Cambridge Finance Workshop Series are usually held on Thursdays during term time. The workshops are an opportunity for those working in finance to present their latest results or papers.
Po-Hsuan (Paul) Hsu (University of Hong Kong)
Title: Injunction Risk, Technology Commercialization, and Profitability
Abstract: Routinely granted injunctions during patent lawsuits have been regarded as a significant obstacle to firm innovation. We use the 2006 Supreme Court ruling in eBay v. MercExchange that reduced injunction likelihood in cases related to information and communications technology (ICT) patents to examine the effects of injunction risk on firms’ technology commercialization and market value. We find that firms with reduced injunction risk experience faster technology commercialization and higher profitability. Moreover, stock market investors react favorably to alleged infringing firms that are subject to reduced injunction risk, particularly when the litigation receives greater attention.
Bio: Po-Hsuan Hsu returned to Taiwan in 2018 summer and currently serves as a professor and Yushan Scholar at the College of Technology Management in National Tsing Hua University. Prior to returning to Taiwan, Prof. Hsu was an assistant professor of finance at the School of Business, University of Connecticut in 2007-2011, and a professor at the Faculty of Business and Economics in the University of Hong Kong in 2011-2019. His research focuses on innovation economics and financial markets, but he also touches on sustainability and financial econometrics. He received his Ph.D. degree in finance from the Graduate School of Business, Columbia University in 2007. He also holds a master degree in management of technology from National Chiao-Tung University and a bachelor degree in international business from National Taiwan University. He was a Batten Fellow of the Batten Institute of Darden School of Business, University of Virginia in 2017, and is on the executive board of Asia Innovation and Entrepreneurship Association (AIEA). He is currently an associate editor for the Journal of Banking and Finance and Review of Quantitative Finance and Accounting. He has organized several conferences in innovation economics and finance, including the AIEA-NBER Conference, Darden-Cambridge Judge-HKU FBE Entrepreneurship and Innovation Conference, HKU Symposium on Innovation Strategy and Entrepreneurial Finance, and Hong Kong joint Finance Research Workshop. He has served as a panelist/mentor for the Junior Faculty Consortium in Academy of Management Conference (Technology and Innovation Management Division) and FMA Asia. His research has been published in several academic journals including Review of Economics and Statistics, Journal of Financial Economics, Review of Financial Studies, Management Science, Journal of International Economics, Journal of Financial and Quantitative Analysis, Contemporary Accounting Research, Research Policy, Journal of Banking and Finance, Financial Management, Journal of Empirical Finance, Journal of Corporate Finance, Journal of Financial Econometrics, Journal of Applied Corporate Finance, Quantitative Finance, R&D Management, Technological Forecasting and Social Change, etc. He also has papers published at Academy of Management Best Paper Proceedings. He also won the best paper awards at SFM Conference, FMA Annual Meeting, and NTU IEFA Conference.