讲座：Know the ropes: from basic science to corporate innovation 发布时间：2023-09-07
题 目：Know the ropes: from basic science to corporate innovation
嘉 宾：叶罗敷 博士后 法兰克福大学
主持人：宋忠智 副教授 上海交通大学安泰经济与管理学院
Using novel publication data, I characterize the supply chain of innovation where knowledge generated at universities is converted by firms into patents and products, adding value to firms and leading to economic growth. The universities are subsidized and have been producing knowledge at a stable rate. However, the rate at which the diffusion eventually reaches the market is slower in firms withdrawing from basic research. I uncover that in the diffusion process, knowledge accumulated by firm scientists in basic research field of breakthroughs provides the firm a first mover advantage to convert the valuable basic research breakthroughs into applied innovation. I show firms harvest scientific breakthroughs when they conduct basic research themselves, and enjoy increased patent quantity, patent quality and productivity relative to firms that do not. Furthermore, labor market frictions such as high wage in finance seems to attract talents away from basic research and slows down the rate of diffusion.
Luofu Ye is a finance PhD candidate at London Business School. The main focus of her research is empirical corporate finance, innovation, labor and finance, pharmaceutical and health economics, VC, bankruptcy, and green innovation. In particular, she is interested in firms, talent, VC, universities, their role in the innovation process, and how government policy can reduce the friction to encourage knowledge spillover and innovation. She has a R&R (conditional acceptance) in the Review of Financial Studies.