Bank Credit Supply and Firm Innovation Behavior in the Financial Crisis (with Kornelius Kraft), Journal of Banking and Finance, 2020, 121, 105961.
External Financing Constraints and Firm Innovation (with Kornelius Kraft), Journal of Industrial Economics, 2019, 67(1), 91-126.
The Impact of the Financial Crisis on Capital Investments in Innovative Firms (with Kornelius Kraft), Industrial and Corporate Change, 2019, 28(5), 1079-1099.
External Consultants and Innovation, Academy of Management Proceedings, 2020, 1, 13491.
Is it a good idea to publish during your PhD? Yes, but ..., Nature Behavioural and Social Sciences Community Blog, October 2019.
Digital divide, Knowledge and Innovations, Journal of Information, Information Technology, and Organizations, Vol. 8, 2013, pp. 1-24.
How does patent enforcement affect subsequent innovation? I exploit patent infringement litigation in the United States to analyze the effect of patent enforcement on cumulative innovation. The results imply that subsequent innovation increase after a case is filed in a court. While there is a strong increase during the litigation period, the relative effect size decreases in the years following the closure of the case. Further results imply that signals about the value of the patent and reductions in asymmetric information are particular driver of the increase in follow-on innovation. Although there is a general positive effect, subsequent innovation show a low degree of novelty and are close to the litigated patents in terms of technological proximity and general similarity.
Patent law requires the full, clear, and concise disclosure of an invention in exchange for the protection of the intellectual property. This paper presents a theoretical analysis of the strategic motives to limit knowledge disclosure in patents and how this affects follow-on innovation. Using USPTO patent examination data we use Office actions associated with insufficient disclosure to investigate whether and how the modification of a patent specification in the course of examination impacts follow-on innovation. We find that inventors “game the system” using strategic non-disclosure as a means to reduce follow-on innovation.
We utilize a new survey experiment to evaluate the existence and degree of financial constraints for R&D in the economy. The experiment does not only allow to deduct the presence of financial constraints, but also to evaluate their economic significance. Using data on German companies, we find that financial constraints for R&D exist but that their relevance might have been overestimated in the literature. Most R&D projects that have not been implemented because of financial constraints turn out to have low expected marginal rates of return. While this findings stands in some contrast to other studies, we also find several results that are in line with the literature: young firms are most constrained and the constraints occur at the intensive margin, i.e. our results do not suggest that non-innovative companies are deterred from innovation. Instead, highly innovative companies are restricted by the capital market.
Selected work in progress
Fiscal Transparency and the Social Benefits of Government Funded Research (preliminary version available upon request)I investigate the effect of increasing transparency on the social benefits of research. (Among the best accepted papers in the 2022 AOM meeting program)
Risk and Collusion (with Anja Rösner)This paper investigates how risk-taking incentives of managers affect collusive behavior of firms.
Licensing and Innovation
Awareness and Innovation