Politiques scientifiques, technologiques et d'innovation

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Scientific rewards for biomedical specialization are large and persistent

Gaétan Jean A de Rassenfosse, Kyle William Higham, Orion B Penner

Background While specialization plays an essential role in how scientific research is pursued, we understand little about its effects on a researcher's impact and career. In particular, the extent to which one specializes within their chosen fields likely has complex relationships with productivity, career stage, and eventual impact. Here, we develop a novel and fine-grained approach for measuring a researcher's level of specialization at each point in their career and apply it to the publication data of almost 30,000 established biomedical researchers to measure the effect that specialization has on the impact of a researcher's publications. Results Using a within-researcher, panel-based econometric framework, we arrive at several important results. First, there are significant scientific rewards for specialization-25% more citations per standard deviation increase in specialization. Second, these benefits are much higher early in a researcher's career-as large as 75% per standard deviation increase in specialization. Third, rewards are higher for researchers who publish few papers relative to their peers. Finally, we find that, all else equal, researchers who make large changes in their research direction see generally increased impact. Conclusions The extent to which one specializes, particularly at the early stages of a biomedical research career, appears to play a significant role in determining the citation-based impact of their publications. When this measure of impact is, implicitly or explicitly, an input into decision-making processes within the scientific system (for example, for job opportunities, promotions, or invited talks), these findings lead to some important implications for the system-level organization of scientific research and the incentives that exist therein. We propose several mechanisms within modern scientific systems that likely lead to the scientific rewards we observe and discuss them within the broader context of reward structures in biomedicine and science more generally.

BMC2022

Essays on the Role of Policy and Venture Financing in Clean Technology Innovation

Matthias David van den Heuvel

This thesis aims to provide novel analyses and data that improve the understanding of the financing of investments in clean technologies. In particular, this thesis explores the role that private and public actors play in supporting young innovative firms. The first chapter of this thesis exploits original data on about 1000 startups that have participated in Venture Kick, the leading Swiss venture competition. We study the circumstances under which venture competitions' certification and cash prize impact startups' future survival and funding prospects. On the one hand, we observe that the certification only has a significant effect on startups whose quality can be more objectively assessed by experts (e.g., hard sciences startups). On the other hand, we find that the competition's cash prize only extends the runway of startups with low running costs (e.g., internet & mobile). These results highlight industry-specific heterogeneity in the effect of early-stage startup support, which bears implications for the design of entrepreneurial programs.The second chapter takes a step back and looks into the role of two prominent actors involved in financing new clean technologies: venture capital (VC) and governments. This essay examines the reasons behind the failure of the VC boom in clean energy startups in the early 2010s. We find that lackluster demand for clean energy products and a lower potential for outsized returns make clean energy firms less attractive to VC than startups in ICT or biotech. Conversely, characteristics such as high-capital intensity or long development timeframe seem to be less important. These findings suggest that the most effective way for governments to improve the attractiveness of early-stage clean energy investments is to implement demand-side policies rather than to provide direct financial support. With demand-side policies in place, governments could then try to plug the remaining funding gaps themselves by targeting startups with limited potential for outsized returns.In the second half of this thesis, the focus shifts onto governments' environmental policies and how they affect private investments in clean technologies. In the third chapter, we develop novel news-based indices of US environmental policy using text-mining techniques. We show that our general environmental policy index and sub-topic indices (e.g., renewables or climate negotiation) meaningfully capture the evolution of environmental policy in the United States. Using these indices, we find that greater salience of environmental policy is associated with increased VC investments in clean technologies and reduced stock returns for high-emissions firms. In the fourth and last chapter, we study the impact of policy uncertainty on private investment decisions. To do so, we construct a novel index of environmental policy uncertainty (EnvPU). This index reveals that uncertainty is pervasive in the history of environmental policy and is often synchronized with election cycles. We find that increases in our EnvPU index are associated with lower VC investments in cleantech startups and higher volatility in green firms' stocks. The findings from Chapters 3 and 4 suggest that, while the increased salience of environmental policy can boost investments, policymakers should ensure that their actions do not exacerbate policy uncertainty and hinder investments towards a low-carbon economy.

EPFL2022

Technology Protectionism and the Patent System: Evidence from China

Gaétan Jean A de Rassenfosse, Emilio Raiteri

Governments have strong incentives to allow their inventors to free ride on foreign technologies. They can achieve this result by discriminating against foreigners in the patent system-by refusing to grant foreigners a patent for their inventions. International patent law treaties forbid this practice, which may lower the global innovation incentives and may hurt international trade. Using data on half a million inventions submitted to the Chinese patent office, we find robust evidence of anti-foreign bias in the issuance of patents in 'strategic' technology areas. Foreigners are about fifty per cent more likely to be refused a strategic patent than locals.

WILEY2022