Séminaires de Recherche

Alliance Portfolios and the Impact of Incumbent Affiliations on New Ventures

Stratégie et Politique d'Entreprise

Intervenant : Vikas A. Aggarwal
The Wharton School University of Pennsylvania

29 janvier 2009 - De 13h30 en salle H007 à 19h

Télécharger

This paper examines cooperative relationships between technology-based start-ups and
industry incumbents, using a portfolio-level lens to understand the performance effects associated
with this phenomenon. While start-ups often engage in alliance relationships with established firms
in order to acquire a range of resources and capabilities necessary to navigate through the growth
stage of development, the alliance portfolio configuration of the start-up’s incumbent firm partners
can significantly influence the value which accrues to start-ups from these affiliations. Examining the
entire portfolio of an incumbent’s alliances can reveal variation in incumbent firm strategic intent
and highlight the degree to which multiple claims on the incumbent’s assets impact the resources
each affiliated start-up is able to access. Using a panel dataset of venture-backed start-ups founded
between 1990 and 2000, I find that greater overlap between the activities of a focal start-up’s
alliances and those of its incumbent partners has negative performance implications for the start-up
venture. Moreover, I find variation across industries and performance metrics, suggesting that the
dynamics of particular cooperative settings cause start-ups to be differentially susceptible to
incumbent resource congestion effects.

Finance

Intervenant : Xavier Gabaix

13 juin 2019 - T104 - De 14h00 à 15h15


Finance

Intervenant : Adriano Rampini

23 mai 2019 - T105 - De 14h00 à 15h15


Finance

Intervenant : Luke Taylor

16 mai 2019 - T105 - De 14h00 à 15h15


Finance

Intervenant : Jessica Jeffers

18 avril 2019 - T104 - De 14h00 à 15h15


Finance

Intervenant : Emil Verner

4 avril 2019 - T104 - De 14h00 à 15h15


Finance

Intervenant : Niels Gormsen

28 mars 2019 - T104 - De 14h00 à 15h15


Finance

Intervenant : Ramona Dagostino

14 mars 2019 - T104 - De 14h00 à 15h15


titre : TBA

Economie et Sciences de la décision

Intervenant : Harry Di Pei
Northwestern

12 février 2019


titre : TBA

Economie et Sciences de la décision

Intervenant : François Geerolf
UCLA

18 décembre 2018


“Welfare Effects of Housing Transaction Taxes: A Quantitative Analysis with an Assignment Model” (joint work with Niku Määttänen)

Economie et Sciences de la décision

Intervenant : Marko Tervio
Aalto

13 décembre 2018 - Bâtiment T - Salle T004 - De 14h00 à 15h15


We evaluate the welfare cost of housing transaction taxes with a new assignment model based framework, where welfare effects are driven by distortions in the matching of houses and households. We calibrate the model with data from the Helsinki metropolitan region to assess the impact of a reform where we replace an ad valorem transaction tax with a revenue equivalent property tax. The aggregate welfare gain from this reform increases rapidly with the initial transaction tax rate, with the Laffer curve peaking at about 10\%. The proportion of households that lose out from the reform is nevertheless increasing in the tax rate. We compare our model-based counterfactual aggregate welfare results with welfare calculations based on reduced-form estimates from previous policy evaluation studies; they are broadly in line, despite the latter using data from different housing markets at various levels and changes of the tax rate.


JavaScriptSettings