We explore whether the Bayh-Dole intellectual property regime is associated with more, and more valuable academic entrepreneurship than the “Professor's Privilege” regime. Using data on U.S. STEM Ph.D.'s becoming entrepreneurs during 1993-2006 and similar data from Sweden we present evidence...

We document that since 1997, the rate of startup formation has precipitously declined for firms operated by U.S. PhD recipients in science and engineering. These are supposedly the source of some of our best new technological and business opportunities. We link this to an increasing burden of...

We use the U.S. patent data merged with firm-level datasets to establish new facts about the role of mega firms in generating "novel patents"--innovations that introduce new combinations of technology components for the first time. While the importance of mega firms in novel patents had been...

For much of the twentieth century, American corporations led the world in terms of technological progress. Why did certain industries have such great success? Experimental Capitalism examines six key industries—automobiles, pneumatic tires, television receivers, semiconductors, lasers, and...