主题：Technology Life Cycles: Investment, Growth, and Firm Value
主讲人：Jan Bena，不列颠哥伦比亚大学副教授
时间：4月15日（周三）上午10:00-11:30
地点：4-101教室
语言：英文
摘要：
We build a new century-long dataset of technology life cycles from USPTO patent titles, tracing 289 prominent technologies from initiation through emergence, prominence, and maturity over 1920–2023, and linking their patent histories to 9,047 global public firms. The earliest patents in prominent technologies are disproportionately influential and are primarily assigned to firms, especially large innovators. Decades before prominence, firms that patent early invest more, grow faster, and command higher valuation ratios. As technologies approach prominence, valuation premia compress even as profit margins and return on invested capital improve. After prominence, innovation becomes less foundational, pioneers’ patent-share advantages erode only slowly on average, and the investment, growth, and valuation advantages of early participation fade or reverse. The erosion of early patent-share leadership is fastest when early competition among large innovators is intense.
主讲人简介：
Jan Bena is an Associate Professor in the Finance Division at the Sauder School of Business, University of British Columbia (UBC). Following an entrepreneurial stint and Ph.D. studies in economics at the Center for Economic Research and Graduate Education – Economics Institute (CERGE-EI) in Prague, Jan earned his Ph.D. in finance from the London School of Economics and Political Science (LSE). Jan joined the UBC Sauder School in 2009.
At UBC Sauder, Jan served as the director of the Ph.D. program in Finance from 2017 to 2020 and is currently the Chair of the Finance Division. He was the Program Chair for the 2019 Northern Finance Association (NFA) Annual Conference and later served as the President of the NFA. Since 2021, Jan has held the position of Academic Director at the Portfolio Management Foundation (PMF), and he is an Advisor to both the UBC Sauder Women+ in Finance Training (SWIFT) and the Aquanow DeFi Lab at Blockchain@UBC.
Jan’s research spans corporate R&D and innovation, private equity, entrepreneurship, decentralized finance (DeFi), and the nexus of finance and industrial organization. His research was published in top finance journals such as Journal of Finance, Journal of Financial Economics, Review of Financial Studies, and Review of Asset Pricing Studies. Since 2021, Jan has served as Associate Editor of the Review of Corporate Finance Studies. Jan has been a referee for the top academic journals in economics and finance such as American Economic Review, Econometrica, Review of Economic Studies, Journal of Finance, Journal of Financial Economics, and Review of Financial Studies. Jan received more than 30 awards and grants including FMA Annual Meeting Best Paper Award winner: The Best Paper in Corporate Finance (2023), CSEF/UniCredit Foundation Best Paper Award at the CSEF-RCFS Conference on Finance, Labor and Inequality (2022, 2023), Principal Investigator Insight Grant from Social Sciences and Humanities Research Council of Canada (2010, 2013, 2019, 2023), Philips, Hager & North Centre for Financial Research – Bureau of Asset Management Grant (2011, 2021), and Research into Business for the Social Good Grant by the Dhillon Centre for Business Ethics (2021). Jan’s papers were presented by him or his coauthors at more than 200 seminars and conferences worldwide. Jan has been a member of conference program committees, session chair, or discussant in more than 100 international conferences.
Jan has taught various finance courses to students in the Bachelor of Commerce (BCom), Master of Management (MM), MBA, International MBA, Professional MBA, and Ph.D. programs at UBC Sauder, as well as in the Bachelor of International Economics (BIE) program offered by UBC Vancouver School of Economics (VSE). In his courses, Jan focuses on enabling students to apply key finance concepts and theory in real-world situations in both investment and corporate finance contexts. In 2021, he was honored with the UBC Sauder Alumni Talking Stick Award for significant pedagogical innovation. Additionally, Jan taught Capital Markets and Financial Derivatives courses at Donau-Universität Krems, Austria, from 2011 to 2015. During his Ph.D. studies, he taught a range of courses as a Tutorial Fellow at the London School of Economics (LSE) from 2005 to 2009.
