References of "Fleming, Lee"
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See detailHeterogeneous Innovation over the Business Cycle
Manso, Gustavo; Balsmeier, Benjamin UL; Fleming, Lee

in Review of Economics and Statistics (2022)

Schumpeter (1939) claims that recessions are periods of “creative destruction,” concentrating innovation that is useful for the long-term growth of the economy. However previous research finds that ... [more ▼]

Schumpeter (1939) claims that recessions are periods of “creative destruction,” concentrating innovation that is useful for the long-term growth of the economy. However previous research finds that standard measures of firms’ innovation, such as R&D expenditures or raw patent counts, concentrate in booms. We argue that these measures do not capture shifts in firms’ innovative search strategies. We contemplate firms’ choice between exploration vs. exploitation over the business cycle and find evidence with more nuanced measures of patent characteristics that firms shift towards exploration during contractions and exploitation during expansions, with a stronger effect for firms in more cyclical industries. [less ▲]

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See detailInnovation Search Strategy and Predictable Returns
Fitzgerald, Tristan; Balsmeier, Benjamin UL; Fleming, Lee et al

in Management Science (2021), 67(2), 1109-1137

Because of the intangible and highly uncertain nature of innovation, investors may have difficulty processing information associated with a firm’s innovation search strategy. Due to cognitive and strategic ... [more ▼]

Because of the intangible and highly uncertain nature of innovation, investors may have difficulty processing information associated with a firm’s innovation search strategy. Due to cognitive and strategic biases, investors are likely to pay more attention to unfamiliar explorative patents rather than incremental exploitative patents. We find that innovative firms focusing on exploitation rather than exploration tend to generate superior subsequent short-term operating performance. Analysts do not seem to detect this, as firms currently focused on exploitation tend to outperform the market’s near-term earnings expectations. The stock market also seems unable to accurately incorporate information about a firm’s innovation search strategy. We find that firms with exploitation strategies are undervalued relative to firms with exploration strategies and that this return differ-ential is incremental to standard risk and innovation-based pricing factors examined in the prior literature. This result suggests a more nuanced view on whether stock market pressure hampers innovation, and may have implications for optimal firm financing choices and corporate disclosure policy. [less ▲]

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See detailEarly Disclosure of Invention and Reduced Duplication: An Empirical Test
Lück, Sonja; Balsmeier, Benjamin UL; Seliger, Florian et al

in Management Science (2020)

Much work on innovation strategy assumes or theorizes that competition in innovation elicits duplication of research and that disclosure decreases such duplication. We validate this empirically using the ... [more ▼]

Much work on innovation strategy assumes or theorizes that competition in innovation elicits duplication of research and that disclosure decreases such duplication. We validate this empirically using the American Inventors Protection Act (AIPA), three complementary identification strategies, and a new measure of blocked future patent applications. We show that AIPA—intended to reduce duplication, through default disclosure of patent applications 18 months after filing—reduced duplication in the U.S. and European patent systems. The blocking measure provides a clear and micro measure of technological competition that can be aggregated to facilitate the empirical investigation of innovation, firm strategy, and the positive and negative externalities of patenting. [less ▲]

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See detailMachine learning and natural language processing on the patent corpus: data, tools, and new measures
Balsmeier, Benjamin UL; Li, Guan-Cheng; Assaf, Mohamad et al

in Journal of Economics and Management Strategy (2018), 27

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See detailIndependent Boards and Innovation
Balsmeier, Benjamin UL; Manso, Gustavo; Fleming, Lee

in Journal of Financial Economics (2017), 123

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