Past Entrepreneurship and Innovation Conferences

Seventh Annual Conference on Innovation Economics

Thursday, June 19-Friday, June 20, 2014

This conference is organized by Professor Daniel F. Spulber, Research Director of the Searle Center on Law, Regulation, and Economic Growth.  Spulber is the Elinor Hobbs Distinguished Professor of International Business, Professor of Management Strategy, Kellogg School of Management, Professor of Law, Northwestern University School of Law (Courtesy). The goal of this conference is to provide a forum where economists and legal scholars can gather together with Northwestern’s own distinguished faculty to present and discuss high-quality research relevant to intellectual property (IP) protection, innovation, and entrepreneurship.

This conference is an important component of the Searle Center’s expanded focus on innovation economics. Conference participants will explore the connections between IP, innovation, and entrepreneurship through empirical and theoretical economic and legal analysis. This interdisciplinary conference will be composed of presentations by leading researchers in economics and law, and participating authors will have their papers formally discussed by leading thinkers in the field. In addition, the conference will draw audiences of academics in economics, law, and business, as well as legal and business practitioners, government officials, and public policy makers.

Session Two, Session Three, and Session Six have been approved for a total of 6 CLE credits in the state of Illinois.

AGENDA

Papers

Session One—Financing Innovation and Entrepreneurship

Competition and Specialization: Evidence from Venture Capital
Christos Cabolis, ALBA Graduate Business School, The American College of Greece, and Yale International Center for Finance*
Mian Dai, Department of Economics and International Business, Bennett S. LeBow College of Business, Drexel University
Konstantinos Serfes, Department of Economics and International Business, Bennett S. LeBow College of Business, Drexel University

The Bank Lending Channel and Corporate Innovation
Spyros Lagaras, University of Illinois, Urbana-Champaign

Patents as Collateral and the Market for Venture Lending (abstract)
Yael Hochberg, Rice University, Jones Graduate School of Business
Carlos Serrano, University of Pompeu Fabra
Rosemarie Ziedonis, University of Oregon

A Comparison of how Angels and Venture Capitalists Affect Innovation and Value Creation
Supradeep Dutta, Strategy Department, State University of New York, Buffalo*
Timothy B. Folta, University of Connecticut, School of Business

Session Two—Innovation and Patents

The Optimal Scope of the Royalty Base in Patent Licensing
Gerard Llobet, CEMFI and CEPR
Jorge Padilla, Compass Lexecon*

The Coordination of Independently-Owned Vacuum Tube Patents in the Alleged Early Radio Patent ‘Thicket’
John Howells, Department of Business Administration, Aarhus University*
Ron D. Katznelson, Bi-Level Technologies

Dynamic Protection of Innovations through Patents and Trade Secrets
Francis Bloch, Department of Economics, Ecole Polytechnique*
Paul Belleflamme, Louvain School of Management

Does University Licensing Facilitate or Restrict the Flow of Knowledge and Research Inputs among Scientists?
Neil C. Thompson, Sloan School of Management, Massachusetts Institute of Technology
David C. Mowery, Walter A. Haas School of Business, University of California, Berkeley
Arvids A. Ziedonis, Stanford Institute of Economic Policy Research, Stanford University*

Session Three—Technology Standards and Coordination

Technology Standards and the Smart Phone Wars
Kirti Gupta, Qualcomm Inc.
Mark Snyder, Qualcomm Inc.

Technological Standardization, Endogenous Productivity and Transitory Dynamics
Justus Baron, Searle Center on Law, Regulation, and Economic Growth, Northwestern University School of Law
Julia Schmidt, Banque de France*

The Value of Disclosing IPR to Open Standard Setting Organizations
Katrin Hussinger, ZEW Centre for European Economic Research
Franz Schwiebacher, ZEW Centre for European Economic Research*

The Trade Impact of ISO 9000 Certifications and International Cooperation in Accreditation
Knut Blind, Berlin Institute of Technology
Axel Mangelsdorf, Berlin Institute of Technology*

Session Four—Incentives for Innovation and Entrepreneurship

Markets for Technology and the Importance of Firm-Specific Search for Innovation Performance
Christoph Grimpe, Copenhagen Business School*
Wolfgang Sofka, Copenhagen Business School

Learning to Innovate in Recessions
Mario Daniele Amore, Bocconi University

Animal Spirits in Entrepreneurial Innovation: Theory and Evidence
Angela Cipollone, Università di Roma Tor Vergata
Paolo E. Giordani, LUISS "Guido Carli" University*

Estimating the Innovator’s Dilemma: Structural Analysis of Creative Destruction
Mitsuru Igami, Yale University, Department of Economics

Session Five—International Innovation

The Globalization of R&D: China, India, and the Rise of International Co-invention
Lee Branstetter, Carnegie Mellon University
Guangwei Li, Carnegie Mellon University*
Francisco Veloso, Católica Lisbon School of Business and Economics and Carnegie Mellon University

Do Resources Flow to Patenting Firms? Cross-Country Evidence from Firm-Level Data
Dan Andrews, OECD Economics Department*
Chiara Criscuolo, OECD Science, Technology and Industry Directorate
Carlo Menon, OECD Science, Technology and Industry Directorate*

Venture Capital and Innovation around the World
Arsalan Safari, Massachusetts Institute of Technology*
Douglas Cumming, York University, Schulich School of Business
Brian Cozzarin, University of Waterloo

Session Six—Patents and Trademarks

Monetizing Marks: Insights from the USPTO Trademark Assignment Dataset
Stuart Graham, Scheller College of Business, Georgia Institute of Technology
Alan Marco, U.S. Patent and Trademark Office
Amanda F. Myers, U.S. Patent and Trademark Office*

Signaling and the Ownership of Academic Patents
Nicolas Carayol, GREThA, Université de Bordeaux - CNRS, and Observatoire des Sciences et Techniques, Paris*
Valerio Sterzi, GREThA, Université de Bordeaux - CNRS

How Much Do Patent Applicants Care About Patent Term?  Cross-Industry Differences in Sensitivity
Neel U. Sukhatme, Princeton University*
Judd N. L. Cramer, Princeton University

Estimating the Sensitivity of RCE Filing Behavior to PTO Fees
Stuart Graham, Scheller College of Business, Georgia Institute of Technology
Alan Marco, U.S. Patent and Trademark Office
Richard Miller, U.S. Patent and Trademark Office*

Presenters are indicated with an *


Sixth Annual Conference on Entrepreneurship and Innovation: U.S. Patent and Trademark Office (USPTO)-Ewing Marion Kauffman Foundation Conference on Intellectual Property and Entrepreneurship

Thursday, June 6 - Friday, June 7, 2013

Agenda

The goal of this conference is to provide a forum where economists and legal scholars can gather together with Northwestern's own distinguished faculty to present and discuss high-quality research relevant to intellectual property (IP) protection, innovation, and entrepreneurship.

The U.S. Patent and Trademark Office (USPTO) and the Ewing Marion Kauffman Foundation are jointly sponsoring the conference.


Papers

Session One - Financing Entrepreneurship

The Unobserved Returns to Entrepreneurship
Sarada, Fuqua School of Business, Duke University

How Do Start-Up Firms Finance Their Assets? Evidence from the Kauffman Firm Surveys
Rebel Cole, DePaul University
Tatyana Sokolyk, Brock University*

Facilitating Academic Entrepreneurship
Richard Jensen, University of Notre Dame*
Marie Thursby, Georgia Institute of Technology
Huyen Pham, Analysis Group

The Consequences of Entrepreneurial Firm Founding on Innovation
Michael Ewens, Carnegie Mellon University*
Christian Fons-Rosen, Universitat Pompeu Fabra

Session Two - Patents and Secrecy

Do Inventors Value Secrecy in Patenting? Evidence from the American Inventor’s Protection Act of 1999
Stuart Graham, U.S. Patent and Trademark Office and Georgia Institute of Technology
Deepak Hegde, New York University Stern School of Business*

Do Patents Shield Disclosure or Assure Exclusivity when Transacting Technology?
Gaétan de Rassenfosse, University of Melbourne*
Alfons Palangkaraya, University of Melbourne
Elizabeth Webster, University of Melbourne

Trade Secrets Law and Engineer/Scientist Mobility: Evidence from “Inevitable Disclosure”
Ivan Png, NUS Business School, National University of Singapore*
Sampsa Samila, NUS Business School, National University of Singapore*

The Corporate Preference for Trade Secret
Andrew A. Schwartz, University of Colorado Law School

Session Three - Market Structure and Incentives to Innovate

Competition, R&D and Innovation: Testing the Inverted-U in a Simultaneous System
Michael Peneder, Austrian Institute of Economic Research (WIFO)*
Martin Wörter, ETH Zurich, KOF Swiss Economic Institute

The (de)Concentration of Sources of Inventive Ideas: Evidence from ICT Equipment
Yasin Ozcan, Kellogg School of Management, Northwestern University*
Shane Greenstein, Kellogg School of Management, Northwestern University

Investment, Duration, and Exit Strategies for Corporate and Independent Venture Capital-Backed Start-Ups
David Pérez-Castrillo, Universitat Autònoma de Barcelona*
Bing Guo, Universidad Carlos III de Madrid
Yun Lou, London Business School

Endogeneous Matching in University-Industry Collaboration: Theory and Empirical Evidence from the UK
Albert Banal-Estañol, Universitat Pompeu Fabra*
Inés Macho-Stadler, Universitat Autònoma de Barcelona
David Pérez-Castrillo, Universitat Autònoma de Barcelona

Keynote Address

The USPTO Trademark Case Files Dataset: Descriptions, Lessons, and Insights
Research using the USPTO’s Trademark Case File Dataset (Presentation Slides)
Stuart Graham, Senior Advisor, U.S. Patent and Trademark Office (USPTO), and Georgia Institute of Technology*
Galen Hancock, University of California, Berkeley
Alan Marco, U.S. Patent and Trademark Office
Amanda Fila Myers, U.S. Patent and Trademark Office

Session Four - Technology Standards and Patents

Essential Patents and Standard Dynamics
Justus Baron, Department of Economics Sciences-Po Paris and Cerna, MINES ParisTech
Tim Pohlmann, Cerna, MINES ParisTech and Berlin University of Technology*
Knut Blind, Berlin University of Technology and Rotterdam School of Management, Erasmus University

The Process and Data Behind Standard Setting in Wireless Communications
Kirti Gupta, Director, Economic Strategy, Qualcomm

Can Lessons from the Development of the Derivatives Markets be used to Improve the Efficiency of the Technology Patent Market?
David S. Ruder, RPX Corporation

Are Patent Pools a Way to Help Patent Owners Enforce their Rights?
Henry Delcamp, Cerna, MINES ParisTech

Session Five - Patents as Signals

The Diminishing Signaling Value of Patents between Early Rounds of Venture Capital Financing
Sebastian Hoenen, Management Studies, Wageningen University and Research Center
Christos Kolympiris, Management Studies, Wageningen University and Research Center*
Wilfred Schoenmakers, Management Studies, Wageningen University and Research Center
Nicholas Kalaitzandonakes, Department of Agricultural and Applied Economics, University of Missouri

Signaling in Equity Crowdfunding
Gerrit K.C. Ahlers, A.T. Kearney GmbH
Douglas Cumming, York University, Schulich School of Business*
Christina Günther, Max Planck Institute of Economics and WHU, Otto Beisheim School of Management
Denis Schweizer, WHU, Otto Beisheim School of Management

The Fate of Patents: An Exploratory Analysis of Patents as IPO Signals of Reputational Advantage
Nada Basir, York University, Schulich School of Business
Mehdi Beyhaghi, York University, Schulich School of Business
Ali Mohammadi, Politecnico di Milano, Department of Management, Economics and Industrial Engineering*

Session Six - What is the Value of a Patent?

Valuing Patents using Renewal Data: An Inquiry into the Feasibility of an Automated Patent Scoring Method
Marc Baudry, University Paris X-Economix-CNRS
Béatrice Dumont, University Paris XIII-CEPN-CNRS & College of Europe*

The Economic Value of Patent Portfolios
Alfonso Gambardella, Bocconi University
Dietmar Harhoff, Ludwig-Maximilians-Universität (LMU) München*
Bart Verspagen, Maastricht University

Strategic Acquisitions by Corporate Venture Capital Investors
Lora Dimitrova, London Business School

A Dynamic Model of the Impact of Pre-Discovery Licensing on Innovation and Product Market Efficiency: Evidence from the Semiconductor Industry
Ralph Siebert, Krannert School of Management, Purdue University

Fifth Annual Conference on Entrepreneurship and Innovation: U.S. Patent and Trademark Office (USPTO)-Ewing Marion Kauffman Foundation Conference on Intellectual Property and Innovation

Thursday, June 14 - Friday, June 15, 2012
Brochure | Final Agenda | Conference Photos

The Searle Center on Law, Regulation, and Economic Growth presents the Fifth Annual Conference on Innovation and Entrepreneurship: U.S. Patent and Trademark Office (USPTO)-Ewing Marion Kauffman Foundation Conference on Intellectual Property and Entrepreneurship to be held at Northwestern University School of Law, Thursday, June 14, 2012-Friday, June 15, 2012. The conference will run from 9:00 a.m. on Thursday, June 14 to 3:15 p.m. on Friday, June 15. There will be a keynote address by James E. Malackowski, Chairman and CEO of Ocean Tomo, LLC, on Thursday afternoon. On Thursday evening, there will be a cocktail reception, dinner, and keynote address by Stuart Graham, Chief Economist, USPTO.

The USPTO and the Ewing Marion Kauffman Foundation are jointly sponsoring the conference. This conference is organized by Professor Daniel F. Spulber, Research Director of the Searle Center on Law, Regulation, and Economic Growth and Elinor Hobbs Distinguished Professor of International Business, Professor of Management Strategy, Kellogg School of Management, Professor of Law, Northwestern University School of Law (Courtesy), and Stuart Graham, Chief Economist, USPTO, and Georgia Tech College of Management.

The goal of this conference is to provide a forum where economists and legal scholars can gather together with Northwestern's own distinguished faculty to present and discuss high-quality research relevant to intellectual property (IP) protection, innovation, and entrepreneurship.

This conference will be an important component of the Searle Center's expanded entrepreneurship and innovation focus. Conference participants will explore the connections between IP, innovation, and entrepreneurship through empirical and theoretical economic and legal analysis. This interdisciplinary conference will be composed of presentations by leading researchers in economics and law, and participating authors will have their papers formally discussed by leading thinkers in the field. In addition, the conference will draw audiences of academics in economics, law, and business, as well as legal and business practitioners, government officials, and public policy makers.

This program has been approved for 11.5 CLE credits in the State of Illinois.

Thursday, June 14

Session One: Licensing and Markets for IP

Session Chair: F. Scott Kieff, George Washington University

Trading and Enforcing Patent Rights
Alberto Galasso*, University of Toronto
Mark Schankerman, London School of Economics
Carlos J. Serrano, University of Toronto
Discussant: Annika Lorenz, Technische Universitat Berlin

Do Patent Pools Encourge Innovation? Evidence from 20 U.S. Industries under the New Deal
Ryan Lampe*, DePaul University
Petra Moser, Stanford University
Discussant: Annika Lorenz, Technische Universitat Berlin

The New Patent Intermediaries
Andrei Hagiu*, Harvard University
David Yoffie, Harvard University
Discussant: Marcus Berliant, Washington University in St. Louis

Culture and Diversity in Knowledge Creation
Marcus Berliant*, Washington University in St. Louis
Masahisa Fujita, RIETI
Discussant: Daniel F. Spulber, Northwestern University

Keynote Address: The Evolving IP Market: What's Happening Now and What Can We Expect Next
James E. Malackowski, Chairman and CEO of Ocean Tomo, LLC

Session Two: IP and Commercialization of Inventions

Session Chair: Stuart Graham, United States Patent and Trademark Office

Adverse Effects of Patent Pooling on Product Development and Commercialization
Thomas D. Jeitschko*, U.S. Department of Justice
Nanyun Zhang, Towson University
Discussant: Junjie Zhou, University of California, Berkeley

Innovation Beyond Patents: Technological Complexity as a Protection against Imitation
Emeric Henry, Sciences Po Paris
Francisco Ruiz-Aliseda*, Ecole Polytechnique
Discussant: Junjie Zhou, University of California, Berkeley

Determinants of the Quality and Price of Innovative Industrial Products: Evidence from the Disk Drive Industry
James D. Adams, Rensselaer Polytechnic Institute
Discussant: Reiko Aoki, Hitotsubashi University

Intellectual Property Contracts: Theory and Evidence from Screenplay Sales
Milton Harris, University of Chicago
S. Abraham (Avri) Ravid*, Yeshiva University
Suman Basuroy, University of Oklahoma
Discussant: Reiko Aoki, Hitotsubashi University

Session Three: Patents and Sequential R&D

Session Chair: Richard A. Jensen, University of Notre Dame

Patent Pools and Dynamic R&D Incentives
Vianney Dequiedt, Universite d'Auvergne
Bruno Versaevel*, EMLYON Business School
Discussant: Joaquin Poblete, London School of Economics

Sequential Innovation and Optimal Patent Design
Christian Riis*, Norwegian Business School
Xianwen Shi, University of Toronto
Discussant: Joaquin Poblete, London School of Economics

Inventing-around Edison's Incandescent Lamp Patent: Evidence of Patents' Role in Stimulating Downstream Development
Ron D. Katznelson*, Bi-Level Technologies
John Howells, Aarhus University
Discussant: Theresa Helena Veer, Technische Universitat Berlin

Are Licensing Agreements Appropriate Instruments to Cut Through the Patent Thicket?
Ralph Siebert*, Purdue University
Georg von Graevenitz, University of Munich
Discussant: Theresa Helena Veer, Technische Universitat Berlin

Keynote Address: Stuart Graham, United States Patent and Trademark Office

Friday, June 15

Session Four: How Organizations Affect Innovation

Session Chair: Kala M. Krishna, Department of Economics, The Pennsylvania State University

Why Are Some Regions More Innovative than Others? The Role of Firm Size Diversity
Ajay Agrawal, University of Toronto
Iain Cockburn, Boston University
Alberto Galasso, University of Toronto
Alex Oettl*, Georgia Institute of Technology
Discussant: Carlo Menon, STI Directorate, OECD & Bank of Italy

Ownership Structure of Vertical Research Collaboration: Empirical Analysis from an Incomplete Contract Perspective
Sadao Nagaoka, Hitotsubashi University
Discussant: Carlo Menon, STI Directorate, OECD & Bank of Italy

Subsidiary Entities and the Innovator's Dilemma
Kenneth Ayotte, Northwestern University School of Law
Discussant: Julie A. Carlson, Federal Trade Commission

State Governments as Financiers of Technology Startups: Implications for Firm Performance
Rosemarie Ziedonis*, University of Oregon
Bo Zhao, University of Michigan
Discussant: Colleen Chien, Santa Clara Law

Session Five: Human Capital and Innovation

Session Chair: John Howells, Aarhus University

Who Are User Entrepreneurs? Findings on Innovation, Founder Characteristics & Firm Characteristics
Sonali K. Shah, University of Washington
Sheryl Winston Smith, Temple University
E. J. Reedy*, Ewing Marion Kauffman Foundation
Discussant: Minyuan Zhao, University of Michigan

The Long-term Impact of Business Cycles on Innovation: Evidence from the Massachusetts Institute of Technology
Pian Shu, Massachusetts Institute of Technology
Discussant: Minyuan Zhao, University of Michigan

R&D Coopetition: Information Sharing and Competition for Innovation
Ufuk Akcigit, University of Pennsylvania
Qingmin Liu*, Columbia University and University of Pennsylvania
Discussant: Illoong Kwon, Seoul National University

Session Six: How Financing Affects Innovation

Session Chair: Kenneth Ayotte, Northwestern University School of Law

Venture Capital and the Diffusion of Knowledge
Juanita Gonzalez-Uribe, Columbia University
Discussant: Arvids A. Ziedonis, University of Oregon

Does Going Public Affect Innovation?
Shai Bernstein, Stanford Graduate School of Business
Discussant: Dennis Leyden, University of North Carolina, Greensboro

Credit Supply and Corporate Innovations
Mario Daniele Amore*, Copenhagen Business School
Cedric Schneider, Copenhagen Business School
Alminas Zaldokas, INSEAD
Discussant: S. Abraham (Avri) Ravid, Yeshiva University

The Dark Side of Analyst Coverage: The Case of Innovation
Jie (Jack) He*, University of Georgia
Xuan Tian, Indiana University
Discussant: S. Abraham (Avri) Ravid, Yeshiva University

Presenters are indicated with an *


Fourth Annual Conference on Entrepreneurship and Innovation

Thursday, June 16 - Friday, June 17, 2011
Agenda | Conference Photos

The goal of this conference is to provide a forum where economists and legal scholars can gather together with Northwestern University's own distinguished faculty to present and discuss high quality research relevant to the economics and law of the entrepreneur. Panels cover research on Venture Capital and the Entrepreneur; Entrepreneur Law; Economic Growth and Development; Innovation and the Entrepreneur; and The Social Context of Entrepreneurship.

The conference is organized by Professor Daniel F. Spulber, Elinor Hobbs Distinguished Professor of International Business and Professor of Management Strategy, Kellogg School of Management, Northwestern University in cooperation with the Journal of Economics & Management Strategy (JEMS). JEMS will publish a special issue on the economics of the entrepreneur.

Papers

How Does the Influence of Founders and Investors Relate to Employee Compensation in Entrepreneurial Firms?
Ola Bengtsson, University of Illinois
John R. M. Hand*, University of North Carolina

Developing New Ideas: Spin-outs, Spinoffs or Internal Divisions
Radoslawa Nikolowa, Queen Mary University of London

Entrepreneurial Spawning and Firm Characteristics
Michel A. Habib, University of Zurich
Ulrich Hege, HEC School of Management Paris
Pierre Mella-Barral*, EDHEC Business School

Is Success Hereditary? Evidence on the Performance of Spawned Ventures
Johannes M.H. Dick, Maastricht University
Katrin Hussinger*, Maastricht University
Boris Blumberg, Maastricht University
John Hagedoorn, Maastricht University

Are All Academic Entrepreneurs Created Alike? Evidence from Germany
Rajeev K. Goel*, Illinois State University
Christoph Grimpe, Copenhagen Business School and University of Zurich

Licensing of University Science: Tacitness and the Impact of Invention and Governance Capability on Contract Type
Reddi Kotha*, Singapore Management University
Pascale Crama, Singapore Management University
Tore Opsahl, Imperial College London
Gerard George, Imperial College London

University Startups and Entrepreneurship: New Data, New Results
Richard A. Jensen, University of Notre Dame
Michael Jones*, University of Notre Dame

Research Output from University-Industry Collaborative Projects
Albert Banal-Estañol, Universitat Pompeu Fabra and City University
Inés Macho-Stadler, Universitat Autonoma de Barcelona
David Pérez-Castrillo*, Universitat Autonoma de Barcelona

The Impact of Business Environment Reforms on New Firm Registration
Leora Klapper, The World Bank

Innovativeness and Corporate Governance of New Ventures
Dirk Czarnitzki, K.U. Leuven
Johannes M. H. Dick*, University of Maastricht
Katrin Hussinger, University of Maastricht and K.U. Leuven

The Organization of R&D Within Firms: Measures, Characteristics and Consequences
Ashish Arora, Duke University
Sharon Belenzon, Duke University
Luis A. Rios*, Duke University

Business Partnerships and the Commercialization of Inventions
Thomas Åstebro, HEC School of Management Paris
Carlos J. Serrano*, University of Toronto and NBER

All Entrepreneurial Productivity Increases are Not Created Equal
Arup Bose, Indian Statistical Institute
Debashis Pal*, University of Cincinnati
David E. M. Sappington, University of Florida

Swinging for the Fences: Strategic Risk Taking in Entrepreneurship
James Ostler, University of California, Los Angeles

Experimentation and Learning in R&D Competition (Abstract)
Heidrun C. Hoppe-Wewetzer, University of Hannover
Georgios Katsenos*, University of Hannover

Innovation, Fast Seconds, and Patent Policy
George Norman*, Tufts University
Lynne Pepall, Tufts University
Dan Richards, Tufts University

Corporate Venture Capital, Value Creation, and Innovation
Thomas J. Chemmanur*, Boston College
Elena Loutskina, University of Virginia
Xuan Tian, Indiana University

How Do Firms Choose Legal Form of Organization?
Rebel A. Cole, DePaul University

Law and Innovation: Evidence from the Uniform Trade Secrets Act
Ivan Png, National University of Singapore

Beg, Borrow, and Deal? Entrepreneurship and Financing in New Firm Innovation
Sheryl Winston Smith, Temple University

Which Institutions Encourage Entrepreneurs to Create Larger Firms?
Saul Estrin, London School of Economics
Julia Korosteleva*, University College London
Tomasz Mickiewicz, University College London

Presenters are indicated with an *