More from these Authors

• Article | International Economic Review | May 2013

  Hybrid Innovation in Meiji Japan

  Tom Nicholas

  Japan's hybrid innovation system during the Meiji era of technological modernization provides a useful laboratory for examining the effectiveness of complementary mechanisms to patents. Patents were introduced in 1885, and by 1911, 1.2 million mostly non-pecuniary prizes were awarded at 8,503 competitions. Prizes provided a strong boost to patent outcomes, especially in less developed prefectures, and they also induced large spillovers of technical knowledge in prefectures adjacent to those with prizes, relative to distant control prefectures without prizes. Linking competition expenditures with the expected market value of patents induced by the prizes permits a cost-benefit assessment of the prize competitions to be made.

  Keywords: patents; Prizes; Technological Innovation; System; Patents; Knowledge; Value; Cost vs Benefits; Factories, Labs, and Plants; Performance Effectiveness; Japan;

  Citation:

  Nicholas, Tom. "Hybrid Innovation in Meiji Japan." International Economic Review 54, no. 2 (May 2013): 575–600.

  CiteView DetailsRead Now

  Related

• Case | HBS Case Collection | 2013 (Revised from original 2013 version)

  Greylock Partners

  Felda Hardymon, Tom Nicholas and David Lane

  Citation:

  Hardymon, Felda, Tom Nicholas, and David Lane. "Greylock Partners." Harvard Business School Case 813-002, April 2013. (Revised from original January 2013 version.)

  CiteView DetailsPurchase

  Related

• Article | Journal of Economic Perspectives | Spring 2013

  The Investment Strategies of Sovereign Wealth Funds

  Shai Bernstein, Josh Lerner and Antoinette Schoar

  This paper examines the direct private equity investment strategies across sovereign wealth funds (SWFs) and their relationship to the funds' organizational structures. SWFs seem to engage in a form of trend chasing, since they are more likely to invest at home when domestic equity prices are higher and invest abroad when foreign prices are higher. Funds see the industry P/E ratios of their home investments drop in the year after the investment, while they have a positive change in the year after their investments abroad. SWFs where politicians are involved have a much greater likelihood of investing at home than those where external managers are involved. At the same time, SWFs with external managers tend to invest in lower P/E industries, which see an increase in the P/E ratios in the year after the investment. By way of contrast, funds with politicians involved invest in higher P/E industries, which have a negative valuation change in the year after the investment.

  Citation:

  Bernstein, Shai, Josh Lerner, and Antoinette Schoar. "The Investment Strategies of Sovereign Wealth Funds." Journal of Economic Perspectives 27, no. 2 (Spring 2013): 219–238.

  CiteView DetailsFind at Harvard

  Related