Dr. David Heller
Senior Research Fellow
Innovation and Entrepreneurship Research
+49 89 24246-565
david.heller(at)ip.mpg.de
Persönliche Webseite
Arbeitsbereiche:
Innovationsökonomie, Innovations- und Wissenschaftspolitik, Unternehmens- und Innovationsfinanzierung, angewandte Industrieökonomie, Mikroökonometrie
Wissenschaftlicher Werdegang
Seit 10/2019
Senior Research Fellow am Max-Planck-Institut für Innovation und Wettbewerb (Innovation and Entrepreneurship Research)
10/2014 - 09/2019
Wissenschaftlicher Mitarbeiter und Doktorand an der Johann Wolfgang Goethe-Universität Frankfurt
02/2019 - 06/2019
Gastwissenschaftler an der Leonard N. Stern School of Business, New York University, USA
10/2012 - 09/2014
International Economics and Economic Policy (M.Sc.) an der Johann Wolfgang Goethe-Universität Frankfurt
02/2010 - 09/2010
Auslandssemester an der Universitat de València, Spanien
09/2008 - 10/2012
Foreign Trade and International Management (B.A.) an der Hochschule für Angewandte Wissenschaften (HAW), Hamburg
Beruflicher Werdegang
01/2017 - 07/2017
Forschungspraktikum im Research Data and Service Center (RDSC), Deutsche Bundesbank
10/2014 - 11/2014
Gastwissenschaftler an der Vietnamese German University (VGU), Ho-Chi-Minh-Stadt, Vietnam
02/2014 - 06/2014
Forschungspraktikum in der Abteilung ‘Labour, Education, Demography’ am Hamburg Institute of International Economics (HWWI), Hamburg
09/2013 - 10/2014
Wissenschaftliche Hilfskraft am Lehrstuhl für Volkswirtschaftslehre, insbesondere Industrieökonomie, Johann Wolfgang Goethe-Universität Frankfurt
03/2011 - 09/2011
Praktikum, Strategic Data Analyst in der Abteilung ‘Sales Steering & Controlling’, Deutsche Lufthansa AG, Los Angeles, USA
Ehrungen, Stipendien, wissenschaftliche Preise
2019
Stiftung ‘Freunde und Förderer der Goethe-Universität’
2018
Fakultät für Wirtschaftswissenschaften ‘Forschungstopf’
2017
European Patent Office Academic Research Programme (ARP), Leiter des Projekts ‘Financing Innovation in Europe’
2010
Erasmus-Stipendium
Publikationen
Diskussionspapiere
(2022). Leveraging Intellectual Property: The Value of Harmonized Enforcement Regimes.
- We provide new evidence on how intellectual property (IP) rights support external debt financing by investigating exogenous variation in patent right enforcement. Deploying a unique, large-scale sample of European firms, we exploit the 2004 EU Enforcement Directive, a major legislative change strengthening IP rights across Europe, as identifying event. Results show that firms with valuable patent portfolios disproportionally increase debt financing by about 21%. Effects are particularly pronounced for private SMEs, ex-ante financially constrained firms, and in competitive environments. Adding previously undisclosed patent collateral information provides suggestive evidence that enhanced IP enforcement benefits debt financing beyond a mere collateral channel.
- Available at SSRN
- Earlier version published under the title: Leverage Intellectual Property: The Value of Harmonized Enforcement Regimes - 2019
(2019). Leverage Intellectual Property: The Value of Harmonized Enforcement Regimes, Proceedings of Paris December 2019 Finance Meeting EUROFIDAI - ESSEC 2019.
- This paper analyses the importance of intellectual property in determining capital structure decisions. We argue that firms can use their patent stock as collateral and thereby relax possible debt financing restrictions. Using data from the European Patent Office and balance sheet data of European companies, we find that larger and more valuable patent stocks lead to higher debt-ratios - controlling for well-established capital structure determinants. We further assess variation across as well as within industries and show that effects are mainly driven by tech-oriented and research intensive firms. Drawing on a legislative change in EU- law, allows us to establish a causal relationship between firms' patent portfolio and their use of debt. Results provide a new perspective on optimal capital structure decisions. From a policy perspective, our findings suggest to further harmonize enforcement rules on intellectual property to support financially constrained, innovative firms.
- Available at SSRN
- Later version published under the title: Leveraging Intellectual Property: The Value of Harmonized Enforcement Regimes - 2022
Vorträge
22.10.2020
Borrowing Against the (U)Known: The Value of Patent Portfolios
2nd Conference on Behavioural Research in Finance, Universität Giessen
Ort: online
30.09.2020
Borrowing Against the (U)Known: The Value of Patent Portfolios
Verein für Socialpolitik - Jahrestagung, Universität zu Köln
Ort: online
09.09.2020
Borrowing Against the (U)Known: The Value of Patent Portfolios
Corporate Finance Day, HEC Liège
Ort: online
07.09.2020
Updates on Patenting and Corporate Finance
Forschungsseminar
Ort: online (München)
27.08.2020
Borrowing Against the (U)Known: The Value of Patent Portfolios
13th Annual Conference on Innovation Economics, Northwestern University, Chicago, USA
Ort: online
25.08.2020
Borrowing Against the (U)Known: The Value of Patent Portfolios
European Economics Association (EEA) Conference 2020, Erasmus Universität Rotterdam, Niederlande
Ort: online
19.07.2020
No Pressure, No Diamonds? Financial Market Integration, Financing Constraints, and Their Quantity-Quality Effects on Innovation
Society for the Advancement of Socio-Economics (SASE) 2020 Conference, Universität Amsterdam, Niederlande
Ort: online
05.03.2020
New Firm-Level Data on Firms’ Financials – a Research Outlook
Forschungsseminar
Ort: Zugspitze
14.02.2020
On the History of the German Patent System
Goethe University Annual Colloquium
Ort: Hirschegg, Österreich
19.12.2019
Borrowing Against the (Un)Known
Paris Finance Meeting
Ort: Paris, Frankreich
02.12.2019
Financing Innovation in Europe
Workshop, European Patent Office ARP Programme
Ort: München
11.11.2019
Borrowing Against the (Un)Known
Innovation Workshop, LMU München
Ort: München
29.10.2019
Intangibles and Leverage: The Role of Patent Portfolios
Seminar, Johannes-Gutenberg Universität Mainz
Ort: Mainz
09.2019
Financing Innovation in Europe
2019 Annual Conference of European Policy for Intellectual Property (EPIP), ETH Zürich
Ort: Zürich, Schweiz
09.2019
Intangibles and Leverage: The Role of Patent Portfolios
20th Annual Symposium of the German Economic Association of Business Administration (GEABA), WHU – Otto Beisheim School of Management
Ort: Vallendar
08.2019
The Impact of Financial Resources on Corporate Invention
46 th Annual Conference of the European Association for Research in Industrial Economics (EARIE), Universitat Pompeu Fabra
Ort: Barcelona, Spanien
06.2019
A Machine Learning Analysis of The Geographic Localization of Knowledge Flows
12th Annual Conference on Innovation Economics, Searle Center, Northwestern University
Ort: Chicago, IL, USA
06.2019
Intangibles and Leverage: The Role of Patent Portfolios
International Risk Management Conferenct, Bocconi Universiy
Ort: Mailand, Italien
05.2019
The Impact of Financial Resources on Corporate Invention
Comparative Analysis of Enterprise Data, University of Michigan, Ross School of Business
Ort: Ann Arbour, MI, USA
29.03.2019
The Impact of Financial Resources on Corporate Inventions
Seminar, New York University, Stern School of Business
Ort: New York City, USA
15.01.2019
The Impact of Financial Resources on Corporate Inventions
Seminar, Leibniz-Institut für Ist- und Südost-Europaforschung
Ort: Regensburg
13.12.2018
Intangibles and Leverage: The Role of Patent Portfolios
Seminar, Johann Wolfgang Goethe-Universität Frankfurt
Ort: Frankfurt
13.11.2018
The Impact of Financial Resources on Corporate Inventions
Seminar, Max-Planck-Institut für Innovation und Wettbewerb
Ort: München
10.2018
The Impact of Financial Resources on Corporate Inventions
International Conference on Entrepreneurship and Economic Development, University of Bari
Ort: Bari, Italien
07.2018
The Impact of Financial Resources on Corporate Inventions
6th International Ph.D. Meeting in Economics, University of Macedonia
Ort: Thessaloniki, Griechenland
28.06.2018
Financing Innovation in Europe
Workshop, European Patent Office ARP Programme
Ort: München
16.04.2018
The Impact of Financial Resources on Corporate Inventions
CBE Seminar, Norwegian School of Economics
Ort: Bergen, Norwegen
10.02.2018
SME Finance During the Great Recession
Kolloquium, Johann Wolfgang Goethe-Universität Frankfurt
Ort: Kleinwalsertal, Österreich
Lehrerfahrung
Johann Wolfgang Goethe-Universität Frankfurt
Advanced Microeconomic Theory (Ph.D.-Kurs)
Introduction to Industrial Organization
Microeconomics I
Economics of Innovation (Bachelor)
Seminarbetreuung
“Economics of Digitalization” (2018)
“Business Strategy on the Road” (2017)
“Finance Meets the Real World” (2015)
Thesisbetreuung
23 Bachelor- und 4 Masterarbeiten
Andere Einrichtungen und Gastvorträge
R&D and Intellectual Property (Master– Norwegian School of Economics, Bergen)
Introduction to Competition Theory (MBA – Frankfurt School of Finance & Management)
Bank Management (MBA – Goethe Business School, Frankfurt)
Management I (Bachelor– Vietnamese German University)
Working Papers
The Impact of Financial Resources on Corporate Inventions
Intellectual Property and Leverage: The Role of Patent Portfolios
Disequilibrium in the Loan Market: Evidence from the Financial Crisis
Financial Integration, Financing Constraints, and Innovation in Europe: Is More Better?