The diminishing signaling value of patents between early rounds of venture capital financing

A long stream of research has documented the positive effects that patents bring about to emerging firms in high technology industries. The general consensus is that patents contribute to firm growth because they confer monopolistic market rights, offer protection from competitors, increase the negotiating position of patent holders and other benefits. What has received relatively less attention in the literature is whether patents act as a signal that attracts investors such as venture capital firms. The handful of studies that have addressed that question has not analyzed whether the signaling function of patents decreases after the initial attraction of venture capital, as information asymmetries between investors and target firms reduce. In this study we hypothesize that patent activity has a signaling value that diminishes once information asymmetries between investors and funded firms lessen. To study our proposition we draw upon a longitudinal dataset of more than 580 U.S.-based biotechnology firms to empirically demonstrate that biotechnology firms that have submitted patent applications substantially increase the level of funding they receive for their first round of financing. In line with a reduction of information asymmetries once the initial investment has materialized, patent applications and granted patents have no effect on the growth of venture capital funds raised during the second round of financing. We conclude the study with a discussion of avenues for new research, implications for policy makers that consider the usefulness of the current patent system and with insights that can be employed by managers of firms in knowledge intensive areas such as biotechnology.     

The state of American higher education: A conversation with David Riesman,part two

Editor's Note: From time to time,Academic Questions, under the heading “Voces Academicae,” publishes interviews with teachers and scholars whose experiences and reflections provide a telling commentary on the nature of contemporary university life. This is the second half of an interview that took place in late August 1994 with Professor David Riesman, the distinguished social scientist who is among the foremost authorities on the state of American higher education. Part one of the interview appeared in the Winter 1994–95 issue.     

Measuring the knowledge base of an economy in terms of triple-helix relations among ‘technology, organization, and territory’

Can the knowledge base of an economy be measured? In this study, we combine the perspective of regional economics on the interrelationships among technology, organization, and territory with the triple-helix model, and offer the mutual information in three dimensions as an indicator of the configuration. When this probabilistic entropy is negative, the configuration reduces the uncertainty that prevails at the systems level. Data about more than a million Dutch companies are used for testing the indicator. The data contain postal codes (geography), sector codes (proxy for technology), and firm sizes in terms of number of employees (proxy for organization). The configurations are mapped at three levels: national (NUTS-1), provincial (NUTS-2), and regional (NUTS-3). The levels are cross-tabled with the knowledge-intensive sectors and services. The results suggest that medium-tech sectors contribute to the knowledge base of an economy more than high-tech ones. Knowledge-intensive services have an uncoupling effect, but less so at the high-tech end of these services.     

Philosophy and Education

This paper argues that the anxieties being expressed in the UK and elsewhere about the lack of impact that philosophy now has on education are nothing other than the inevitable manifestation of a fundamental intellectual disorder deeply rooted in our contemporary understanding of the philosophy of education. In trying to substantiate this claim, the paper offers an historically informed philosophical analysis of how philosophy is related to education and education to philosophy that concludes by clarifying how any debates about the current problems and future development of the philosophy of education ought to proceed.     

Partnered Research Experiences for Junior Faculty at Minority-Serving Institutions Enhance Professional Success

Scientific workforce diversity is critical to ensuring the realization of our national research goals and minority-serving institutions play a vital role in preparing undergraduate students for science careers. This paper summarizes the outcomes of supporting career training and research practices by faculty from teaching-intensive, minority-serving institutions. Support of these faculty members is predicted to lead to: 1) increases in the numbers of refereed publications, 2) increases in federal grant funding, and 3) a positive impact on professional activities and curricular practices at their home institutions that support student training. The results presented show increased productivity is evident as early as 1 yr following completion of the program, with participants being more independently productive than their matched peers in key areas that serve as measures of academic success. These outcomes are consistent with the goals of the Visiting Professorship Program to enhance scientific practices impacting undergraduate student training. Furthermore, the outcomes demonstrate the benefits of training support for research activities at minority-serving institutions that can lead to increased engagement of students from diverse backgrounds. The practices and results presented demonstrate a successful generalizable approach for stimulating junior faculty development and can serve as a basis for long-term faculty career development strategies that support scientific workforce diversity.     

Exploring the effects of gender and learning styles on computer programming performance: implications for programming pedagogy

Computer programming has been taught in secondary schools for more than two decades. However, little is known about how students learn to program. From the curriculum implementation perspectives, learning style helps address the issue of learner differences, resulting in a shift from a teacher-centred approach to a learner-focused approach. This study aims to investigate the effects of gender and learning styles on computer programming performance. The Gregorc Style Delineator (GSD) was employed to measure learning styles. A test was administered to assess students' programming performance. Two hundred and seventeen secondary school students of age from 14 to 19 participated in this study. Results indicated that no gender differences in programming performance were found after controlling for the effect of student ability. Academic ability had a differential effect on programming knowledge. Sequential learners in general performed better than random learners. These results suggest the importance of the ordering dimension of the GSD in influencing programming performance. Implications of the findings in relation to programming pedagogy are discussed in this paper.