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volume 52, issue 5, june 2023
1. title: do patent pledges accelerate innovation?
authors: ga�tan de rassenfosse, alfons palangkaraya
abstract: this paper estimates the effect of patent pledges, commitments made voluntarily by patent holders to limit the enforcement of their patents, on follow-on inventions. patent pledges have been gaining popularity in recent years thanks to the highly visible pledges of companies such as google and tesla. extant literature discusses the legal and strategic implications of patent pledges, but we know very little about the societal aspects of such pledges. the empirical analysis exploits original data on over 1200 patents pledged from across technological fields between 2005 and 2017. we implement recent advances in conditional difference-in-differences estimators for staggered, dynamic event study settings to account for unobserved endogenous selection into a patent pledge. we build the matched control group of not-pledged patents using similarity measures of the full text of patent documents. the results suggest that patent pledges spur technological progress, as reflected by increased citations received by the pledged patents. the effect is particularly salient for the more open patent pledges and the higher-quality and more novel patents. the results bear implications for discussions about the role of intellectual property on technology diffusion.
2. title: demand-pull, technology-push, and the direction of technological change
authors: kerstin h�tte
abstract: this paper studies the impact of demand-pull (dp) and technology-push (tp) on growth, innovation, and the factor bias of technological change in a two-layer network of input�output (market) and patent citation (innovation) links among 307 6-digit us manufacturing industries in 1977�2012. two types of tp and dp are distinguished: (1) dp and tp are between-layer spillovers when market demand shocks pull innovation and innovation pushes market growth. (2) within-layer dp arises if downstream users trigger upstream innovation and growth, while tp effects spill over from up- to downstream industries. the results support between- and within-layer tp: innovation spillovers from upstream industries drive market growth and innovation. within the market, upstream supply shocks stimulate growth, but this effect differs across industries. dp is not supported but shows a factor bias favoring labor, while tp comes with a shift towards non-production work. the results are strongest after the 2000s and shed light on the drivers of recent technological change and its factor bias.
3. title: the dark side of signals: patents protecting radical inventions and venture capital investments
authors: massimo g. colombo, massimiliano guerini, karin hoisl, nico m. zeiner
abstract: patents are an important signal of the unobserved quality of young, innovative firms. we study patents that protect radical inventions associated with high earnings potential but also a high risk of failure. these previously disregarded signals convey positive and negative information simultaneously, i.e., strong signals that have a dark side. we argue that whether firms that send such signals are attractive investment targets for venture capital (vc) investors depends on the characteristics of the investors. reputable vc investors are attracted to the strong quality signals of patents protecting radical inventions and are better able than other vc investors to deal with the dark side of these signals through syndication. these effects are stronger in the first financing round than in follow-on rounds, as the (positive and negative) informational value of patents protecting radical inventions diminishes over time as information asymmetries between young firms and prospective vc investors are reduced. we test these predictions using a sample of 759 young life science firms and 555 vc investors. econometric estimates from a matching model support our predictions.
4. title: academic scientists in corporate r&d: a theoretical model
authors: catalina mart�nez, sarah parlane
abstract: what motivates some firms to hire star academics? this paper provides a theoretical framework that combines several factors known to influence a firm's hiring decision of scientists capable of conducting both, research and development activities. the targeted type, reflecting the scientist's academic ability, is endogenous. when research and development activities are not strong substitutes, the optimal contract induces the scientist to engage in multitasking and the firm targets applicants with either the highest or the lowest type. scientist with the lowest ability to conduct academic research are hired in environments where investments in absorptive capacity have low returns, academic publications generate substantial negative externalities for the firm, and/or the academic sector offers desirable outside options. when academic ability is not verifiable, the contract must only appeal to scientists with the targeted ability. top scientists may need to be overcompensated for their research outcomes while low ability scientists may be overly compensated for their development outcomes. this, in turn, leads the hiring decision to be biased in favour of high-ability scientists when research and development activities exhibit a strong complementarity. by opposition, scientists with the lowest ability are more frequently targeted when the cost of conducting both activities increases.
5. title: ranking researchers: evidence from indonesia
authors: caroline v. fry, john lynham, shannon tran
abstract: in the span of three years, indonesia went from being the second worst to the top producer of scientific journal articles in southeast asia. we investigate whether a transparent system of ranking every single researcher in the country based on publications and citations (sinta) contributed to this turnaround. using panel data from over 200,000 indonesian researchers (and comparing to researchers from thailand and the philippines), we show that the implementation of sinta coincides with changes in the production of publications by indonesian researchers consistent with the weights used in the ranking formula. although we see modest improvements in publication rates in top-ranked journals, 62 % of the observed increase in total publications is from conference proceedings. because sinta was launched around the same time as other policies that focused on increasing publications, isolating the precise impact of sinta remains challenging. nevertheless, after accounting for such policies, our results imply that a ranking and evaluation system for researchers can contribute to overall improvements in scientific capacity in low- and middle-income countries.
6. title: finance and the reallocation of scientific, engineering and mathematical talent
authors: giovanni marin, francesco vona
abstract: the us financial sector has become a magnet for the brightest graduates in the science, technology, engineering and mathematical fields (stem). we provide quantitative bases for this anecdotal fact for the us, over the period 1980�2019 and with a specific focus on the last decade where information on major fields of study is available. first, we show that long-run educational upgrading of finance was biased towards stem graduates, especially for postgraduates, and accelerated in the last decade. second, the stem-upgrading also occurs within finance and business occupations, matching a task reorientation towards mathematics in those occupations. third, stem reallocation towards finance is more pronounced among experienced workers peaking at prime age. fourth, the reallocation of stem is associated with large wage premia in finance, which are heterogeneous across occupations, age groups, degrees and along the wage distribution. returns to stems are higher than returns to other degrees in finance and become very high in finance and managerial occupations at the top of the distribution, especially for postgraduates.
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