Below, you can find links to some of my papers. For a more up-to-date list, please see my CV.
Contract Theory: Impact on Biopharmaceutical Alliance Structure and Performance
In this paper, we seek to understand what drives alliance structure; the choice between collaborative alliances where both parties exert joint efforts and sequential alliances where, for the most part, the partner takes over going forward. We review and test the implications of contract theory on the choice at hand by analyzing a dataset of over 2000 biopharmaceutical alliances. Last but not least, we find that aligning the choice… [Read more here] [See related online tool here]
Research and development (R&D) collaborations, common in high-tech industries, are challenging to manage due to technical and market risks as well as incentive problems. We investigate how control rights, options, payment terms and timing allow the innovator to capture maximum value from its R&D collaborations with a marketer. Our study reveals a counterintuitive result; the innovator may… [Read more here]
The Role of Equity, Royalty and Fixed Fees in Technology Licensing to University Spin-Offs
Management Science, 2015, 61(6) 1323–1343. Joint work with Nicos Savva
We develop a model based on asymmetric information (adverse selection) that provides a rational explanation for the persistent use of royalties alongside equity in university technology transfer. The model shows how royalties, through their value-destroying distortions, can act as a screening tool that allows a less informed principal… [Read more here]