Sitemap
A list of all the posts and pages found on the site. For you robots out there is an XML version available for digesting as well.
Pages
Posts
Future Blog Post
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Blog Post number 4
This is a sample blog post. Lorem ipsum I can’t remember the rest of lorem ipsum and don’t have an internet connection right now. Testing testing testing this blog post. Blog posts are cool.
Blog Post number 3
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Blog Post number 2
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Blog Post number 1
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portfolio
Portfolio item number 1
Short description of portfolio item number 1
Portfolio item number 2
Short description of portfolio item number 2
publications
Pre-IPO Liquidity Events and Talent Allocation
Working paper. Draft available upon request.
This paper studies how pre-IPO liquidity events affect employee retention, incentives, and talent allocation in high-growth startups. Using data on U.S. firms whose shares become tradable on private secondary market platforms, matched with inventor-level patent information, I examine the impact of liquidity provision before an initial public offering. I find that pre-IPO liquidity does not increase overall employee turnover. High performing employees with partially or fully vested options are more likely to stay, while lower-performing employees are more likely to leave following secondary market listing. I find no evidence of reduced innovative productivity among remaining employees, while firms become more likely to attract high-quality talent. Overall, pre-IPO liquidity events facilitate human capital reallocation without undermining innovative incentives.
Tolerance for Failure: Evidence from Patent Examination
Working Paper (joint work with Minrui Gong, University of Mannheim)
Presentations: Labor and Finance Group Spring Conference (Vanderbilt University), Fourth BCFM PhD Conference (Cologne), World Finance Conference
We introduce a novel firm-level measure of failure tolerance based on firms patenting histories. Specifically, we quantify failure tolerance as the worst patent examination outcome that is nevertheless followed by continued innovation along the same trajectory. Our results show that firms with greater failure tolerance tend to produce patents that are more valuable, more cited, more complex, yet also more likely to fail. At the same time, they file fewer patents and employ fewer inventors. Because higher quality comes at the expense of lower quantity, failure tolerance has little effect on firms overall innovation output. Exploiting inventor job switches, we provide causal evidence that higher failure tolerance increases inventor productivity. Taken together, our findings establish failure tolerance as a powerful incentive mechanism while also highlighting its overlooked costs.
Board Connections and Inventor Productivity
Work in progress.
talks
Talk 1 on Relevant Topic in Your Field
This is a description of your talk, which is a markdown files that can be all markdown-ified like any other post. Yay markdown!
Conference Proceeding talk 3 on Relevant Topic in Your Field
This is a description of your conference proceedings talk, note the different field in type. You can put anything in this field.
teaching
Graduate Level
Graduate, University of Mannheim
- Corporate Finance I
- Corporate Finance II
- Stata in Finance
- Supervision of Master Theses (10)
Undergraduate Level
Undergraduate, University of Mannheim
- Corporate Finance and Risk Management
- Supervision of Bachelor Theses (4)