Incentives to develop basic technologies are greater if the patentholder profits from applications or other second-generation products. Assuming that such products infringe the basic patent and that there is not much delay between the innovations, I argue that (i) patents on second-generation...

When innovation is followed by imitator entry, the degree to which the innovator can appropriate the rents induced by its innovations, influences the rate of innovative activity. The author's interest focuses upon the interaction between the rate of innovative activity and the length l of the...

I use the aggregate behavior of three indicators of technology (employment of research and scientists and enginerrs, patented inventions, and total factor productivity) to identify a model of endogenous technological change. In the United States and several other developed countries, research...

Silicon Valley's success has led other regions to attempt their own high-tech transformations, yet most imitators have failed. Entrepreneurs may be in short supply in these quot;non-techquot; regions, but some non-tech regions are home to high-quality entrepreneurs who relocate to Silicon Valley...

Recent court decisions, starting with the State Street decision in 1998, allow business methods to be patentable and now give financial institutions the option to seek patent protection for financial innovations. This new patentability paradigm and the heterogeneity of characteristics associated...

This chapter discusses private equity and venture capital (PE/VC) in Brazil. Firstly, it is shown that PE/VC has a strong impact in the Brazilian capital markets, with PE/VC-backed companies representing close to half the amount raised by initial public offerings (IPOs) in the stock exchanges....