title = "Technological innovation, resource allocation, and growth", abstract = "We propose a new measure of the economic importance of each innovation. Amit Seru presented "Measuring Technological Innovation over the Long Run", joint work with Bryan Kelly, Dimitris Papanikolaou, and Matt Taddy. Our measure uses newly collected data on patents issued to US firms in the 1926 to 2010 period, combined with the stock market response to news about patents. We show that these issues can lead to problematic—and ex ante predictable—inferences, using several examples from prominent streams of finance literature that use patent data. This chapter discusses various past and future aspects of the global economy. Downloadable! Y;:8€¸ƒ!Ìjà ²á²È(ÌD@eŒ 8T!ÌC@ R ((Iv5€õ2Mjà`€#ˆdÃpH̜BǔY’ ˆÅÀ™3”ŸáC÷ Ç|z-é_¦Y9°``tØ Âåj͸òж¼Nu‡ê€u0J2ˆx$À²á¬@`”bñv 2|«ò@%ëR Ÿ1ƒAôÚ/ˆjƧ P»nc œ¨Å¡d‡®Æ¢¾4]  2'ˆ'iJ&–½æiϱõŠ-õ9r†\"-%h³‘fäL‘5gºÂÒ\µ²B®¬\´l©¯×¬©ÆšÁF ‚±ƒQ¢ Amit Seru's research while affiliated with Stanford University and other places. We propose a new measure of the economic importance of each innovation. Benjamin J. Keys, Tanmoy K. Mukherjee, Amit Seru and Vikrant Vig. Amit Seru is the Steven and Roberta Denning Professor of Finance at the Stanford Graduate School of Business, a Senior Fellow at the Hoover Institution and Stan Our patentlevel estimates of private economic value are positively related to the scientific value of these patents, as measured by the number of citations that the patent receives in the future. Patents and citations are powerful tools for understanding innovative activity inside the firm and are increasingly used in corporate finance research. Found insideWe study the impact of bank credit on firm productivity. We now discuss the data that we employ in our analysis. We gratefully Discusses the technological change and financial innovation that commercial banking has experienced during the past 25 years. Harvard Business School Working Paper, No. Found insideA pioneering study of recent trends in older women’s labor force participation, this collection offers insights valuable to a wide array of social scientists, employers, and policy makers. If you need immediate assistance, call 877-SSRNHelp (877 777 6435) in the United States, or +1 212 448 2500 outside of the United States, 8:30AM to 6:00PM U.S. Eastern, Monday - Friday. Found insidePart II of the book focuses on the distributional effects of competition policies and how enforcement can be better aligned with shared prosperity goals. Amit Seru and Noah Sto man Abstract We explore the role of technological innovation as a source of economic growth by constructing direct measures of innovation at the rm level. We then plot the average number of cohort-adjusted patent … Our measure uses newly collected data on patents issued to US firms in the 1926 to 2010 period, combined with the stock market response to news about patents. Leonid Kogan, Dimitris Papanikolaou, Amit Seru, and Noah Stoffman NBER Working Paper No. There are 2 versions of this paper The Use and Misuse of Patent Data: Issues for Corporate Finance and Beyond. I thank the National Bureau of Economic Research (Hall, Jaffe, and Tratjenberg) for making their patent data available for public use. The economics of intellectual property and R&D incentives explained in a balanced, accessible mixture of institutional details and theory. Corporate finance researchers who analyze patent data are at risk of making highly predictable errors. This book offers a geographic dimension to the study of innovation and product commercialization. The measure of Kogan et al. Downloads 9,481 (653) Citation 214. BHH note: some patents appear to be missing (e.g., 3930271, issued Jan 6 … The history of finance is filled with tragic tales of shattered dreams, bankruptcies, and bitter recriminations. But what if the I-told-you-so lectures about bubbles tell only half the story? The Use and Misuse of Patent Data: Issues for Corporate Finance and Beyond. Our measure uses newly collected data on patents issued to U.S. firms in the 1926 to 2010 period, combined with the stock market response to news about patents. "The content of this book is based on the final report of a research project carried out by an international team of researchers for the European Commission's Directorate General for Research"--copyright p. When aggregated at the firm level, these survive popular methods of adjustment and are correlated with firm-level characteristics. We study how external versus internal innovations promote economic growth through a tractable endogenous growth framework with multiple innovation sizes, multi-product firms, and entry/exit. Papanikolau, Amit Seru, and Noah Stoffman for sharing their patent data and also thank Jeffrey Coles and Benjamin Bennett for sharing their data on clawbacks. Susan F. Cherry & Erica Xuewei Jiang & Gregor Matvos & Tomasz Piskorski & Amit Seru, 2021. Found inside – Page 98Lerner, Josh, and Amit Seru. 2018. “The Use and Misuse of Patent Data: Issues for Corporate Finance and Beyond.” Harvard Business School Working Paper no. But due to the complexities of patent data collection and the changing spatial and industry composition of innovative firms, biases may be introduced. Amit Seru and Noah Sto man A Patent Data Our measure of innovation relies on using information on patents that a rm creates and the stock market response to news about these patents. proxies for that value: future citations to the patent (followingHall, Ja e, and Trajtenberg,2005) and the patent’s contribution to the rm’s stock market value (followingKogan, Papanikolaou, Seru, and Sto man,2017). We combine patent data for US firms from 1926 to 2010 with the stock market response to news about patents to assess the economic importance of each innovation. Patents in the United States are granted by the United States Patent … Measuring Technological Innovation over the Long Run by Bryan Kelly, Dimitris Papanikolaou, Amit Seru and Matt Taddy. Found inside – Page 25Lerner, Josh, and Amit Seru. The use and misuse of patent data: Issues for corporate finance and beyond. No. w24053. National Bureau of Economic Research, ... By: Nicholas Bloom, Tarek A. Hassan, Aakash Kalyani, "The Use and Misuse of Patent Data: Issues for Corporate Finance and Beyond. But due to the complexities of patent data collection and the changing spatial and industry composition of innovative firms, biases may be introduced. I then review the literature on text mining and predictive analytics in finance, and its connection to networks, covering a wide range of text sources such as blogs, news, web posts, corporate filings, etc. Our measure uses newly collected data on patents issued to US firms in the 1926 to 2010 period, combined with the Amit Seru. The Risks of Financial Institutions examines the various risks affecting financial institutions and explores a variety of methods to help institutions and regulators more accurately measure and forecast risk. AMIT SERU ∗ Ph.D. These patents have missing CPC class value in the patent-CPC class match data. Contact: Please contact Dimitris Papanikolaou (d-papanikolaou@kellogg.northwestern.edu) or Amit Seru (aseru@stanford.edu) for any questions regarding the data. HJT match the assignees of the patents in the NBER data set, by name, to manufacturing firms from Compustat, as of 1989. Please see the paper for more information on the data. Science for Agriculture When aggregated at the firm level, these survive popular methods of adjustment and are correlated with firm-level characteristics. Lerner, Josh, and Amit Seru. Interested in improving your business? The paper does not attempt to explore the issues associated with non-U.S. patent data, whose use in some cases can alleviate some (though not all) of the issues highlighted here . CiteSeerX - Document Details (Isaac Councill, Lee Giles, Pradeep Teregowda): We explore the role of technological innovation as a source of economic growth by constructing direct measures of innovation at the firm level. Patents and citations are powerful tools for understanding innovative activity inside the firm, and are increasingly use in corporate finance research. G30,O34 ABSTRACT Patents and citations are powerful tools for understanding innovative activity inside the firm, and are increasingly use in corporate finance research. Found insideIn this paper, the authors describe and explore a new algorithmic approach to constructing concordances between the International Patent Classification (IPC) system and industry classification systems that organize economic data. This person is not on ResearchGate, or hasn't claimed this research yet. The Quarterly Journal of Economics, 2017, vol. I thank the National Bureau of Economic Research for patent data and Bronwyn Hall for discussions on matching conglomerate divisions to patent data. The Wharton School - University of Pennsylvania, Real Estate Department, Sorin Capital Management, LLC, Stanford University and London Business School. They also include international offices. But due to the complexities of patent data collection and the changing spatial and industry composition of innovative firms, biases may be introduced. We highlight several patent-level biases induced by truncation of reported patent awards and citations, affecting estimates of time trends and patterns across technology classes and regions. ar more details about the patent application process can be F found in many legal texts. Amit Seru. (2012) has a natural interpretation in the context of our model; we construct this measure in simulated data and show that it … Manchester, and the Oxford Said Business School. The dramatic surge in Match of US Patents to CRSP 1926-2010 by Leonid Kogan, Dimitris Papanikolaou, Amit Seru, and Noah Stoffman Match of EPO (European Patent Office) patent data to European firm data (including R&D data) by Grid Thoma A wide ranging contribution to the debate about the impact of technological change on economic and social welfare. Found insideGlobal Financial Development Report 2015/2016 focuses on the ability of financial systems to sustainably extend the maturity of financial contracts for private agents. We suggest a number of concrete steps that researchers can employ to avoid biased inferences. Technological Innovation, Resource Allocation, and Growth. Financial support from the NBER Innovation, Policy, and Economy Group and from the Abraaj Group is gratefully acknowledged. Patent search and data sites: Google Patent Search covers the entire collection of patents made available by the USPTO—from patents issued in the 1790s through those issued in the middle of 2006. The Use and Misuse of Patent Data: Issues for Corporate Finance and Beyond. ", CPE and SUS Environmental: You’ve Got to Know When to Hold ‘Em (B), The Canada Pension Plan Investment Board (CPP Investments): April 2021. Found insideThis book, the first to analyze the most salient issues related to patent assertion entities around the world, integrates economic theory with economic and legal reality to examine how the entities function and their impact on competition. Corpus ID: 166333795. Patents and citations are powerful tools for understanding innovative activity inside the firm, and are increasingly use in corporate finance research. The paper analyses the effect of the stock market on firm innovation through the lens of initial public offering (IPO) using uniquely matched Chinese firm-level data. Found insideThis book examines the nature and workings of markets for intermediate technological inputs. A study of how patents and citation data can serve empirical research on innovation and technological change. Seru and his colleagues took a different approach, looking at how much the news of a patent’s issuance had on the stock price of the company that received it. In Banking the World, experts take up these topics, reporting on new research that will guide both policy makers and scholars in a broader push to extend financial markets. This volume brings together original cutting-edge research in these and other areas written by leading experts in insider trading law and economics. We then introduce measures of patent and citation biases. the crucial works using patent data. Enter the terms you wish to search for. Amit Seru is the Steven and Roberta Denning Professor of Finance at the Stanford Graduate School of Business, a Senior Fellow at the Hoover Institution and Stanford Institute for Economic Policy Research (SIEPR), and a Research Associate at the National Bureau of Economic Research (NBER). E32,G14,O3,O4 ABSTRACT We propose a new measure of the economic importance of each innovation. Miao Liu and Danqing Mei . Contact: Please contact Dimitris Papanikolaou (d-papanikolaou@kellogg.northwestern.edu) or Amit Seru (aseru@stanford.edu) for any questions regarding the data. "An essential reference for specialists in the economics of technological change."--D. G. McFertridge, Canadian Journal of Economics An East Asian Renaissance, by a World Bank team led by Chief Economist for East Asia & Pacific, Dr Homi Kharas and Economic Adviser, Dr Indermit Gill is the first comprehensive analysis of the new forces and challenges at play in the region ... How Gender Stereotypes Kill a Woman’s Self-Confidence, Feeling Powerless at Work? Time to Agitate, Innovate, and Orchestrate, Minorities Who 'Whiten' Job Resumes Get More Interviews, Management Analysis, Tools, and Techniques, Working Paper Publication Date: November 2017, HBS Working Paper Number: HBS Working Paper #18-042. Amit Seru. We thank Leonid Kogan, Dimitris Papanikolau, Amit Seru, and Noah Stoffman for sharing their US patent data; we also thank Antoine Dechezleprêtre for sharing worldwide patent data as well as Jeffrey Coles and Benjamin Bennett for sharing their data on clawbacks. "We build a model of firm-level innovation, productivity growth and reallocation featuring endogenous entry and exit. Josh Lerner Amit Seru Nicholas Short Yuan Sun August 7, 2020 Patents provide a window into the evolution of financial innovation over the past two decades. This volume seeks to set the agenda for economic research on the impact of AI. It covers four broad themes: AI as a general purpose technology; the relationships between AI, growth, jobs, and inequality; regulatory responses to changes ... Investigating the nature, drivers and sources of innovation in Africa, this book examines the channels for effective diffusion of innovation in and to Africa under institutional, resource and affordability constraints. ... Kogan, Leonid and Papanikolaou, Dimitris and Seru, Amit and Stoffman, Noah, Technological Innovation, Resource Allocation and Growth (May 10, 2016). The problem arises from dramatic changes in the direction and location of technological innovation (and patenting practice) over recent decades. These patents have missing CPC class value in the patent-CPC class match data. Learning By Trading (with Amit Seru and Tyler Shumway). Harvard Business School Working Knowledge, The Use and Misuse of Patent Data: Issues for Corporate Finance and Beyond. The articles offer an excellent overview of research questions lying at the very heart of entrepreneurial finance and thus may serve as the starting point for further interesting investigations. We use textual analysis of high-dimensional data from patent documents to create new indicators of technological innovation. I also thank the following for help with data: Industrial Research Institute, Paul Oyer, Rakesh Bordia, … Patents and citations are powerful tools for understanding innovative activity inside the firm, and are increasingly used in corporate finance research. by Josh Lerner and Amit Seru. We combine patent data for US rms from 1926 to 2010 with the stock market response to news about patents to … Business School faculty. technology shocks constructed in Kogan, Papanikolaou, Seru, and Sto man (2012), which infers the value of innovation from stock market reactions to news about patent grants. 10 The matched firms in the patent data-set are identified by the six-digit CUSIP number if the assignee is a public corporation or a subsidiary of a public corporation covered in Compustat. "The Use and Misuse of Patent Data: Issues for Corporate Finance and Beyond." ... Association Conference and the discussant Gustavo Manso, and participants at the 2009 ASSA meetings and the discussant Amit Seru for useful comments and suggestions. Corporate finance researchers who analyze patent data are at risk of making highly predictable errors. But due to the complexities of patent data collection and the changing spatial and industry composition of innovative firms, biases may be introduced. Amit Seru is the Steven and Roberta Denning Professor of Finance at the Stanford Graduate School of Business, a Senior Fellow at the Hoover Institution and Stanford Institute for Economic Policy Research (SIEPR), and a Research Associate at the National Bureau of Economic Research (NBER). In Fault Lines, Rajan argues that serious flaws in the economy are also to blame, and warns that a potentially more devastating crisis awaits us if they aren't fixed. They ran text analysis of patents, and judge similarity by whether patents use many of the same words. by Josh Lerner and Amit Seru. Matching USPTO Patent Assignees to Compustat Public Firms and SDC Private Firms . November 2019 . Using unique data on all first-time applications filed at the U.S. Patent Office since 2001, we find that startups that win the patent “lottery” by drawing lenient examiners have, on average, 55% higher employment growth and 80% higher sales growth five years later. Search for more papers by this author. We highlight several patent-level biases induced by truncation of reported patent awards and citations, affecting estimates of time trends and patterns across technology classes and regions. Corporate finance researchers who analyze patent data are at risk of making highly predictable errors. While the basic issues confronting users of patent data are similar to ones that those analyzing almost any contemporaneous … Can Companies with Remote Management Succeed? Housing and the Financial Crisis looks at what happened to prices and construction both during and after the housing boom in different parts of the American housing market, accounting for why certain areas experienced less volatility than ... Found insideIn The Structural Foundations of Monetary Policy, Michael D. Bordo, John H. Cochrane, and Amit Seru bring together discussions and presentations from the Hoover Institution's annual monetary policy conference. This volume offers contributions to questions relating to the economics of innovation and technological change. This paper assesses the impact of the geographic diversification of bank holding company (BHC) assets across the United States on their market valuations. 17769 January 2012, Revised May 2016 JEL No. Patent data: Patent data updated to 2020 If you want to replicate the results of KPSS (2017), see this replication kit Leonid Kogan (), Dimitris Papanikolaou (), Amit Seru and Noah Stoffman. This work has been selected by scholars as being culturally important and is part of the knowledge base of civilization as we know it. This work is in the public domain in the United States of America, and possibly other nations. Leading economists discuss how economic policy can stimulate technological innovation. Found insideWe develop a model to analyze the implications of firing costs on incentives for R & D and international specialization. First in a series of thematic volumes, this book was prepared for the Commission on Growth and Development to evaluate the state of knowledge of the relationship between urbanization and economic growth. endstream endobj 8107 0 obj <. CiteSeerX - Document Details (Isaac Councill, Lee Giles, Pradeep Teregowda): We provide theoretical and empirical evidence on the evolution and impact of non-practicing entities (NPEs) in the intellectual property space. Please see the paper for more information on the data. The Wolf at the Door: The Impact of Hedge Fund Activism on Corporate Governance has three basic aims: to understand and explain the factors that have caused an explosion in hedge fund activism; to examine the impact of this activism; and to ... Professor Seru’s primary research interest is in corporate finance. He is interested in issues related to financial intermediation and regulation, interaction of internal organization of firms with financing and investment, and incentive provision in firms. The Use and Misuse of Patent Data: Issues for Corporate Finance and Beyond Josh Lerner and Amit Seru NBER Working Paper No. Amit Seru and Noah Sto man Abstract We explore the role of technological innovation as a source of economic growth by constructing direct measures of innovation at the rm level. 24053 November 2017 JEL No. Number of pages: 59 Posted: 03 Mar 2008 Last Revised: 11 Jan 2009. Leonid Kogan, Dimitris Papanikolaou, Amit Seru, Noah Stoffman, Technological Innovation, Resource Allocation, ... To plot it we group the patent data into 100 quantiles based on their patent citations, scaled by the mean number of citations to patents in the same year cohort. We first highlight the growth and importance of these awards in the 21st century. But due to the complexities of patent data collection and the changing spatial and industry composition of innovative firms, biases may be introduced. Review of Financial Studies, 2010. Our results show that the key patents associated with novel candidates Found inside – Page iWith international case studies, this book reviews a topic of global importance and brings a crucial up-to-date survey of the field for researchers and postgraduate students. We combine patent data for US rms from 1926 to 2010 with the stock market response to news about patents to … The Use and Abuse of Patent Data @inproceedings{Lerner2014TheUA, title={The Use and Abuse of Patent Data}, author={J. Lerner and Amit Seru}, year={2014} } Now, a team of researchers that includes SIEPR Senior Fellow and Stanford Graduate School of Business Professor Amit Seru has developed a novel strategy that applies big data computing to several million patent text documents to rank the innovative importance of almost every U.S. patent … Small Innovators: No Risk, No Return (with Michael Woeppel and Deniz Yavuz) Code and Data. An analysis of the venture capital process, from fund-raising through investing to exiting investments; a new edition with major revisions and six new chapters that reflect the latest research. This paper explains the pitfalls and suggests practical steps for avoiding them. Working papers. With collaborators Bryan Kelly of Yale, Amit Seru of Stanford, and Matt Taddy of Amazon, Papanikolaou drew on an enormous database of U.S. patents to develop a novel measure of innovation. This is a plain-English explanation of how we got into the current economic disaster that developed out of the economics and politics of the housing boom and bust. Patent winners also … This data project is a systematic effort to match assignee names on patent records, USPTO sometimes abbreviated or misspelled, to the universe of public firms in Compustat all and We suggest a number of concrete steps that researchers can employ to avoid biased inferences. In this insightful book, you'll learn from the best data practitioners in the field just how wide-ranging -- and beautiful -- working with data can be. We show that these issues can lead to problematic—and ex ante predictable—inferences, using several examples from prominent streams of finance literature that use patent data. Patents and citations are powerful tools for understanding innovative activity inside the firm and are increasingly used in corporate finance research. Stanford University. by Sumit Agarwal & Efraim Benmelech & Nittai Bergman & Amit Seru Policy Intervention in Debt Renegotiation: Evidence from the Home Affordable Modification Program by Agarwal, Sumit & Amromin, Gene & Ben-David, Itzhak & Chomsisengphet, Souphala & Piskorski, Tomasz & Seru, Amit The researchers looked at nearly 1.8 million patents that were granted and assigned to publicly traded companies from 1926 to 2011. At the firm level, these survive popular methods of adjustment and increasingly! Steps for avoiding them brings together original cutting-edge research in these and other areas by. Found inside – Page 98Lerner, Josh, and Noah Stoffman NBER Working paper No with data: Issues corporate! Paper explains the pitfalls and suggests practical steps for avoiding them other nations and Bronwyn Hall discussions... 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