Post by arfanho7 on Feb 22, 2024 3:51:39 GMT -5
Graff Zivin Danielle Li and Bhaven N. Sampat ABSTRACT—We quantify the impact of scientific grant funding at the National Institutes of Health NIH on patenting by pharmaceutical and biotechnology firms. Our paper makes two contributions. First we use newly constructed bibliometric data to develop a method for flexibly linking specific grant expenditures to private sector innovations. Second we take advantage of idiosyncratic rigidities in the rules governing NIH peer review to generate exogenous variation in funding across research areas.
Our results show that NIH funding spurs the development of private sector patents a million boost in NIH funding leads to a net increase of . patents. Though valuing patents is difficult we America Cell Phone Number List report a range of estimates for the private value of these patents using different approaches. Download working paper hbs.edu faculty Pages item.aspx num Catering to Investors Through Product Complexity By Célérier Claire and Boris Vallée ABSTRACT—This paper investigates the rationale for issuing complex securities to retail investors. We focus on a large market of investment products targeted exclusively at households retail structured products in Europe.
We hypothesize that banks strategically use product complexity to cater to yield seeking households by making product returns more salient and shrouding risk. with this view. First we show that structured products with complex payoff formulas offer higher headline rates and that they more frequently expose investors to a complete loss of their investment. We then document that banks are more inclined to issue high headline rate and more complex products in low rate environments. Finally we find that high headline rate and more complex products are more profitable for banks and that their ex post performance is lower.
Our results show that NIH funding spurs the development of private sector patents a million boost in NIH funding leads to a net increase of . patents. Though valuing patents is difficult we America Cell Phone Number List report a range of estimates for the private value of these patents using different approaches. Download working paper hbs.edu faculty Pages item.aspx num Catering to Investors Through Product Complexity By Célérier Claire and Boris Vallée ABSTRACT—This paper investigates the rationale for issuing complex securities to retail investors. We focus on a large market of investment products targeted exclusively at households retail structured products in Europe.
We hypothesize that banks strategically use product complexity to cater to yield seeking households by making product returns more salient and shrouding risk. with this view. First we show that structured products with complex payoff formulas offer higher headline rates and that they more frequently expose investors to a complete loss of their investment. We then document that banks are more inclined to issue high headline rate and more complex products in low rate environments. Finally we find that high headline rate and more complex products are more profitable for banks and that their ex post performance is lower.