In order to complement previous literature, we intend to analyze whether and to what extent the choice of a given patent commercialization strategy by a high-technology company affects its pricing at IPO. We focus on the impact of commercialization strategy because, ceteris paribus, it can significantly affect the uncertainty over the firm value and therefore information asymmetries and underpricing. We will analyze such research questions in the semiconductor industry and we refer in particular to two different commercialization strategies (Hall and Ziedonis 2001; Linden and Somaya, 2003; Ahuja and Lahiri 2006): a) licensing-based strategies adopted by firms focusing on the development of patented technologies which are then licensed to external partners (so called fabless companies); b) integrated strategies, adopted by firms which engage in the development, manufacturing and commercialization of new technologies.

IPO performance and strategic management of IPRs: evidence from the US semiconductor industry

MUNARI, FEDERICO;MORRICONE, SERENA;ORIANI, RAFFAELE
2009

Abstract

In order to complement previous literature, we intend to analyze whether and to what extent the choice of a given patent commercialization strategy by a high-technology company affects its pricing at IPO. We focus on the impact of commercialization strategy because, ceteris paribus, it can significantly affect the uncertainty over the firm value and therefore information asymmetries and underpricing. We will analyze such research questions in the semiconductor industry and we refer in particular to two different commercialization strategies (Hall and Ziedonis 2001; Linden and Somaya, 2003; Ahuja and Lahiri 2006): a) licensing-based strategies adopted by firms focusing on the development of patented technologies which are then licensed to external partners (so called fabless companies); b) integrated strategies, adopted by firms which engage in the development, manufacturing and commercialization of new technologies.
2009
Proceedings of the EPIP Association Conference
1
30
Munari, F; Morricone, S.; Oriani, R.
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Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/11585/82423
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