EDUCATION EMPLOYMENT PUBLICATIONS. Articles in refereed journals. Andrew A. Toole, August 2009

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1 EDUCATION ANDREW A. TOOLE Department of Agricultural, Food and Resource Economics School of Environmental and Biological Sciences Rutgers University Cook Office Building, 55 Dudley Road New Brunswick, NJ Phone: (732) x toole@aesop.rutgers.edu Michigan State University, East Lansing, MI. Ph.D. in Economics, May M.A. in Economics, May Thesis: "The Role and Contribution of Federally Funded Basic Research to Pharmaceutical Innovation" Advisors: John H. Goddeeris (chair), Jeffrey M. Wooldridge, Wallace P. Mullin Kalamazoo College, Kalamazoo, MI. B.A. in Economics and Business Administration, June Honorable Mention for research on IMF Conditionality. EMPLOYMENT Rutgers University, (September 2003 to present). Assistant Professor of Economics. Primary teaching responsibilities are principles of microeconomics, innovation & entrepreneurship, and master s level graduate econometrics. Illinois State University, (September 2001 to July 2003). Assistant Professor of Economics. Primary teaching responsibilities were undergraduate statistics and master s level graduate econometrics. Stanford University, (June 1998 to August 2001). Research Associate. Primary responsibilities were administrative such as grant writing and conference organization for the Center on Employment and Economic Growth, Stanford Institute for Economic Policy Research. Laurits R. Christensen Associates, (May 1996 to May 1998). Senior Economist. Primarily worked on productivity analyses for government and industry. Projects included econometric modeling and measurement of total factor productivity, cost analyses and statistical benchmarking. PUBLICATIONS Articles in refereed journals 1. Czarnitzki, D., & Toole, A. A. (2009). Patent protection, market uncertainty, and R&D investment, Review of Economics and Statistics, forthcoming. 2. Czarnitzki, D., & Toole A. A. (2009). Is there a trade-off between academic research and faculty entrepreneurship? Evidence from U.S. NIH supported biomedical researchers, Economics of Innovation and New Technology, forthcoming. 3. Toole, A. A., & Czarnitzki, D. (2009). Exploring the relationship between scientist human capital and firm performance: The case of biomedical academic entrepreneurs in the SBIR program. Management Science, 55(1),

2 4. Toole, A. A., & Turvey, C. (2009). How does initial public financing influence private incentives for follow-on investment in early-stage technologies? Journal of Technology Transfer, 34(1), Czarnitzki, D., & Toole, A. A. (2007). Business R&D and the interplay of R&D subsidies and market uncertainty. Review of Industrial Organization, 31 (3), Toole, A. A., & Czarnitzki, D. (2007). Biomedical academic entrepreneurship through the SBIR program. Journal of Economic Behavior & Organization, 63 (4), Toole, A. A. (2007). Does public scientific research complement private investment in research and development in the pharmaceutical industry? Journal of Law & Economics, 50 (1), David, P. A., Hall, B. H., & Toole, A. A. (2000). Is public R&D a complement or substitute for private R&D? A review of the econometric evidence. Research Policy, 29 (4-5), Completed Working Papers 9. Toole, A. A. The endogeneity of opportunities in regional entrepreneurship. Submitted. 10. Toole, A. A. The impact of public basic research on industrial innovation: Evidence from the pharmaceutical industry. Submitted. 11. Toole, A. A., & Czarnitzki, D. Commercializing Science: Is there a University Brain Drain from Academic Entrepreneurship? Revise and resubmit decision from Management Science. 12. Czarnitzki, D., & Toole, A. A. The R&D Investment-Uncertainty Relationship: Do Competition and Firm Size Matter. Submitted. 13. Toole, A. A., & Czarnitzki, D. Exploring the decision to commercialize science: A comparison of biomedical entrepreneurs in the SBIR program with their NIH research peers. 14. Turvey, C., Toole, A. A., & Kropp, J. An Empirical Examination of the Relationship between Real Options and the Rate of Investment. Working papers under preparation or revision 15. Toole, A. A., & Ege, M. Does the SBIR program stimulate growth? Firm-level evidence on the NIH program. 16. Czarnitzki, D., Kraft, K., & Toole, A. A. Investment under uncertainty about market demand and rivalry: Firm-level survey evidence. 17. Czarnitzki, D., Rammer, C., & Toole, A. A. Do academic founders facilitate university technology alliances? 18. Toole, A. A., & Kirkman, D. Venture capital backed firms seeking public subsidies: How do they impact the allocation of SBIR awards. 19. Toole, A. A., & Gao, C. Why do R&D projects fail? Survey evidence from the SBIR program. Book Chapters 20. Czarnitzki, D., & Toole, A. A. (2008). R&D Investment under Uncertainty: The Role of R&D Subsidies and Patent Policy. In D. Foray (Ed.), The Economics of Technology Policy, Lausanne: EPFL Press, forthcoming. 2

3 21. Toole, A. A. (2007). Case Study: JP Laboratories. In C. W. Wessner (Ed.), An Assessment of the Small Business Innovation Research Program at the National Institutes of Health, Washington DC: National Academies Press, Toole, A. A. (2007). Case Study: Nanoprobes. In C. W. Wessner (Ed.), An Assessment of the Small Business Innovation Research Program at the National Institutes of Health, Washington DC: National Academies Press, Toole, A. A. (2007). Case Study: OSI Pharmaceuticals, Inc. In C. W. Wessner (Ed.), An Assessment of the Small Business Innovation Research Program at the National Institutes of Health, Washington DC: National Academies Press, Toole, A. A. (2007). Case Study: Vectramed. In C. W. Wessner (Ed.), An Assessment of the Small Business Innovation Research Program at the National Institutes of Health, Washington DC: National Academies Press, Toole, A. A., & Naseem, A. (2004). Leveraging public investments with private sector partnerships: A review of the economics literature. In M. McGeary and K. E. Hanna (Eds.), Strategies to Leverage Research Funding: Guiding DOD s Peer Reviewed Medical Research Programs (pp ). Washington, DC: The National Academies Press. 26. Toole, A. A. (2003). Understanding entrepreneurship in U.S. biotechnology: Characteristics, facilitating factors, and policy challenges. In D. H. Hart (Ed.), The Emergence of Entrepreneurship Policy: Governance, Start-Ups, and Growth in the Knowledge Economy, Cambridge UK: Cambridge University Press. Non-refereed publications 27. Toole, A. A. (2008). Book Review: The economics of competition: The race for monopoly. Journal of Asian Economics, forthcoming. 28. Toole, A. A. (2005). Book Review: Foreign Firms, Technological Capabilities and Economic Performance: Evidence from Africa, Asia, and Latin America, Journal of Asian Economics, 16 (5), Toole, A. A. (2005). The evolving US pharmaceutical research enterprise. Economic Realities in Health Care Policy, 4 (1), RESEARCH GRANTS 1. Entrepreneurial Finance Data Resource, supported by Ewing Marion Kauffman Foundation, (February 2008 January 2009), Amount $19, The Impact of Public Life Science Research Investments on Firm-level Performance, Internal Hatch Awards Program, NJ Agricultural Experiment Station, (January 2008 June 2008), Amount $5, Examining the Dark Side of Academic Entrepreneurship Policy: Is the SBIR Program inducing a University Brain Drain? supported by the National Bureau of Economic Research, Innovation Policy and the Economy Group, (July 2006 June 2007), Amount $20, Biomedical Academic Entrepreneurship: How do individual characteristics influence commercialization and success in the SBIR program? supported by Ewing Marion Kauffman Foundation, (September 2005 December 2005), Amount $26,095. 3

4 5. Is public funding of scientific research worthwhile? An estimate of the return to basic biomedical research funded by the U.S. National Institutes of Health, supported by a New Faculty Initiative Grant, Illinois State University, (July 2002 August 2002), Amount $2, The determinants of regional innovation: An analysis of the U.S. bio-pharmaceutical industry, supported by the U.S. Small Business Administration, Office of Advocacy, (February 2002 June 2003), Grant number SBAHQ-00-M-0575, Amount $10, Does publicly funded science stimulate private R&D investment? The case of pharmaceuticals, supported by Pfizer, Inc., Division of Strategic Planning and Policy, (November 2001 November 2002), Amount $21,675. FIELDS OF TEACHING AND RESEARCH INTEREST Economics of Science, Technology & Growth Entrepreneurship Management & Strategy Industrial Organization Applied Econometrics Health Economics RUTGERS TEACHING EXPERIENCE Economics 121, Principles and Applications of Microeconomics. This is an introductory undergraduate microeconomics course. The course covers basic principles including opportunity cost, marginal analysis, gains from trade, efficiency, and equilibrium. The emphasis is placed on applying microeconomic models to real world problems using current events and news articles. Economics 495, Innovation & Entrepreneurship. I created a new course focusing on the context and characteristics of the entrepreneurial manager. Student entrepreneurial teams learn the process of starting a new business from concept to exit. Student company teams develop business plans and pitch presentations for their companies. Economics 506 & 511, Applied Econometrics. I created a new two semester course sequence in econometrics at the Master s level. It focuses on the theory and use of Ordinary Least Squares and Maximum Likelihood methods for estimating time series, panel data, and limited dependent variable models. These courses require students to apply the methods learned using STATA software. INVITED PRESENTATIONS 1. Toole, A. A. The Economic and Workforce Impact of Research Funding: NIH, NAS/NAE/IOM Committee on Science, Engineering, and Public Policy, U.S. National Academies, Washington DC, May Toole, A. A. Assessing the Benefits of ARS R&D: How do we move forward? Workshop on assessing the benefits of USDA Agriculture Research Service R&D within an economic framework, Economic Research Service, USDA, Washington DC, March Toole, A. A., & Czarnitzki, D. Commercializing Science: Is there a University Brain Drain from Academic Entrepreneurship? KUL/ZEW Workshop on Innovation, Mannheim, Germany, December (Discussant) Schneider, C. Mixed R&D Incentives: The effect of R&D subsidies on patented inventions, KUL/ZEW Workshop on Innovation, Mannheim, Germany, December

5 5. Toole, A. A., & Czarnitzki, D. Commercializing Science: Is there a University Brain Drain from Academic Entrepreneurship? Vassar College Economics, Poughkeepsie, NY, November Toole, A. A., & Czarnitzki, D. Exploring the relationship between scientist human capital and firm performance: The case of biomedical academic entrepreneurs in the SBIR Program, Rutgers Business School, Newark, NJ, May Czarnitzki, D., & Toole, A. A. Patent Protection, market uncertainty, and R&D Investment, University of California, Berkeley, Berkeley, CA, March Toole, A. A., & Czarnitzki, D. Biomedical academic entrepreneurship through the SBIR program, Lehigh University, Bethlehem, PA, February (Visiting Scholar) Toole, A. A. Does public scientific research complement private investment in research and development in the pharmaceutical industry? Catholic University of Leuven, Leuven, Belgium, July-August Toole, A. A. Does public scientific research complement private investment in research and development in the pharmaceutical industry? Center for European Economic Research (ZEW), Mannheim Germany, July Toole, A. A., & Czarnitzki, D. Biomedical academic entrepreneurship through the SBIR program, Economic Research Service, USDA, Washington DC, April Toole, A. A., & Czarnitzki, D. Biomedical academic entrepreneurship through the SBIR program, National Bureau of Economic Research, Academic Science and Entrepreneurship Conference, Santa Fe, MN, April Toole, A. A. Do venture capital and public biomedical R&D stimulate the formation of new biotechnology firms? A regional analysis of California, Drexel University, November Toole, A. A., & Czarnitzki, D. Biomedical academic entrepreneurship through the SBIR program, National Bureau of Economic Research, Academic Science and Entrepreneurship Pre-conf., July Toole, A. A. Dollars and sense: an economist s view of pharmaceutical pricing, 53 rd Annual Bowers Rutgers Pharmaceutical Conference, Mario Gross School of Pharmacy, Rutgers University, June (Visiting Scholar) Toole, A. A. Do venture capital and public biomedical R&D stimulate the formation of new biotechnology firms? A regional analysis of California, Center for European Economic Research (ZEW), Mannheim, Germany, June Toole, A. A. Attracting Private Investment into DOD s CDMRP, Institute of Medicine, National Academies of Sciences, Washington, DC, May Toole, A. A. Are Public and Private Biomedical Investments Complementary? Public and Private Funding in the Quest for New Cures, Roundtable Participant, Pfizer Journal, October (Visiting Scholar) Toole, A. A. Do venture capital and public biomedical R&D stimulate the formation of new biotechnology firms? A regional analysis of California, Federal Reserve Bank of Chicago, August (Discussant) Agrawal, A., & Cockburn, I. University research, technology collaboration, and the anchor tenant hypothesis, National Bureau of Economic Research Summer Institute, July

6 21. Toole, A. A. The Impact of Public Basic Research on Industrial Innovation: Evidence from the Pharmaceutical Industry, American Statistical Association, Central Illinois Chapter, November Toole, A. A. Do venture capital and public biomedical R&D stimulate the formation of new biotechnology firms? A regional analysis of California, Kennedy School of Government, Harvard University, May Toole, A. A. The Impact of Public Basic Research on Industrial Innovation: Evidence from the Pharmaceutical Industry, UCLA School of Public Health, May Toole, A. A. The Impact of Public Basic Research on Industrial Innovation: Evidence from the Pharmaceutical Industry, Workshop in Biostatistics, Department of Health, Research, and Policy, Stanford University, January Toole, A. A. The Impact of Public Basic Research on Industrial Innovation: Evidence from the Pharmaceutical Industry, University of Arizona, September Toole, A. A. The Impact of Public Basic Research on Industrial Innovation: Evidence from the Pharmaceutical Industry, National Bureau of Economic Research, Science & Technology Policy Meeting, July Toole, A. A. The Impact of Public Basic Research on Industrial Innovation: Evidence from the Pharmaceutical Industry, National Institutes of Health, Policy Seminar, June REFEREED CONFERENCE PRESENTATIONS 28. (Discussant) Yiengprugsawan, V. Measuring and decomposing health inequalities in reported diseases: An application to Thailand, 2 nd Biennial Conference of the American Society of Health Economists, Durham, NC, June (Discussant) Rizzo, J. Who pays for health quality? 2 nd Biennial Conference of the American Society of Health Economists, Durham, NC, June Czarnitzki, D., & Toole, A. A. Patent Protection, market uncertainty, and R&D Investment, 3 rd ZEW Conference on the Economics of Innovation and Patenting, Mannheim, Germany, June (Discussant) Toivanen, O., & Vaananen, L. Returns to Inventors, 3 rd ZEW Conference on the Economics of Innovation and Patenting, Mannheim, Germany, June Toole, A. A., & Czarnitzki, E. Commercializing Science: Is there a University Brain Drain from Academic Entrepreneurship? 6 th Annual International Industrial Organization Conference, Arlington, VA, May (Discussant) Chadha, A., & Ying, Z. TRIPS, innovation and survival of Indian pharmaceutical firms, 6 th Annual International Industrial Organization Conference, Arlington, VA, May (Discussant) Aschhoff, A., & Sofka, W. Innovation on demand Can public procurement drive market success, 6 th Annual International Industrial Organization Conf., Arlington, VA, May (Discussant) Yasar, A., & Morrison-Paul, C. J. Firm performance and knowledge spillovers, 6 th Annual International Industrial Organization Conference, Arlington, VA, May Toole, A. A. The Impact of Public Basic Research on Industrial Innovation: Evidence from the Pharmaceutical Industry, 6 th Annual International Industrial Organization Conference, Arlington, VA, 6

7 May Toole, A. A., & Czarnitzki, D. Exploring the relationship between scientist human capital and firm performance: The case of biomedical academic entrepreneurs in the SBIR Program, Technology Transfer Society Annual Meeting, Desert Springs, CA, October (Discussant) Piva, M., & Vivarelli, M. Corporate skills as an ex-ant incentive to R&D investment, 5 th Annual International Industrial Organization Conference, Savannah, GA, April Toole, A. A., & Czarnitzki, D. Exploring the relationship between scientist human capital and firm performance: The case of biomedical academic entrepreneurs in the SBIR Program, 5 th Annual International Industrial Organization Conference, Savannah, GA, April Toole, A. A., & Czarnitzki, D. Exploring the relationship between scientist human capital and firm performance: The case of biomedical academic entrepreneurs in the SBIR Program, Wharton Technology Conference, University of Pennsylvania, Philadelphia, April Toole, A. A., & Czarnitzki, D. Exploring the relationship between scientist human capital and firm performance: The case of biomedical academic entrepreneurs in the SBIR Program, Technology Transfer Society Annual Meeting, Atlanta, GA, September Toole, A. A., & Czarnitzki, D. Exploring the decision to commercialize science: A comparison of biomedical entrepreneurs in the SBIR program with their research peers, Technology Transfer Society Annual Meeting, Kansas City, MO, September Toole, A. A., & Czarnitzki, D. Biomedical academic entrepreneurship through the SBIR program, 2 nd ZEW Conference on the Economics of Innovation and Patenting, Mannheim, Germany, September Toole, A. A., & Turvey, C. The relationship between public and private investment in early-stage biotechnology firms: Is there a certification effect? 9 th International Conference on Agricultural Biotechnology Research, Ravello, Italy, July Toole, A. A., & Czarnitzki, D. Biomedical academic entrepreneurship through the SBIR program, 3 rd Annual International Industrial Organization Conference, Atlanta, GA, April (Discussant) Marco, A. C. Complementarities, spill-overs, and enforceability in mergers: An empirical investigation using patent data, 3 rd Annual International Industrial Organization Conference, Atlanta, GA, April (Discussant) Gregory, R. P. Time-varying risk premia in American depository receipt returns, 3 rd Global Conference on Economics and Business, Amsterdam, The Netherlands, July Toole, A. A. Do venture capital and public biomedical R&D stimulate the formation of new biotechnology firms? A regional analysis of California, 3 rd Global Conference on Economics and Business, Amsterdam, The Netherlands, July (Discussant) Reiffen, D., & Ward, M. Duplication of public goods: Some evidence on the potential efficiencies from the proposed Echostar/DirectTV merger, 4 th ZEW Conference on the Economics of Information and Communication Technologies, July Toole, A. A. Does public scientific research complement private investment in research and development in the pharmaceutical industry? Econometric Society Summer Meeting, Kellogg Graduate School of Management, Northwestern University, June

8 51. Toole, A. A. Does public scientific research complement private investment in research and development in the pharmaceutical industry? Evaluation of Government Funded R&D Activities, Joanneum Research, Vienna, Austria, May Toole, A. A. Does public scientific research complement private investment in research and development in the pharmaceutical industry? Midwest Economics Association Meetings, March Toole, A. A. The Impact of Public Basic Research on Industrial Innovation: Evidence from the Pharmaceutical Industry, International Health Economics Conference, York University, July Toole, A. A. Do venture capital and public biomedical R&D stimulate the formation of new biotechnology firms? A regional analysis of California, American Economic Association Annual Meeting (ASSA), January Toole, A. A. The Impact of Public Basic Research on Industrial Innovation: Evidence from the Pharmaceutical Industry, American Economic Association Annual Meeting (ASSA), January Toole, A. A. The Impact of Public Basic Research on Industrial Innovation: Evidence from the Pharmaceutical Industry, Western Economics Association International, 74 th Annual Meeting, July Toole, A. A. The Impact of Public Basic Research on Industrial Innovation: Evidence from the Pharmaceutical Industry, Econometric Society, North American Summer Meeting, June Toole, A. A. The Impact of Public Basic Research on Industrial Innovation: Evidence from the Pharmaceutical Industry, National Bureau of Economic Research, Universities Research Conference, May PROFESSIONAL & SERVICE ACTIVITIES Organized (and accepted) Conference Sessions ASSA 2000, Public-Private Biomedical Research and the Pharmaceutical Industry ASSA 2001, Silicon Valley and its Imitators Journal Refereeing Journal of Applied Econometrics Management Science European Economic Review Economic Journal Research Policy Journal of Economics and Management Strategy Journal of Business Venturing Journal of Technology Transfer Economics of Innovation and New Technology Journal of Technology, Policy and Management International Journal of Technology and Globalization Science and Public Policy Review of Agricultural Economics Contemporary Economic Policy US Dept. of Agriculture SBIR program US National Academies of Science 8

9 University Service Co-organizer: Rutgers Center for Innovation Studies (Fall 2007 present) Co-organizer: Department of Agriculture, Food and Resource Economics seminar series (Fall 2005 present) Committee Member: Department of Agriculture, Food and Resource Economics Undergraduate Committee (Fall 2003 present) Committee Member: Cook College Finance Committee (Fall 2005 & Spring 2006) Committee Member: Numerous Masters Theses and one Doctoral Thesis Faculty Advisor: Environmental Business Economics Club (Fall 2003 Fall 2009) Faculty Advisor: Theta Chi Fraternity (Fall 2003 present) PROFESSIONAL AFFILIATIONS The Center for European Economic Research (ZEW). (June 2008-present). Dr. Toole is a Visiting Research Professor for the Industrial Economics Group at ZEW, Mannheim, Germany. The National Academies, National Research Council (NRC). (July 2005-present). Dr. Toole is a member of the NRC research team focusing on the evaluation of the U.S. Small Business Innovation Research Program. Blanche and Irwin Lerner Center for Pharmaceutical Management Studies, Rutgers Business School, Newark, NJ. (September 2007 present). Dr. Toole is a Faculty Fellow. National Bureau of Economic Research (NBER). (April present). Dr. Toole is a member of the Entrepreneurship Working Group. The Pharmaceutical Economics and Policy Council (PEPC). (January 2002-present). Dr. Toole participates in an academic-industry group examining issues relevant to the pharmaceutical industry. Society Memberships: American Economics Association (AEA), American Society of Health Economists (ASHE), International Health Economics Association (ihea), United Kingdom Royal Economic Society (RES), National Association of Business Economists (NABE) 9