This paper explores how prominent venture capitalists (VCs) affect chief executive officer (CEO) replacement in startups. Defining prominence using eigenvector centrality, we use matching methods and ...instrumental variables to show that startup CEO replacement occurs more often and faster when prominent VCs participate. We further explore these VCs’ comparative advantage in managing CEO turnover, finding that the prominent VC effects increase as replacement costs rise, such as when incumbent CEOs are entrenched or possess specialized technology know-how, or when startups are in an early stage. When prominent VCs participate, replacement CEOs are disproportionately experienced outsiders—external hires who possess prior startup CEO experience. Our results reveal that CEO turnover is associated with increases in startups’ ex post innovation and survival performance, with experienced outsider CEO replacements showing the strongest survival rates.
This paper was accepted by Gustavo Manso, finance.
Transaction records involving U.S. patent documents have been maintained by the United States Patent and Trademark Office (USPTO) for over 40 years, but have not been extensively used by scholars. ...One explanation is that these data have not been in a form amenable for research. To help remedy this deficiency and to foster scholarship, the USPTO Office of Chief Economist is curating internal agency records to release a series of datasets in research‐ready formats. This article describes the USPTO Patent Assignment Dataset (UPAD), a relational database of roughly 6 million assignments, licenses, securitizations, and other conveyances involving about 10 million U.S. patents and patent applications, recorded 1970–2014. To promote research uses, this article provides a comprehensive data description and presents stylized facts derived from the records. Although this article discusses several limitations inherent in using these data, the release of the UPAD creates opportunities to conduct original research, particularly relating to intellectual property collateralization and the markets for technology and innovation.
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FZAB, GIS, IJS, IZUM, KILJ, NLZOH, NUK, OILJ, PILJ, SAZU, SBCE, SBMB, UL, UM, UPUK
The Trk family of receptors play a wide variety of roles in physiological and disease processes in both neuronal and non-neuronal tissues. Amongst these the TrkB receptor in particular has attracted ...major attention due to its critical role in signalling for brain derived neurotrophic factor (BDNF), neurotrophin-3 (NT3) and neurotrophin-4 (NT4). TrkB signalling is indispensable for the survival, development and synaptic plasticity of several subtypes of neurons in the nervous system. Substantial evidence has emerged over the last decade about the involvement of aberrant TrkB signalling and its compromise in various neuropsychiatric and degenerative conditions. Unusual changes in TrkB signalling pathway have also been observed and implicated in a range of cancers. Variations in TrkB pathway have been observed in obesity and hyperphagia related disorders as well. Both BDNF and TrkB have been shown to play critical roles in the survival of retinal ganglion cells in the retina. The ability to specifically modulate TrkB signalling can be critical in various pathological scenarios associated with this pathway. In this review, we discuss the mechanisms underlying TrkB signalling, disease implications and explore plausible ameliorative or preventive approaches.
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IZUM, KILJ, NUK, PILJ, PNG, SAZU, UL, UM, UPUK
This paper employs the 2008 financial crisis as an empirical setting to examine how investment strategies of venture capitalists (VCs) vary in the presence of a liquidity supply shock, and what the ...performance implications of these strategies are for their portfolio startups. We show that while, on aggregate, funded startups receive no less financing during the financial crisis than in non-crisis times, VCs allocate relatively more resources to startups operating in the VCs’ core sectors. We show that this skew allocation follows from VCs choosing to double down on their core-sector investing, rather than by a changed mix of investors or startups during the financial crisis. These effects are strongest for early-stage startups, for which information problems are most severe. Furthermore, these results are driven by the investment strategies of more-experienced VCs. Building on these findings, we find superior ex post performance among crisis-funded portfolio startups operating in more-experienced VCs’ core sectors.
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GEOZS, IJS, IMTLJ, KILJ, KISLJ, NLZOH, NUK, OILJ, PNG, SAZU, SBCE, SBJE, UILJ, UL, UM, UPCLJ, UPUK, ZAGLJ, ZRSKP
6.
Disclosing patents' secrets Graham, Stuart; Hegde, Deepak
Science (American Association for the Advancement of Science),
01/2015, Volume:
347, Issue:
6219
Journal Article
Peer reviewed
The patent system is built on a grand bargain: To gain exclusive rights to practice their inventions, inventors must disclose their proprietary knowledge publicly. Economists have studied incentive ...benefits of exclusivity while implicitly assuming that disclosure of know-how in patent applications is costly for inventors. Yet, apart from facilitating diffusion of knowledge, disclosing know-how in a patent may privately benefit inventors by deterring rivals' duplicative research and development (R&D), preempting competitors' efforts to patent similar technology, and reducing informational asymmetries between patentees and potential investors supplementary materials (SM). Understanding to what extent disclosure is viewed as a cost or a benefit by patenting inventors provides insights into our complex patent system and allows better policy-making to advance the diffusion of technical knowledge.
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BFBNIB, NMLJ, NUK, PNG, SAZU, UL, UM, UPUK
This paper employs goods and services descriptions from US trademarks to study spatial diffusion of innovations. Identifying novel, fast-spreading tokens (words) in trademark descriptions, we outline ...patterns of regional innovation and estimate how distance affects diffusion. Novel trademark tokens are frequently new to English, they capture many unpatented innovations, and their appearance in language co-evolves with their use in intellectual property filings. We analyse the introduction of novel tokens to capture the emergence of innovations and show that spatial distance affects their diffusion. Estimating the intensity of diffusion between locations in the United States, we confirm strong, negative effects of distance.
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BFBNIB, IZUM, KILJ, NUK, PILJ, SAZU, UL, UM, UPUK
Attention to the asset value of intellectual property (IP) has traditionally concentrated on high‐value patent sales and licenses. This narrow focus neglects nonpatent assets held by a broader set of ...economic agents, such as trademarks, and overlooks the evolving ways owners are employing and monetizing their intangible assets. To help remedy this deficiency, the Office of Chief Economist of the United States Patent and Trademark Office (USPTO) is releasing a series of datasets in formats convenient for researchers. This article describes the USPTO Trademark Assignment Dataset, a database of over 785,000 transactions recorded during 1952–2013 affecting almost 4.2 million trademark registrations and applications. We provide a comprehensive description and present key trends, showing that among registrations issued during 1978–2013, more than 31% were affected by some transaction during their lives, 21% were transferred to different parties, and 12% were involved in at least one security interest agreement. Examining transaction rates by registration cohort, we find evidence that registered U.S. trademarks may be more likely to be traded than are U.S. patents. Other trends and findings are discussed. Despite limitations, these data open new avenues for research, particularly with respect to trademark collateralization and the market for brands.
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FZAB, GIS, IJS, IZUM, KILJ, NLZOH, NUK, OILJ, PILJ, SAZU, SBCE, SBMB, UL, UM, UPUK
The systematic development of early age talent in sports academies has led to the professionalization of pediatric sport and the sports physician need to be aware of pediatric cardiological problems. ...Research into the medical cardiac care and assessment of the pediatric athlete are accumulating, but specific pediatric international guidelines are not available yet and reference data for ECG and echocardiography are incomplete, in particular for the age group <12 years of age. This article is an introduction to the physiological and diagnostics specifics of the pediatric athlete. The focus lies in the differences in presentation and diagnosis between pediatric and adult athletes for the most common pathologies. Reference data for electrical and structural adaptations to intensive exercise are sparse particularly in athletes aged below 12 years old. Training related changes include decrease of resting heart rate, increase of cardiac output, ventricular cavity size, and wall thickness. Cardiac hypertrophy is less pronounced in pediatric athletes, as HR mediated cardiac output increase to endurance exercise is the dominant mechanism in peripubertal children. As in adults, the most pronounced cardiovascular adaptations appear in classical endurance sports like rowing, triathlon, and swimming, but the specifics of pediatric ECG and echocardiographic changes need to be considered.
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BFBNIB, FZAB, GIS, IJS, KILJ, NLZOH, NUK, OILJ, SAZU, SBCE, SBMB, UL, UM, UPUK
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