Finance Webinar（2020-16)

Topic: Financial Innovation in the 21st Century: Evidence from U.S. Patenting

Speaker: Josh Lerner, Harvard Business School

Time: Wednesday, 14 October,08:30-10:00 am Beijing Time

Location: Microsoft Teams Online conference room

Abstract:

Patents provide a window into financial innovation. We first highlight the growth in the number and importance of these awards. The surge in financial patenting has been driven by information technology and other non-financial firms, while banks and other financial institutions have narrowed the scope of their innovations. These changes have been accompanied by fewer citations to academic knowledge, particularly by banks, and shifts in the geographic location of innovation, seemingly in response to regulatory pressures on banks and access to technological opportunities.

Introduction:

Josh Lerner is the Head of the Entrepreneurial Management Unit and the Jacob H. Schiff Professor of Investment Banking at Harvard Business School. He graduated from Yale College with a special divisional major. He worked for several years on issues concerning technological innovation and public policy at the Brookings Institution, for a public-private task force in Chicago, and on Capitol Hill. He then earned a Ph.D. from Harvard's Economics Department.

Much of his research focuses on venture capital and private equity organizations. (This research is summarized in Boulevard of Broken Dreams, The Money of Invention, Patent Capital, and The Venture Capital Cycle.) He also examines policies on innovation and how they impact firm strategies. (That research is discussed in the books The Architecture of Innovation, The Comingled Code, and Innovation and Its Discontents.) He co-directs the National Bureau of Economic Research’s Productivity, Innovation, and Entrepreneurship Program and serves as co-editor of their publication, Innovation Policy and the Economy. He founded and runs the Private Capital Research Institute, a nonprofit devoted to encouraging access to data and research, and has been a frequent leader of and participant in the World Economic Forum projects and events.

In the 1993-1994 academic year, he introduced an elective course for second-year MBAs. Over the past two decades, “Venture Capital and Private Equity” has consistently been one of the largest elective courses at Harvard Business School. (The course materials are collected in Venture Capital and Private Equity: A Casebook, now in its fifth edition, and the textbook Venture Capital, Private Equity, and the Financing of Entrepreneurship.) He also established and teaches doctoral courses on entrepreneurship, teaches in the Owners-Presidents-Managers Program, and leads executive courses on private equity. He is the Jacob H. Schiff Professor.

Among other recognitions, he is the winner of the Swedish government’s Global Entrepreneurship Research Award and Cheng Siwei Award for Venture Capital Research.

//www.people.hbs.edu/jlerner

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