Citations to previous literature are extensively used to measure the quality and diffusion of knowledge. However, we know little about the different ways in which a study can be cited; in particular, are papers cited to point out their... more
Citations to previous literature are extensively used to measure the quality and diffusion of knowledge. However, we know little about the different ways in which a study can be cited; in particular, are papers cited to point out their merits or their flaws? We elaborated a methodology to characterize "negative" citations using bibliometric data and natural language processing. We found that negative citations concerned higher-quality papers, were focused on a study's findings rather than theories or methods, and originated from scholars who were closer to the authors of the focal paper in terms of discipline and social distance, but not geographically. Receiving a negative citation was also associated with a slightly faster decline in citations to the paper in the long run.
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The extant literature linking slack time to innovation focuses on how slack time facilitates creative activities such as ideation, experimentation, and prototype development. We turn attention to how slack time may enable activities that... more
The extant literature linking slack time to innovation focuses on how slack time facilitates creative activities such as ideation, experimentation, and prototype development. We turn attention to how slack time may enable activities that are less creative but still important for innovation, namely mundane, execution-oriented tasks. First, we document the main effect: a sharp rise in innovative projects posted on a major crowdfunding platform when colleges are on break. Next, we report timing and project type evidence consistent with the causal interpretation that slack time drives innovation. Finally, we present a series of results consistent with the mundane task mechanism but not with the traditional creativity-related explanations. We do not rule out the possibility that creativity benefits from slack time. Instead, we introduce the idea that mundane, execution-oriented tasks, such as those associated with launching a crowdfunding campaign (e.g., administration, planning, promotion), are an important input to innovation that may benefit significantly from slack time.
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Information asymmetry presents a challenge to equity crowdfunding just as in other markets for equity capital. Investors are less likely to finance startups when it is difficult to assess quality. We argue that syndicates reduce market... more
Information asymmetry presents a challenge to equity crowdfunding just as in other markets for equity capital. Investors are less likely to finance startups when it is difficult to assess quality. We argue that syndicates reduce market failures caused by information asymmetry by shifting the focal investment activities of the crowd from startups to lead investors. Syndicates align incentives of issuers, lead and follow on investors by providing incentives for lead investors to conduct due diligence, monitor progress, and exploit their reputation. We report preliminary evidence that foreshadows a meaningful role for syndicates in the allocation of capital to early-stage ventures.
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The aim of this paper is to provide an empirical exploratory analysis of the research networks linking scientists engaged in the world of open science and researchers involved in the domain of private technology. To this purpose, the... more
The aim of this paper is to provide an empirical exploratory analysis of the research networks linking scientists engaged in the world of open science and researchers involved in the domain of private technology. To this purpose, the study combines in an original way data on scientific co-authorship and data on patent co-invention at the level of individual researchers for
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ABSTRACT It is not surprising that the financing of early-stage creative projects and ventures is typically geographically localized since these types of funding decisions are usually predicated on personal relationships and due diligence... more
ABSTRACT It is not surprising that the financing of early-stage creative projects and ventures is typically geographically localized since these types of funding decisions are usually predicated on personal relationships and due diligence requiring face-to-face interactions in response to high levels of risk, uncertainty, and information asymmetry. So, to economists, the recent rise of crowdfunding—raising capital from many people through an online platform—which offers little opportunity for careful due diligence and involves not only friends and family but also many strangers from near and far, is initially startling. On the eve of launching equity-based crowdfunding, a new market for early-stage finance in the United States, we provide a preliminary exploration of its underlying economics. We highlight the extent to which economic theory, in particular transaction costs, reputation, and market design, can explain the rise of nonequity crowdfunding and offer a framework for speculating on how equity-based crowdfunding may unfold. We conclude by articulating open questions related to how crowdfunding may affect social welfare and the rate and direction of innovation.
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... Christian Catalini University of Toronto, Rotman School of Management christian@catalini.com ... to keep a window open on new sources of knowledge, thereby mitigating the risk of lock-in that could arise in the context of densely... more
... Christian Catalini University of Toronto, Rotman School of Management christian@catalini.com ... to keep a window open on new sources of knowledge, thereby mitigating the risk of lock-in that could arise in the context of densely connected cliques (Cowan and Jonard, 2004). ...