Determinants of invention commercialization: an empirical examination of academically sourced inventions

We examine the attributes of technological inventions that influence their commercialization. Using a unique dataset of the Massachusetts Institute of Technology (MIT)‐licensed patents, we show that the likelihood of invention commercialization, which we measure by the achievement of first sale, is positively associated with two characteristics of licensed technological inventions—scope and pioneering nature—and has an inverted U‐shaped relationship with the age of the invention. Copyright © 2007 John Wiley & Sons, Ltd.     

The Relation Between Patent Citations and Tobin's Q in the Semiconductor Industry

The market value of a firm is largely determined by the expected returns to the firm's tangible and intangible assets. However, accounting data generally excludes intangible assets. Financial variables which are constructed in part from accounting data, such as Tobin's Q, are thus biased. If measures of intangible capital are successful in explaining variation in Q, then a case can be made for incorporating such measures into future research. In high technology industries, such as the semiconductor industry, valuing a firm's intangible assets requires the valuation of its technological capital. Past studies have relied heavily on simple patent counts and research and development expenditures to quantify the technological component of a firm's intangible assets. This paper examines the ability of measures of intangible capital to explain variation in Q and considers an additional data source, patent citations. We find that stock variables created from citation data contain relevant information about the market's valuation of intangible assets.     

Regional information and market efficiency: the case of spread betting in United States college football

Using game results over a seven year span (1999–2006), we find that United States college football teams in arid regions “win” against the spread in 56.64% of games in which they host a team from a humid region. This result provides statistically significant evidence for both weak and strong form inefficiency in the spread betting markets of such games. By examining other cases of intraregional and interregional competition within the sport, we conclude that this inefficiency does not arise from the effects of travel or home field advantage. Rather, the result indicates that climate aridity is an observed characteristic for which college football betting markets do not accurately control. It is quite rare to find strong form market inefficiency arise from a single variable rather than from an elaborate, multivariable betting strategy. Therefore, the effect of climate aridity upon college football spread betting market efficiency can be characterized as dramatic. It is conjectured that remote market participants may need to “experience” certain types of relevant regional information, such as climate, to act in a market efficient manner.     

The Psychology of Intertemporal Discounting: Why are Distant Events Valued Differently from Proximal Ones?

Research in intertemporal choice has been done in a variety of contexts, yet there is a remarkable consensus that future outcomes are discounted (or undervalued) relative to immediate outcomes. In this paper, we (a) review some of the key findings in the literature, (b) critically examine and articulate implicit assumptions, (c) distinguish between intertemporal effects arising due to time preference versus those due to changes in utility as a function of time, and (d) identify issues and questions that we believe serve as avenues for future research.     

The ad creativity cube: conceptualization and initial validation

Advertising creativity is conceptualized as a function of three dimensions—novelty, meaningfulness, and connectedness. Novelty and meaningfulness involve infocentric aspects, while connectedness incorporates the perspective of the audience. The relationship among these dimensions and ad effectiveness, and the linkage of ad creativity level to persuasion is then posited. Two experiments were conducted among 201 undergraduates. The first tested novelty and meaningfulness; while the second tested connectedness and meaningfulness. The results affirm the proposed conceptual framework. Relative to non-novel and meaningful ads, novel and meaningful ads generated higher ad recall, more favorable ad attitudes, and more upbeat feelings. Novel and non-meaningful ads elicited higher recall, more favorable attitudes toward non-claim elements (Aad-nc), and negative feelings, and less favorable ad attutides toward claim elements (Aad-c) than non-novel and non-meaningful ads. Relative to ads that did not connect with the audience, connected ads elicited higher ad recall, more favorable Aad-c under meaningful ads, lower Aad-c under non-meaningful ads, and higher levels of Aad-nc and warm feelings under both meaningful and non-meaningful ads. The authors Swee Hoon Ang, Yih Hwai Lee and Siew Meng Leong are listed alphabetically as each contributed equally to this paper.     

Debt Maturity and the Effects of Growth Opportunities and Liquidity Risk on Leverage

I test the hypothesis that short debt maturity attenuates thenegative effect of growth opportunities on leverage. Using simultaneousequations with leverage and maturity endogenous, I find strongsupport for an economically significant attenuation effect.The negative effect of growth opportunities on leverage forfirms with all shorter-term debt is less than one-sixth as largeas the effect for firms with all longer-term debt. Short maturityalso increases liquidity risk, however, which negatively affectsleverage. The results suggest that firms trade off the costof underinvestment problems against the cost of liquidity riskwhen choosing short maturity.     

The Current Link Between Management Behavior and Ethical Philosophy

The current linkages between ethical theory and management behavior are investigated. The vignettes used in this investigation represent ethical dilemmas in the areas of coercion and control, conflict of interest, physical environment, and personal integrity. Overall, even with heightened ethical awareness the link between ethical philosophy and management behavior remains similar to that of the early 1990s. Generally, practitioners still rely heavily on the utilitarian ethical philosophy when making business decisions. However, more managers are now likely to select ethically appropriate actions either because it is ethical to do so, or because the consequences or risk of not doing so are too great. This shift could positively impact the ethical climate of business decision-making.     

Values and Beliefs Related to Ethical Decisions

Although there is reason to suspect thatpeople's values and beliefs influenceintegrity-related decisions, few studies haveexamined the values and beliefs related tomanagerial integrity. In the present study,197 students were asked to complete measures ofvalues and beliefs as manifest in theirpreferred courses of action when confrontedwith ambiguous situations. Subsequently, theywere asked to work on a managerial ``in-basket'task where the decisions made might result inharm to others or harm to the organization. Itwas found that values and beliefs were relatedto both types of decisions producing multiplecorrelations in the 0.40s. People whose valuesstressed growth and contributions to others, asopposed to personal gain, and believed actionswere under their control, as opposed toexternal control, exhibited greater integrity. The implications of these findings forunderstanding leader integrity are discussed.     

A theory of reasoned action perspective of voting behavior: Model and empirical test

A model based on the theory of reasoned action was developed to analyze voting behavior. Based on an empirical test in Singapore, the proposed model was found to be generally effective in predicting the intentions of voters. Attitudes toward the candidate and political party contributed more to explaining variation in voting intention than interpersonal and mass media subjective-norm components. Direct measures of affect served to better account for voting intention variation than componentially derived measures, although they did not completely mediate the latter's effect. Implications of the findings are discussed and suggestions for future research furnished © 1995 John Wiley & Sons, Inc.