Research and Technology Commercialization

This paper introduces the special themed section on organizational interactions involving universities and firms that result in the commercialization of research and technology. Our objective is to shed light on some of the most vexing, yet under‐researched predicaments research institutions encounter, despite their best efforts to advance commercialization. First, we synthesize and extend recent studies, including the papers in the special themed section. Next, we develop a taxonomy of modes of commercialization. Specifically, we consider internal approaches, quasi‐internal approaches (e.g. incubators), university research parks, regional clusters, academic spin‐offs and start‐ups, licensing, contract research and consultancy, corporate venture capital, and open science and innovation. We also identify areas for further research at the individual (e.g. heterogeneity of entrepreneurial teams and experience; incentives), organizational and intra‐university (e.g. corporate governance; nature of growth strategies; relationships with trading partners; boundary spanning activities) and technology levels (e.g. institutional context; reconfiguration of technology; valuation of technology).     

The effects of cognitive thinking style and ambient scent on online consumer approach behavior,experience approach behavior,and search motivation

This study evaluates the effect of the interaction between cognitive variables and the presence of scent on online search motivation, purchase characteristics, and telepresence. An interaction between consumers' type of thought process and the presence of scent was identified as influencing search motivation (attention focus and challenge) and telepresence experience. Ambient scent influenced the search motivation of consumers possessing systematic cognitive thinking style (SCTS) and the telepresence experience of consumers with intuitive cognitive thinking style (ICTS). In addition, much in the same way that ambient scent affects consumer behavior in traditional stores, in online settings consumers exposed to scent were found to demonstrate a higher degree of approach behavior. The results suggest extending the S‐O‐R model by emphasizing cognitive thinking style as a mediator of environmental stimuli. © 2011 Wiley Periodicals, Inc.     

红绿通道选择困境

世界海关组织在1999年6月修订的《关于简化和协调海关制度的国际公约》中建议：各国可在进境旅客携带应税商品进行海关申报方面使用红绿通道制度。根据该制度,进境旅客必须在红绿通道中选择一个,若携带应税商品,则应选择须完全申报并纳税的红色通道;若未携带应申报商品,则可选择绿色通道。     

A plausible model of yield curve dynamics

We present a simple model of yield curve dynamics which satisfies key criteria of plausibility. Specifically, yields are non-negative and the Sharpe ratio of a mean-variance optimal bond portfolio has a reasonable magnitude. The model matches stylized data features, in particular long-run moments of yields and excess returns.     

Expiration‐day effects on individual stocks and the overall market: Evidence from Taiwan

On expiration days of the MSCI‐TW index futures, the Taiwan spot market is associated with abnormally large volume and high index volatility, along with mild index reversal. The effects concentrate only in the last five minutes of expiration days and appear to be strengthened by the adoption a call auction closing procedure by the Taiwan Stock Exchange. Individual index stocks show high volatility and strong tendency of price reversal, with large‐ and small‐cap stocks being affected more than the medium‐sized stocks. The highest‐weighted stocks exhibit excessive volume and volatility, which is disproportionate to the impact on all other index stocks, indicating that the expiration‐day effects may have been amplified by the attempt of price manipulation using large‐cap stocks. © 2009 Wiley Periodicals, Inc. Jrl Fut Mark 29:920–945, 2009     

Low-latency trading

We define low-latency activity as strategies that respond to market events in the millisecond environment, the hallmark of proprietary trading by high-frequency traders though it could include other algorithmic activity as well. We propose a new measure of low-latency activity to investigate the impact of high-frequency trading on the market environment. Our measure is highly correlated with NASDAQ-constructed estimates of high-frequency trading, but it can be computed from widely-available message data. We use this measure to study how low-latency activity affects market quality both during normal market conditions and during a period of declining prices and heightened economic uncertainty. Our analysis suggests that increased low-latency activity improves traditional market quality measures—decreasing spreads, increasing displayed depth in the limit order book, and lowering short-term volatility. Our findings suggest that given the current market structure for U.S. equities, increased low-latency activity need not work to the detriment of long-term investors.     

The Who,Where, What,How and When of Market Entry

This introductory, along with the eight articles contained within this Special Issue, highlights and brings greater clarity to entrant‐incumbent interactions and to firm movement – when entrants traverse market territories for the creation and/or delivery of offerings, where ‘markets’ include service or product categories, technology or resource spaces, industries, sectors and/or geographies. Collectively, this Special Issues explains that firm movement across market boundaries is highly consequential, influencing resource‐capability mixes inside firms, interfirm relations, market logic and industry value chains, and of course, people, communities and even nations. Specifically, we develop a field‐wide perspective of market entry by expanding on the framework of market entry that Zachary and his colleagues developed (Zachary et al., 2015) – i.e., the who (players such as incumbents, entrants, suppliers, etc.), when (the timing and sequence of entry), how (the strategy, resources, capabilities, etc.), where (the space of entry) and what (product, service, business model, etc.) – to include two additional categories: complements (networks, platforms, ecosystems) and non‐market elements (government, political, social and cultural arrangements). We also summarize the eight highly diverse and insightful articles that make this Special Issue, and conclude with a discussion to highlight foundational questions that point to new directions in future research in this field. In sum, we hope to inspire scholars to go beyond counting outcomes (e.g., entry/exit rates, or profiling successful versus unsuccessful entrants), to consider contexts, processes and contingencies (e.g., cost, time, collaboration, competition, interfirm relations, etc.) and to discover boundary conditions that inform a theory of market entry.     

Enhancing female entrepreneurship by enabling access to skills

Literature reveals the need for entrepreneurship training programmes that focus on the skills required by female entrepreneurs. The purpose of this paper is to introduce the Women Entrepreneurship Programme (WEP) as an initiative to provide entrepreneurial and business skills to female entrepreneurs. An experimental group of 116 women attended this training intervention whereas 64 women formed the control group who did not attend the WEP. The findings highlight that through the WEP the experimental group gained new skills and knowledge relevant to running a business; increased their confidence in their entrepreneurial abilities; and used these skills to start new ventures.