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 ... Our measure uses newly collected data on patents issued to US firms in the 1926 to 2010 period, combined with the We combine patent data for US rms from 1926 to 2010 with the stock market response to news about patents to … 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. "An essential reference for specialists in the economics of technological change."--D. G. McFertridge, Canadian Journal of Economics ... Kogan, Leonid and Papanikolaou, Dimitris and Seru, Amit and Stoffman, Noah, Technological Innovation, Resource Allocation and Growth (May 10, 2016). Contact: Please contact Dimitris Papanikolaou (d-papanikolaou@kellogg.northwestern.edu) or Amit Seru (aseru@stanford.edu) for any questions regarding the data. G30,O34 ABSTRACT Patents and citations are powerful tools for understanding innovative activity inside the firm, and are increasingly use in corporate finance research. "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. 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. Small Innovators: No Risk, No Return (with Michael Woeppel and Deniz Yavuz) Code and Data. The measure of Kogan et al. endstream endobj 8107 0 obj <. Review of Financial Studies, 2010. We then introduce measures of patent and citation biases. 132, issue 2, 665-712 Abstract: We propose a new measure of the economic importance of each innovation. Please see the paper for more information on the data. They also include international offices. 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 November 2019 . Discusses the technological change and financial innovation that commercial banking has experienced during the past 25 years. Patents and citations are powerful tools for understanding innovative activity inside the firm, and are increasingly use in corporate finance research. 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. Our results show that the key patents associated with novel candidates This paper explains the pitfalls and suggests practical steps for avoiding them. 24053 November 2017 JEL No. 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. But due to the complexities of patent data collection and the changing spatial and industry composition of innovative firms, biases may be introduced. 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 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. The Use and Misuse of Patent Data: Issues for Corporate Finance and Beyond. 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. "We build a model of firm-level innovation, productivity growth and reallocation featuring endogenous entry and exit. Learning By Trading (with Amit Seru and Tyler Shumway). We gratefully We first highlight the growth and importance of these awards in the 21st century. (2012) has a natural interpretation in the context of our model; we construct this measure in simulated data and show that it … This volume offers contributions to questions relating to the economics of innovation and technological change. The Quarterly Journal of Economics, 2017, vol. There are 2 versions of this paper The Use and Misuse of Patent Data: Issues for Corporate Finance and Beyond. 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. When aggregated at the firm level, these survive popular methods of adjustment and are correlated with firm-level characteristics. Harvard Business School Working Paper, No. The researchers looked at nearly 1.8 million patents that were granted and assigned to publicly traded companies from 1926 to 2011. 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. But due to the complexities of patent data collection and the changing spatial and industry composition of innovative firms, biases may be introduced. 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. Amit Seru presented "Measuring Technological Innovation over the Long Run", joint work with Bryan Kelly, Dimitris Papanikolaou, and Matt Taddy. Business School faculty. Corporate finance researchers who analyze patent data are at risk of making highly predictable errors. 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. While the basic issues confronting users of patent data are similar to ones that those analyzing almost any contemporaneous … Patent winners also … We combine patent data for US rms from 1926 to 2010 with the stock market response to news about patents to … But due to the complexities of patent data collection and the changing spatial and industry composition of innovative firms, biases may be introduced. 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? 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. 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. Lerner, Josh, and Amit Seru. This book offers a geographic dimension to the study of innovation and product commercialization. Measuring Technological Innovation over the Long Run by Bryan Kelly, Dimitris Papanikolaou, Amit Seru and Matt Taddy. Financial support from the NBER Innovation, Policy, and Economy Group and from the Abraaj Group is gratefully acknowledged. ", CPE and SUS Environmental: You’ve Got to Know When to Hold ‘Em (B), The Canada Pension Plan Investment Board (CPP Investments): April 2021. Patents and citations are powerful tools for understanding innovative activity inside the firm and are increasingly used in corporate finance research. The economics of intellectual property and R&D incentives explained in a balanced, accessible mixture of institutional details and theory. Amit Seru. the crucial works using patent data. Miao Liu and Danqing Mei . 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. This paper assesses the impact of the geographic diversification of bank holding company (BHC) assets across the United States on their market valuations. This chapter discusses various past and future aspects of the global economy. I thank the National Bureau of Economic Research (Hall, Jaffe, and Tratjenberg) for making their patent data available for public use. 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. Working papers. The Use and Misuse of Patent Data: Issues for Corporate Finance and Beyond Josh Lerner and Amit Seru NBER Working Paper No. Found insideWe develop a model to analyze the implications of firing costs on incentives for R & D and international specialization. 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. How Gender Stereotypes Kill a Woman’s Self-Confidence, Feeling Powerless at Work? 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 These patents have missing CPC class value in the patent-CPC class match data. Patents and citations are powerful tools for understanding innovative activity inside the firm, and are increasingly use in corporate finance research. We then introduce measures of patent and citation biases. Patents and citations are powerful tools for understanding innovative activity inside the firm, and are increasingly used in corporate finance research. 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). Amit Seru's research while affiliated with Stanford University and other places. Can Companies with Remote Management Succeed? Found insideIn this Element and its accompanying second Element, A Practical Introduction to Regression Discontinuity Designs: Extensions, Matias Cattaneo, Nicolás Idrobo, and Rocıìo Titiunik provide an accessible and practical guide for the ... 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. 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. Learn about fresh research and ideas from Harvard Amit Seru. 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). Search for more papers by this author. I also thank the following for help with data: Industrial Research Institute, Paul Oyer, Rakesh Bordia, … 17769 January 2012, Revised May 2016 JEL No. Patents in the United States are granted by the United States Patent … 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, ... This volume brings together original cutting-edge research in these and other areas written by leading experts in insider trading law and economics. E32,G14,O3,O4 ABSTRACT We propose a new measure of the economic importance of each innovation. 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 . A wide ranging contribution to the debate about the impact of technological change on economic and social welfare. 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. 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 … 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. Science for Agriculture 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. 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. 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. Number of pages: 59 Posted: 03 Mar 2008 Last Revised: 11 Jan 2009. Corporate finance researchers who analyze patent data are at risk of making highly predictable errors. We now discuss the data that we employ in our analysis. This person is not on ResearchGate, or hasn't claimed this research yet. 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. HJT match the assignees of the patents in the NBER data set, by name, to manufacturing firms from Compustat, as of 1989. But due to the complexities of patent data collection and the changing spatial and industry composition of innovative firms, biases may be introduced. We suggest a number of concrete steps that researchers can employ to avoid biased inferences. 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. ar more details about the patent application process can be F found in many legal texts. Please see the paper for more information on the data. 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. 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. Downloads 9,481 (653) Citation 214. 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. title = "Technological innovation, resource allocation, and growth", abstract = "We propose a new measure of the economic importance of each innovation. But due to the complexities of patent data collection and the changing spatial and industry composition of innovative firms, biases may be introduced. The Wharton School - University of Pennsylvania, Real Estate Department, Sorin Capital Management, LLC, Stanford University and London Business School. We then plot the average number of cohort-adjusted patent … The dramatic surge in 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. Corporate finance researchers who analyze patent data are at risk of making highly predictable errors. Manchester, and the Oxford Said Business School. Leonid Kogan, Dimitris Papanikolaou, Amit Seru, and Noah Stoffman NBER Working Paper No. 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 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). Interested in improving your business? œ¨Å¡d‡®Æ¢¾4]  2'ˆ'iJ&–½æiϱõŠ-õ9r†\"-%h³‘fäL‘5gºÂÒ\µ²B®¬\´l©¯×¬©ÆšÁF ‚±ƒQ¢ Stanford University. 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. 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. I thank the National Bureau of Economic Research for patent data and Bronwyn Hall for discussions on matching conglomerate divisions to patent data. Matching USPTO Patent Assignees to Compustat Public Firms and SDC Private Firms . The Use and Misuse of Patent Data: Issues for Corporate Finance and Beyond. Leonid Kogan (), Dimitris Papanikolaou (), Amit Seru and Noah Stoffman. 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. Patents and citations are powerful tools for understanding innovative activity inside the firm and are increasingly used in corporate finance research. 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. By: Nicholas Bloom, Tarek A. Hassan, Aakash Kalyani, "The Use and Misuse of Patent Data: Issues for Corporate Finance and Beyond. 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 Leading economists discuss how economic policy can stimulate technological innovation. Amit Seru. 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 ... 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. 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. Found insideThis book examines the nature and workings of markets for intermediate technological inputs. 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. Harvard Business School Working Knowledge, The Use and Misuse of Patent Data: Issues for Corporate Finance and Beyond. We suggest a number of concrete steps that researchers can employ to avoid biased inferences. 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} } They ran text analysis of patents, and judge similarity by whether patents use many of the same words. 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. 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. 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. 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. Corpus ID: 166333795. Susan F. Cherry & Erica Xuewei Jiang & Gregor Matvos & Tomasz Piskorski & Amit Seru, 2021. 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 ... Found insideWe study the impact of bank credit on firm productivity. "The Use and Misuse of Patent Data: Issues for Corporate Finance and Beyond." 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. ... Association Conference and the discussant Gustavo Manso, and participants at the 2009 ASSA meetings and the discussant Amit Seru for useful comments and suggestions. 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. Benjamin J. Keys, Tanmoy K. Mukherjee, Amit Seru and Vikrant Vig. 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. 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. We use textual analysis of high-dimensional data from patent documents to create new indicators of technological innovation. 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. A study of how patents and citation data can serve empirical research on innovation and technological change. 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. When aggregated at the firm level, these survive popular methods of adjustment and are correlated with firm-level characteristics. We propose a new measure of the economic importance of each innovation. Contact: Please contact Dimitris Papanikolaou (d-papanikolaou@kellogg.northwestern.edu) or Amit Seru (aseru@stanford.edu) for any questions regarding the data. Patent data: Patent data updated to 2020 If you want to replicate the results of KPSS (2017), see this replication kit 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. 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 ... by Josh Lerner and Amit Seru. AMIT SERU ∗ Ph.D. by Josh Lerner and Amit Seru. Downloadable! 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. 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