講座題目：Perils of Bargaining Power in R&D Licensing

( R&D授權轉讓合作中的談判力之觞 ——基于生物科技行業的實證研究)

講座摘要：

Entering a research and development (R&D) license agreement with a partner (licensee) presents both an opportunity and a risk for an innovator (licensor). On the one hand, the partner's complementary capabilities create synergies and enhance project outcomes. On the other hand, the partner may terminate an agreement purely due to its own economic concerns, even when technical prospects are positive, which hinders project outcomes from the perspective of the innovator. In this paper, we aim to understand the complexities of how both deal value and its underlying drivers influence termination decisions. Through the analysis of an extensive dataset of over 1200 biotechnology licenses, we initially find support for the argument that larger deal value creates a higher hurdle to clear for a “go” decision, which leads to a higher likelihood of a termination. Upon further investigation, we find that this observation is due to endogeneity. There are two underlying drivers of higher deal value with two opposing effects: Intrinsic value and relative bargaining power. By inflating deal value beyond what should be paid for intrinsic value, higher relative bargaining power increases the probability of a downstream termination. In contrast, when deal value increases in its own right due to intrinsic value, the probability of a downstream termination decreases. Our findings have implications for how innovators should seek to increase deal value and how partners should set their internal incentives to avoid negative relative bargaining power effects.

中文簡曆

Niyazi Taneri，新加坡國立大學（National University of Singapore）商學院助理教授。本科畢業于美國威斯康星大學（ University of Wisconsin-Madison），碩士與博士畢業于劍橋大學（Cambridge University）。

在2016年加入新加坡國立大學之前，他曾在英國TESCO（特易購，國際三大零售企業之一）擔任運營分析師，後于2012年加入新加坡科技設計大學（Singapore University of Technology & Design）任助理教授，并擔任MIT-SUTD國際設計研究中心的決策學科帶頭人。他曾先後在美國麻省理工（MIT）、新加坡管理大學、INSEAD國際商學院任訪問學者。同時，他也為很多國際著名企業項目提供過咨詢服務，例如Accenture, Changi Airport Group, Google, Infineon, Panalpina, PSA, RedMart, SBS Transit, SingHealth和SMRT等。

他的主要研究興趣是創新管理、可持續問題、契約（合同）理論 和 運營管理等。研究方法主要包括理論分析模型，實證計量，實驗法等。他的論文已在頂尖期刊（UT Dallas 24）Management Science，Manufacturing & Services Operations Management上發表。

英文簡曆

Professor Niyazi Taneri is from the Department of Analytics & Operations at NUS. He holds a BSc Degree from University of Wisconsin-Madison, and Masters and PhD Degrees from the University of Cambridge, for which he received a best PhD Dissertation Award. Prior to joining NUS, he worked at Tesco as an Operations Analyst, with CambridgeIP, a patent analytics firm, and Cambridge Antibody Technology. He also worked at Singapore University of Technology & Design, where he was the Singapore lead for the MIT-SUTD International Design Center’s Decision Making Research Thrust. There, he advised over 50 industry projects with companies such as Accenture, Changi Airport Group, Google, Infineon, Panalpina, PSA, RedMart, SBS Transit, SingHealth, and SMRT. He has held visiting positions at Singapore Management University, Massachusetts Institute of Technology, and INSEAD. His research focuses on Operations Management, Innovation, and Sustainability. Within these topics, he is interested in studying the relationship between operational design and strategic interaction on performance. His predominant research approach is to develop analytical models for research questions that are either normative or descriptive in nature. His papers have been published in Management Science, and Manufacturing & Service Operations Management. Niyazi received an Excellence in Teaching Award in 2016. He teaches courses in Operations Management, Operations Strategy, Data Analytics, and Decision & Risk Analysis.