, clean technology spillovers and growth Antoine Dechezleprêtre London School of Economics Joint work with Ralf Martin & Myra Mohnen Green policies can boost productivity, spur growth and
More informationInvestor Presentation. November 2018
Investor Presentation November 2018 KKR Today Private Markets Public Markets Capital Markets Principal Activities $104bn AUM $91bn AUM Global Franchise $19bn of Assets $81bn Private Equity, Growth Equity
More information2013 venture capital trends summary
213 venture capital trends summary Prepared by: Hitesh Kothari, Director, McGladrey LLP hitesh.kothari@mcgladrey.com August 213 Fundraising by venture capital funds In the first half of 213, 88 venture
More information