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on Intellectual Property Rights |
| By: | Josh Lerner; Morten Sørensen; Per Strömberg |
| Abstract: | A long-standing controversy is whether LBOs relieve managers from short-term pressures from public shareholders, or whether LBO funds themselves are driven by short-term profit motives and sacrifice long-term growth to boost short-term performance. We investigate 495 transactions with a focus on one form of long-term activities, namely investments in innovation as measured by patenting activity. We find no evidence that LBOs are associated with a decrease in these activities. Relying on standard measures of patent quality, we find that patents granted to firms involved in private equity transactions are more cited (a proxy for economic importance), show no significant shifts in the fundamental nature of the research, and are more concentrated in the most important and prominent areas of companies' innovative portfolios. |
| JEL: | G24 G32 O31 |
| Date: | 2008–12 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:14623&r=ipr |
| By: | Masters, William A.; Delbecq, Benoit |
| Abstract: | "This paper describes how governments and philanthropic donors could drive innovation through a new kind of technology contest. We begin by reviewing the history of technology prizes, which operate alongside private intellectual property rights and public R&D to accelerate and guide productivity growth towards otherwise-neglected social goals. Proportional “prize rewards” would modify the traditional winner-take-all approach, by dividing available funds among multiple winners in proportion to measured achievement. This approach would provide a royalty-like payment for incremental success. The paper provides concludes with a specific example for how such prizes could be implemented to reward and help scale up successful innovations in African agriculture, through payments to innovators in proportion to the value created by their technologies after adoption. " from authors' abstract |
| Keywords: | Productivity growth, Technology adoption, intellectual property, Agricultural R&D, Innovation, |
| Date: | 2008 |
| URL: | http://d.repec.org/n?u=RePEc:fpr:ifprid:835&r=ipr |
| By: | Brita Bye, Taran Fæhn, and Leo A. Grünfeld (Statistics Norway) |
| Abstract: | Research and development (R&D) play a pivotal role for innovation and productivity growth, and knowledge spillovers can make the case for public support to private R&D. In small and open economies, absorption of foreign knowledge through exports and imports can be even more decisive for economic growth than domestic innovation. This macro economic analysis investigates how policies should be formed in order to reap the largest productivity effects, when both these sources of growth interplay. In particular, the firms’ capacity to absorb knowledge from abroad depends on domestic R&D, and this reinforces the efficiency arguments for stimulating R&D. We find that from a welfare perspective, export promotion of R&D-based technologies proves slightly more efficient than R&D support. |
| Keywords: | Absorptive capacity; Computable general equilibrium model; Endogenous growth; Research and Development; Spillovers; Two faces of R&D. |
| Date: | 2008–12 |
| URL: | http://d.repec.org/n?u=RePEc:ssb:dispap:572&r=ipr |
| By: | Markowski, Norbert (Department of Economics of the Duesseldorf University of Applied Sciences); Grosser, Katherina; Kuhl, Rita |
| Abstract: | Innovations are extraordinary important for the economy of a country. It is necessary that results and modern practices of public organized research are transferred into the industries. This concerns mainly small and medium-sized enterprises (SME), which still hold significant, untapped potential. In this empirical study, 47 companies were questioned on their valuations and experiences in cooperation with universities. Around three-quarters of these companies are working on innovative developments. Universities do not play a prominent role here. Reasons seem to be a lack of knowledge about offerings in the field of research and development as well as bureaucratic structures of universities. Results of this study show that the barriers notified by the companies could be reduced significantly by the implementation of flexible, independent and university-related transfer companies. |
| Keywords: | Forschung & Entwicklung, Wissenstransfer, KMU, Hochschulen, Research & Development, transfer of knowledge, SME, universities |
| JEL: | A23 |
| Date: | 2008–12 |
| URL: | http://d.repec.org/n?u=RePEc:ddf:wpaper:fobe05&r=ipr |
| By: | Neal S Young |
| Abstract: | The current system of publication in biomedical research provides a distorted view of the reality of scientific data that are generated in the laboratory and clinic. This system can be studied by applying principles from the field of economics. |
| Keywords: | scientific data, resources, medical, oligopoly, biological, sciences, publication, research, laboratory, clinic, biomedical, economics, winner's curse, |
| Date: | 2008 |
| URL: | http://d.repec.org/n?u=RePEc:ess:wpaper:id:1757&r=ipr |
| By: | Ilir Maçi; Kresimir Zigic |
| Abstract: | We study the potential loss in social welfare and changes in incentives to invest in R&D that result when the market leading firm is deprived of its position. We show that under plausible assumptions like free entry or repeated market interactions there is a social value of market leadership and its mechanical removal by means of competition policy is likely to be harmful for society. |
| Keywords: | Market leaders, Competition policy, Innovation. |
| JEL: | F12 F13 L11 L13 L16 K21 |
| Date: | 2008–11 |
| URL: | http://d.repec.org/n?u=RePEc:cer:papers:wp375&r=ipr |