Using a sample of patents litigated between 1977 and 1997, I estimate stock market reactions to patent litigation decisions and to patent grants. I find that the resolution of uncertainty over validity and infringement is worth as much to the firm as the initial patent right. Each is worth about 1 to 1.5% excess returns. Additionally, I find that there are significant differences pre and post-1...

We study how interactions between financing and investment decisions can shape firm boundaries in innovative markets. In particular, we model innovative projects as growth options and ask whether they are best operated inside large incumbent firms (Integration) or in separate, specialized firms (Non-Integration). Starting from a standard theoretical framework, in which value-maximizing corporat...

This bulletin is based on research conducted by Associate Professor Steven Rowley and Associate Professor Greg Costello at the AHURI Research Centre—Curtin University, Associate Professor David Higgins at the AHURI Research Centre—RMIT University, and Professor Peter Phibbs at the AHURI Research Centre—The University of Sydney. This research explored how property finance decisions are made and ...

treated more fully. Curiously, there is no table of the flow of donations and income, or of the structure of expenditure, so that the crucial role of the Fund as a distributor of grants is not easily grasped. It is not always clear why decisions were reached, and whether they were sensible. It is intriguing to learn, without elaboration, that the new consultant on hospital finance appointed in ...

Questions about whether, and how, giving health aid to governments leads to a reduction in health financing from domestic sources are essential to decisions about which countries receive aid, and whether aid is directed to governments. A 2010 analysis by Lu et al. made the case that for every additional US dollar of development assistance for health (DAH) from 1995 to 2006, government health ex...

Federal structures create the possibility of vertical tax externalities between levels of government, with the private sector’s response to the tax policy decisions of one level affecting the tax base of the other. Such effects arise most obviously when both levels of government co-occupy the same tax base. This paper reviews and extends recent results on the implications of such externalities ...

I study the financing decisions of firms going public. I find that, all else equal, firms that raise more financing are worth more, and I consider potential explanations for this finding. I provide evidence that raising more financing leads to greater investor recognition, as proxied by better underwriting services, greater liquidity, and greater investor interest, and thereby increases firm va...

We explain the puzzle of falling firm leverage during the period of decreasing aggregate volatility from 1970 – 2010 with a simultaneous increase in firm level volatility and varying degrees of firm access to public debt markets. By incorporating friction between public and private debt, a structural model where firms make financing policy decisions in presence of uncertainty can explain a sign...

BACKGROUND Public sources fund the majority of UK infection research, but citizens currently have no formal role in resource allocation. To explore the feasibility and willingness of citizens to engage in strategic decision making, we developed and tested a practical tool to capture public priorities for research. METHOD A scenario including six infection themes for funding was developed to a...

Small and Medium Enterprise (SME) contributes 98% of the economy in Hong Kong. However, the semi-structured nature of finance optimization problems is still unsolved in financial decisions, especially in the construction industry. The research presented in this paper illustrates an adaptive genetic algorithm (AGA) approach to the selection of funding schemes by a modified construction loan acqu...