Blockchain and the Value of Operational Transparency

Funded Research Proposal

The project aims to explore the extent to which blockchain technology can be ported to alleviate information asymmetry issues in the context of supply chain financing. In particular, firms seeking the capital needed to efficiently run their operations are often impeded by severe information asymmetry issues. Read More

The Effects of Proprietary Information on Corporate Disclosure and Transparency: Evidence from Trade Secrets

Working Papers

I examine the effects of proprietary information on corporate transparency and voluntary disclosure. To do so, I develop and validate two distinct measures of firms’ reliance on trade secrecy: one based on 10-K disclosures and one based on subsequent litigation outcomes. Read More

Organizational Decision-Making and Information: Angel Investments by Venture Capital Partners

Working Papers

We study information aggregation in organizational decision-making for the financing of entrepreneurial ventures. We introduce a formal model of voting where agents face costly tacit information to improve their decision quality.Read More

A Typology of R&D Processes Based on Market Excludability and Information Appropriability 

Working Papers

We explore the relationship between competition among downstream commercializing firms (e.g. incumbent pharmaceutical firms) and upstream innovative firms (e.g. startup biotechnology firms). We find that in an alliance regime, common in high technology industries, competition among the commercializing firms can reduce the productivity of the innovators, resulting in a net loss of societal welfare (e.g. less drugs invented and brought to market). Read More

Efficient Bargaining Through a Broker

Working Papers

A partially informed broker, acting as an intermediary between a buyer and seller, can improve welfare by alleviating inefficiencies caused by asymmetric information. I provide a sufficient condition on the broker’s information to achieve an efficient outcome, in contrast to the Myerson and Satterthwaite (1983) theorem, which states that direct bilateral bargaining is generally inefficient.Read More

Resources as Dual Sources of Advantage: Implications for Valuing Entrepreneurial-Firm Patents

Published Research

Why and how do resources provide sources of competitive advantage? This study sheds new light on this central question of resource-based theory by allowing a single resource—entrepreneurial-firm patents—to play distinctive roles in different competitive arenas. As rights to exclude others, patents serve a well-known role as legal safeguards in product markets.Read More