Journal articleOrganization Science · September 2026
Estimating the private value of patents is important, yet challenging. By developing a method based on stock market returns to produce estimates of individual patent values, Kogan et al. [Kogan L, Papanikolaou D, Seru A, Stoffman N (2017) Technolog ...
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Journal articleManagement Science · July 16, 2026
We study how three components of university science—university publications, PhD graduates, and university patents—influence both upstream and downstream innovation in U.S. publicly traded firms that conduct R&D. To measure the relevance of uni ...
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Journal articleEconomics of Innovation and New Technology · January 1, 2026
We study how a firm's inventive capability conditions its participation in a division of innovative labor. Using a survey of US manufacturing firms, and treating inventive capability as unobserved, we estimate a finite-mixture model guided by simple theory ...
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Journal articleIndustrial and Corporate Change · December 1, 2025
In this paper, we focus on lack of translational research as a potential explanation for the recent slowdown in productivity growth, as opposed to a slowdown in science or the decline in the novelty of science. We provide evidence that the translation of s ...
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Journal articleOrganization Science · July 1, 2025
It is widely believed that university and corporate research are complementary: companies invest in research in part to develop the capacity to absorb the knowledge emerging from universities. However, as we show in this paper, corporate research in the Un ...
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Journal articleAcademy of Management Annual Meeting Proceedings · January 1, 2025
We develop a simple model to show that markets with fewer, larger experimenters generate more diverse approaches to experimentation. We test the predictions of our model in data on pharmaceutical R&D data. Our results suggest that a one-unit increase in av ...
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Journal articleJournal of Law Economics and Organization · November 1, 2024
We estimate the effect of patent protection on follow-on investments in corporate scientific research. We exploit a new method for identifying an exogenous reduction in the protection a granted patent provides. Using data on public, research-active firms b ...
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Journal articleResearch Policy · April 1, 2024
We argue that innovations that involve both upstream (technological) and downstream (commercialization) challenges are disadvantaged in a startup-based innovation system where startups develop inventions, while incumbents acquire startups. We propose an an ...
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Journal articleResearch Policy · November 1, 2023
Technical progress increasingly relies on the use of scientific knowledge. But if much of this knowledge is in the public domain, can it be a source of private value? We find that average private returns to using public science are small, especially in cro ...
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Journal articleResearch Policy · January 1, 2023
Do large firms produce more valuable inventions, and if so, why? After confirming that large firms indeed produce more valuable inventions, we consider two possible sources: a superior ability to invent, or a superior ability to extract value from their in ...
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Journal articleManagement Science · October 1, 2022
Well-functioning markets for technology (MFT) allow inventors to sell their inventions to others that may derive more value from them. We argue that the growing use of science in inventions enhances MFT. Science-based inventions have higher gains from trad ...
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Journal articleResearch Policy · June 1, 2021
This paper describes the methodology used to construct a new sample of patents matched to Compustat firms for the period 1980–2015. We compare our data to existing NBER data sets and underscore several methodological improvements, including dynamic matchin ...
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Journal articleManagement Science · March 1, 2021
Most technology startups are set up for exit through acquisition by large corporations. In choosing when to sell, startups face a trade-off. Early acquisition reduces execution errors, but later acquisition both improves the likelihood of finding a better ...
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Journal articleAmerican Economic Review · March 1, 2021
Using data on 800,000 corporate publications and patent citations to these publications between 1980 and 2015, we study how corporate investment in research is linked to its use in the firm’s inventions, and to spillovers to rivals. We find that private re ...
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Journal article · January 1, 2020
A defining feature of modern economic growth is the systematic application of science to advance technology. However, despite sustained progress in scientific knowledge, recent productivity growth in the United States has been disappointing. We review majo ...
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Journal articleIndustrial and Corporate Change · April 1, 2019
This article reviews evidence on the changing structure of the US innovation ecosystem and then develops a simple model of the rise and fall of the large corporate lab. We suggest that the growth of American universities allowed at first the formation of l ...
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Journal articleStrategic Management Journal · January 1, 2018
Research summary: In this article, we document a shift away from science by large corporations between 1980 and 2006. We find that publications by company scientists have declined over time in a range of industries. We also find that the value attributable ...
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Journal articleResearch Policy · September 1, 2016
We revisit the "paradox of openness" in the literature which consists of two conflicting views on the link between patenting and open innovation - the spillover prevention and the organizational openness views. We use the data from the Survey of Innovation ...
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Journal articleStrategic Management Journal · January 1, 2016
This special issue is devoted to exploring new methods for addressing questions in strategic management. This introduction synthesizes the collective contribution of the articles for strategy research. The articles draw on methods from other fields, extend ...
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Journal articleIndustrial and Corporate Change · August 1, 2015
This article develops a model that shows how firm size-that most important firm-level correlate of R&D-moderates the impact of demand- and supply-side government policies that support R&D. The most robust result is that government support to product R&D wi ...
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Journal articleStrategic Management Journal · March 1, 2014
We bridge current streams of innovation research to explore the interplay between R&D, external knowledge, and organizational structure - three elements of a firm's innovation strategy, which we argue should logically be studied together. Using within-firm ...
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Journal articleReview of Economics and Statistics · October 28, 2013
This paper documents a systematic shift in the nature of innovation in information technology (IT) toward increasing dependence on software. Using a broad panel of U.S. and Japanese publicly listed IT firms in the period 1983 to 2004, we show that this cha ...
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Journal articleManagement Science · May 1, 2013
Technology licensing is an important means for companies to extract more value from their intellectual assets. We build a model that helps understand how licensing activity should be organized within large corporations. More specifically, we compare decent ...
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Journal articleStrategic Management Journal · March 1, 2012
We study how the impact of capabilities for performance is contingent upon the environment. Using a novel dataset of information security start-ups, we study how markets for technology change the relative impact of technology and marketing capabilities on ...
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Journal articleManagement Science · October 1, 2011
We analyze how entrepreneurial opportunity cost conditions performance. Departing from the common practice of using survival as a measure of entrepreneurial performance, we model both failure and cashout (liquidity event) as conditioned by the same underly ...
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Journal articleInformation Economics and Policy · July 1, 2010
This paper measures complementarity between two information technology adoption decisions. Assembling establishment-level data of software usage, we develop a discrete-choice model where establishments choose whether to adopt Internet Protocol-based LAN op ...
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Journal articleInformation Economics and Policy · May 1, 2010
We empirically estimate the effect of competition on vendor patching of software defects by exploiting variation in number of vendors that share a common flaw or common vulnerabilities. We distinguish between two effects: the direct competition effect when ...
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Journal articleIndustrial and Corporate Change · April 15, 2010
This article surveys some of the recent literature on technology markets, and summarizes its main issues and insights. We structure our analysis in three parts: the supply and demand of technology; the factors that condition the formation and growth of tec ...
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Journal articleInformation Systems Research · January 1, 2010
Akey aspect of better and more secure software is timely patch release by software vendors for the vulnerabilities in their products. Software vulnerability disclosure, which refers to the publication of vulnerability information, has generated intense deb ...
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Journal articleManagement Science · October 1, 2009
This paper compares the innovation performance of established pharmaceutical firms and biotech companies, controlling for differences in the scale and scope of research. We develop a structural model to analyze more than 3,000 drug research and development ...
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Journal articleCommunications of the ACM · February 1, 2009
Some of the significant factors associated with software innovation and the globalization of the industry are discussed. Researchers are investigating the way a software will be developed and introduced in the market. It is expected that software can be de ...
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Journal articleIndustrial and Corporate Change · January 1, 2009
In the age of outsourcing, it is easy to forget that outsourcing is simply one manifestation of the division of labor. Adam Smith's dictum that the division of labor is limited by the extent of the market has created difficulties when applied to a division ...
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Journal articleInternational Journal of Industrial Organization · September 1, 2008
We analyze the effect of patenting on R&D with a model linking a firm's R&D effort with its decision to patent, recognizing that R&D and patenting affect one another and are both driven by many of the same factors. Using survey data for the U.S. manufactur ...
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Journal articleManagement Science · April 1, 2008
Software vulnerabilities represent a serious threat to cybersecurity, most cyberattacks exploit known vulnerabilities. Unfortunately, there is no agreed-upon policy for their disclosure. Disclosure policy (which sets a protected period given to a vendor to ...
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Journal article · September 1, 2007
This chapter summarizes what is common and what is not in the experiences of the individual countries studied. It develops an interpretive framework for understanding the growth of the software industry in these countries, and attempts to distill the lesso ...
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Journal articleJournal of Industrial Economics · September 1, 2007
We develop a model of industry evolution in which firms choose proprietary standards (closed firm) or adopt a common standard (open firm). A closed entrant can capture multiple profits whereas an open entrant faces lower entry barriers: The odds of closed ...
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Journal articleJournal of Management Information Systems · September 1, 2007
We examine the question of which services are tradable within a concrete setting: the outsourcing of information technology (IT) services across a broad cross-section of establishments in the United States. If markets for IT services are local, then we sho ...
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Journal articleManagement Science · August 1, 2007
Geographically dispersed sellers in electronic reverse marketplaces such as those hosted by market-makers like Ariba are uncertain about the number of competitors they face in any given market session. We refer to this uncertainty about the number of compe ...
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Journal articleInformation Systems Frontiers · December 1, 2006
Research in information security, risk management and investment has grown in importance over the last few years. However, without reliable estimates on attack probabilities, risk management is difficult to do in practice. Using a novel data set, we provid ...
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Journal articleManagement Science · March 1, 2006
We present a model of fixing or patching a software problem after the product has been released in the market. Specifically, we model a software firm's trade-off in releasing a buggy product early and investments in fixing it later. Just as the marginal co ...
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Journal articleEMJ Engineering Management Journal · March 1, 2006
This article contributes to more sustainable management of risk by describing frameworks for (1) valuation of avoided risks and (2) improving outsourced information security services. These contributions address the absence of a structure for rewarding suc ...
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Journal articleManagement Science · February 1, 2006
This paper analyzes the relationship between technology licensing and the effectiveness of patent protection. Using the 1994 Carnegie Mellon survey on industrial research and development (R&D) in the United States, we develop and test a simple structural m ...
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Journal articleManagement Science · July 1, 2005
Diagnostic information allows an agent to predict the state of nature about the success of an investment project better than the prior. We analyze the optimal pricing scheme for selling diagnostic information to buyers with different, privately known, ex a ...
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Journal articleIEEE Security and Privacy · January 1, 2005
A theoritical framework identifying the key data elements which needs to develop a sensible way of handling vulnerability is discussed. Two data sets to identify the vendor response to attack data fom honeypot is also presented. Bugtraq contains details of ...
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Journal articleProceedings Fron the Fifth Annual IEEE System Man and Cybernetics Information Assurance Workshop Smc · December 1, 2004
The outsourcing of information assurance (IA) at the Navy Marine Corps Intranet (NMCI) is discussed. A model is proposed to motivate outsourcer for better performance using service level agreements (SLA) and incentives as tools. The model uses an iterative ...
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Journal articleIT Professional · November 1, 2004
A risk management approach that integrates risk profile with actual damages and implementation costs to determine the costs and benefits of information security solutions, is discussed. Two crucial concepts of the approach, incident types and bypass rates, ...
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Journal articleIndustrial and Corporate Change · January 1, 2004
The proper specification of intellectual property rights (IPRs) is a delicate and controversial matter. In this paper, we consider one specialized context in which IPRs can add to efficiency. We build on contributions of both 'firm capabilities' scholars ( ...
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Journal articleJournal of Economic Behavior and Organization · October 1, 2003
In technology-based industries, incumbent firms often license their technology to potential competitors. Such a strategy is difficult to explain within traditional models of licensing. This paper extends the literature on licensing by relaxing the assumpti ...
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Journal articleInformation Economics and Policy · June 1, 2002
This paper assesses the contribution of software to India's economic development, paying particular attention to the role of software in the absorption of labour and the development of human capital in the economy. The success of the software industry has ...
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Journal articleInternational Social Science Journal · January 1, 2002
Although market transactions for technologies, ideas, knowledge, or information are limited by several imperfections, there is increasing evidence that they have become more common than in the past. In this paper we argue that these markets change the trad ...
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Journal articleResearch Policy · October 1, 2001
The Indian software exports have grown in spectacular fashion. Its success has, for the most part, been a combination of resource endowments, a mixture of benign neglect and active encouragement from a normally intrusive government, and good timing. The bu ...
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Journal articleJournal of Development Economics · June 1, 2001
In this paper we study how the development of specialized upstream technology suppliers in leading countries improves technology access and lowers investment costs for downstream firms in follower countries. We test this idea using a novel database coverin ...
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Journal articleIndustrial and Corporate Change · January 1, 2001
Although market transactions for technologies, ideas, knowledge or information are limited by several well-known imperfections, there is evidence that they have become more common than in the past. In this paper we analyze how the presence of markets for t ...
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Journal articleEconomic Inquiry · January 1, 2000
We examine HMO participation and enrollment in the Medicare risk market for the years 1990 to 1995. We develop a profit-maximization model of HMO behavior, which explicitly considers potential linkages between an HMO's production decision in the commercial ...
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Journal articleJournal of International Business Studies · January 1, 2000
This paper empirically analyzes the determinants of the choice between wholly owned subsidiary and technology licensing as a strategy for expansion abroad. We use a new and comprehensive database on worldwide plant level investments in the chemical industr ...
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Journal articleInformation Systems Frontiers · January 1, 2000
The merger of electronic commerce, intelligent agent and distributed computing technologies over TCP/IP-based platforms enables the creation of electronic markets in new types of products featuring both human and software agents as actors. One such example ...
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Journal articleEconomic Inquiry · January 1, 2000
We examine HMO participation and enrollment in the Medicare risk market for the years 1990 to 1995. We develop a profit-maximization model of HMO behavior, which explicitly considers potential linkages between an HMO's production decision in the commercial ...
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Journal articlePublic Administration Review · January 1, 2000
The government, particularly the Department of Defense (DoD), is undergoing yet another wave of acquisition reforms, which are intended to bring commercial buying practices to DoD's purchasing operations. This research shows that, prior to these reforms, t ...
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Journal articleJournal of Management and Governance · November 1, 1997
This paper argues that modularity of knowledge and technologies has important implications for the locus of inventive activities. This is because modularity allows for a separation of the innovation process in two main activities: The production of basic ( ...
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Journal articleResearch Policy · January 1, 1997
The strategies of rent appropriation and industry structure are inter-dependent. How firms use patents depends upon industry structure, and in turn, affects industry structure. In the 19th century, market leaders in the chemical industry combined patents a ...
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Journal articleStrategic Management Journal · January 1, 1997
This paper develops a theory of how the size of the domestic market shapes firm competencies. Our theory implies that large markets are beneficial even if factors such as economies of scale or learning effects are absent. We validate our model by an intern ...
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Journal articleJournal of Development Economics · August 1, 1996
Recent research on the economic payoff from new technology has emphasized the importance of tacit knowledge or know-how. This paper shows that arm's length contract can overcome the problems in contracting for know-how by bundling complementary inputs with ...
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Journal articleResearch Policy · January 1, 1996
An important issue for evaluating industrial modernization programs is how well alternative intervention strategies address the underlying problems that contribute to uneven patterns of technology adoption. The one-on-one industrial extension service model ...
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Journal articleEconomics of Innovation and New Technology · January 1, 1995
Technology transfer involves more than just the permission to use knowledge covered by patents; the transfer of know-how is critical to the successful utilization of the transferred technology. However, know-how is typically difficult to codify, costly to ...
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Journal articleResearch Policy · January 1, 1994
In the past, most innovations have resulted from empiricist procedures; the outcome of each trial yielding knowledge that could not be readily extended to other contexts. While trial and-error may remain the primary engine of innovation, developments in ma ...
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