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Start-ups as Buyers in Technology Ma...

Zhu, Tianyu Brooklynn.

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Start-ups as Buyers in Technology Markets: Evidence from the Bio-pharmaceutical Industry.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Start-ups as Buyers in Technology Markets: Evidence from the Bio-pharmaceutical Industry./
作者:	Zhu, Tianyu Brooklynn.
出版者:	Ann Arbor : ProQuest Dissertations & Theses, : 2019,
面頁冊數:	127 p.
附註:	Source: Dissertations Abstracts International, Volume: 81-05, Section: B.
Contained By:	Dissertations Abstracts International81-05B.
標題:	Business administration. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=13903024
ISBN:	9781392575017

Start-ups as Buyers in Technology Markets: Evidence from the Bio-pharmaceutical Industry.
Zhu, Tianyu Brooklynn.

Start-ups as Buyers in Technology Markets: Evidence from the Bio-pharmaceutical Industry. - Ann Arbor : ProQuest Dissertations & Theses, 2019 - 127 p.

Source: Dissertations Abstracts International, Volume: 81-05, Section: B.

Thesis (Ph.D.)--University of Toronto (Canada), 2019.

This item must not be sold to any third party vendors.

My dissertation studies start-ups' strategies in the market for technologies, with a focus on their role as technology buyers, in the context of the bio-pharmaceutical industry. The ﬁrst chapter clariﬁes when and what start-ups are likely to buy. Building on the classic assumption that start-ups are most advantaged in developing early-stage technologies and drawing on research examining M&A-related resource reconﬁgurations, I argue that start-ups will have opportunities to buy from sellers that experienced recent M&A events because M&A-related resource reconﬁgurations release early-stage technologies that would otherwise be further developed and sold to incumbents when late-staged. To test the predictions, I exploit a novel data set involving 97,202 U.S. bio-pharmaceutical patents, and adopt a quasi-experimental approach, using M&As that unexpectedly failed to go through. The results show that sellers' M&A events increase the probability that a patent will be bought by a start-up by around 50%, a ﬁnding that is driven primarily by an increase in start-ups' acquisitions of early-stage technologies. The second chapter studies the possible impact of venture capital (VC) backing for start-ups' probability of buying external technologies. An analysis of nearly 3,137 U.S. bio-pharmaceutical start-ups founded between 1996 and 2012 suggests that start-ups are about 2% more likely to acquire external technologies after they receive VC funding. To address the concern that a ﬁrm's VC backing status might not be random, I construct an instrumental variable, capturing exogenous variation in VC funding at the MSA level. IV regression results reveal that VC backing status causes over 30% increase in start-ups' probability of acquiring external technologies. The third chapter examines a puzzle in the literature explaining technology transaction timing: why some quality signals that reduce information asymmetries promote early licensing (e.g., licensors' alliance experiences), whereas others do not (e.g., patents). By building a formal model and exploiting a novel data set comprising 124 U.S. exclusive licensing agreements announced between 2009 and 2015, I show that patents, in addition to reducing information asymmetry, induce licensors' over-optimism regarding buyer competition, which delays licensing timing. Overall, my dissertation contributes to a more comprehensive and nuanced understanding of the market for technologies.

ISBN: 9781392575017Subjects--Topical Terms:

3168311
Business administration.

Start-ups as Buyers in Technology Markets: Evidence from the Bio-pharmaceutical Industry.
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