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ItemEssays on technology entrepreneurship(Georgia Institute of Technology, 2011-04-06) Anak Agung Istri, Shanti DewiThis dissertation attempts to contribute to extant discussions on how one utilizes knowledge for economic gain. The first essay is a response to the controversy on whether the interactions divert academic scientists research agenda toward industry interests at the expense of fundamental science. This essay considers how an academic scientist chooses the level of difficulty of a research project and its level of relevance to industry interests. A simple game-theoretic model between research sponsors, a government agency and a firm, and an academic scientist is constructed. The shows that the funding decisions of research sponsors are strategic substitutes. It also shows that the academic scientists choices of project characteristics are strategic complements. The second essay provides insights on scientific entrepreneurs. It is argued that the nature of scientists research, specifically the level of its commercial applicability, is an important predictor of entrepreneurial actions of academic scientists. Using data from 395 academic scientists at five top US research universities, it is observed that there is a non-linear relationship between the nature of research and entrepreneurial actions. The third essay offers insights on entrepreneurial teams. This essay investigates mechanisms that give rise to entrepreneurial teams. The model shows that an entrepreneur obtains less expected value from a project if the entrepreneur chooses to work solo at latter stage than working in a team. It is also explained how asymmetry of importance between tasks in a commercialization project influences the decision of team formation and its optimal size. An extended model is constructed to analyze two benefits of team work: specialization and diversity.
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ItemEssays on cooperation and/or competition within R&D communities(Georgia Institute of Technology, 2010-07-01) Jiang, LinThis dissertation attempts to contribute to our understanding of how firms can manage and benefit from its research and development (R&D) communities. In the first essay, we examine how established firms can leverage a broad R&D community to invent successfully during the early stage of a technological change. We find significant inventions by incumbents outside the existing dominant designs and relate their success to their willingness to search novel areas, explore scientific knowledge in the public domain, and form alliances with a balanced portfolio of partners. We find support for the hypotheses using data from the global semiconductor industry between 1989 and 2002. In the second essay, we examine a classical choice within an R&D community: cooperation or competition with other firms along a technology supply chain. We find that the answer depends not just on the transaction costs, strength of intellectual property protection rights, and asset cospecialization in the buyers' industries, but also the supplier's knowledge transfer capability and a typical buyer's productivity in developing licensed inventions. For instance, the effect of asset cospecialization on licensing is moderated by the factors that affect the buyers' productivity in developing external technology. Additionally, factors that reduce the buyers' development productivity can be mitigated by the supplier's knowledge transfer capability. We find empirical supports for these predictions using a cross-industry panel dataset of a sample of 345 U.S. small technology-based firms for the 1996-2007 period. In the third essay, I develop two game theoretical models to address how research competition from academic researchers affects firms' openness in disclosing intermediate R&D outcomes. Both models predict that such competition increases the firm's incentive to publish research findings, even though the firm would not have had such an incentive without the presence of the competition. The models also suggest several conditions under which the effect takes place. I further discuss the implications of ownership fragmentation for research materials within the scientific community and academic researchers' engagement in entrepreneurial activities. As implied by my models, these phenomena might instigate withholding of research findings by firms.
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ItemUniversity entrpreneurship: the role of U.S. faculty in technology transfer and commercialization(Georgia Institute of Technology, 2008-10-27) Fuller, Anne W.My dissertation research focuses commercializing university related technology. My first essay investigates whether patents assigned to U.S. universities largely represent the totality of faculty inventions patented. In contrast to prior work that identified faculty patents by searching for patents assigned to the university, I find in a sample of patents with US faculty as inventors, 26% are assigned solely to firms rather than universities. This initially seems to conflict with US university employment policies and Bayh-Dole. I relate assignment to patent characteristics, university policy, inventor field and academic entrepreneurship. Patents assigned to firms (whether established or start-ups with inventor as principal) are less basic than those assigned to universities suggesting these patents result from faculty consulting. The second essay examines the growing phenomena of U.S. academic entrepreneurship. Building on prior work demonstrating the embryonic state of science and engineering research that is licensed through the university (Jensen & Thursby 2001), I extend this framework to university inventions commercialized by new technology-based firms (NTBFs). I posit that the presence of faculty inventor founders will be beneficial to the NTBF. This is tested with a uniquely constructed dataset representing a variety of university and industry settings. Results indicate firms with faculty founders have a higher likelihood to experience an IPO or become acquired than other similar new firms. Second, faculty members with highly cited publications have incrementally more impact on the likelihood of the firm having an IPO. Thus I discern that while faculty founders matter, 'star' scientists matter more. The third essay identifies significant variables in the observed career level patent assignment patterns of academic serial inventors. Existing life cycle models test the idea that consulting occurs later in the career span of academic scientists. I find that indeed the proxy for consulting (firm assignment of patents) is more likely the later the patent application is from the year of Phd for the faculty inventors. I found strong evidence that faculty performing industry consulting are more likely to continue consulting in subsequent work. However the use of rolling lag variables based on transition probability matrices increased the variance explained in the regression model by a factor of three indicating factors other than life cycle may be significant.
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ItemThree Essays on the Role of Information Networks in Financial Markets(Georgia Institute of Technology, 2007-07-06) Gupta-Mukherjee, SwastiBased on previous evidence that there are information heterogeneities in capital markets, three essays including empirical frameworks for examining the information processes that impact portfolio investments and corporate investments was proposed. The first essay considers information channels among mutual fund managers (fund-fund networks), and between holding companies and fund managers (fund-company networks). Results show that (1) fund-fund (fund-company) information networks help in generating positive risk-adjusted returns from holdings in absence of fund-company (fund-fund) networks; (2) fund-company networks create information advantage only when the networks are relatively exclusive. Superior networks seem to pick stocks which outperform beyond the quarter. The second essay examines mutual fund managers tendency to deviate from the strategies of their peers. Results indicate a significantly negative relationship between the managers deviating tendency and fund performance, suggesting that the average fund manager is more likely to make erroneous decisions when they deviate from their peers. The third essay investigates the determinants of target choices in corporate acquisitions. Results reveal the influence of various factors, including information asymmetries, which may drive this behavior, including economic opportunities, anti-takeover regimes, competitive responses to other managers, and acquirers size and book-to-market ratios.