January 28, 2026: 11:00 am - 12:15 pm ET
January 28, 2026: 11:00 am - 12:15 pm ET
Embedded Files
Larisa Cioaca (Tulane University) - will present “The Private Value of Innovating for the Government.” (with Ashish Arora, Sharon Belenzon, and Elia Ferracuti)
Abstract: We quantify the private returns to government R&D contracts awarded to firms. We present new evidence that R&D contracts not only finance innovation but also embed an implicit government guarantee of noncompetitive future procurement for the winning R&D contractor. We measure its private value by analyzing stock market reactions to news about R&D contract awards. Using all federal R&D contracts awarded to U.S. publicly traded firms from 1984 through 2015, we find that the average private return on an R&D contract is 19 times its maximum potential revenue. However, returns are highly skewed, with only 7.5% of firms receiving at least one top-quartile contract. Private returns are linked to future production contracts, but only for noncompetitive awards to vertically integrated or large firms. These results suggest that a procurement regime bundling R&D and production contracts enhances value for firms with production capability. We develop a conceptual framework to clarify this innovation policy lever.
February 18, 2026: 11:00 am - 12:15 pm ET
February 18, 2026: 11:00 am - 12:15 pm ET
Jay Habegger (University of Maryland) - will present. Info forthcoming.
March 11, 2026: 11:00 am - 12:15 pm ET
March 11, 2026: 11:00 am - 12:15 pm ET
Anna Lamin (Northeastern University) - will present - title forthcoming
March 25, 2026: 11:00 am - 12:15 pm ET
March 25, 2026: 11:00 am - 12:15 pm ET
Mahka Moeen (University of Wisconsin) - will present - title forthcoming
April 8, 2026: 11:00 am - 12:15 pm ET
April 8, 2026: 11:00 am - 12:15 pm ET
Sukhun Kang (University of California Santa Barbara) - will present "Data Privacy Regulation and Innovation" (with Jennifer Kao, UCLA).
This paper examines how data privacy regulations shape innovation. While data privacy regulations are designed to increase data security, they also introduce compliance costs and coordination challenges in settings where collecting, analyzing, and sharing sensitive data is central to innovation. We examine the effect of the European Union (EU)’s General Data Protection Regulation (GDPR), the largest data privacy law to date, on the pharmaceutical industry. We find that a significant decline in clinical trial activity among firms more exposed to the reform. Firms reduced both the scale and scope of their trials, enrolling fewer patients, targeting fewer diseases, and operating across fewer sites. While collaborative activity declined overall, we provide evidence that firms adapted by shifting toward existing (rather than new) research collaborators. These findings highlight how data privacy regulations can shape not only the rate of R&D, but also the composition of firms’ R&D activities and the organizational contexts in which innovation is ultimately pursued.
April 22, 2026: 11:00 am - 12:15 pm ET
April 22, 2026: 11:00 am - 12:15 pm ET
Supradeep Dutta (Rutgers University - Camden) - will present. Paper information forthcoming.
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