Unfortunately, the degree programs at our school don't put particular emphasis on quantitative education, even though quantitative skills are more and more required and most certainly an asset for many of the career paths of ambitious business school graduates. In economics research, they are inevitable.

I am well aware of the background of most of our students. I absolutely believe, however, that the time available to complete the thesis work is sufficient to familiarize yourself with the necessary approaches and tools. For the most part, this entails familiarizing yourself with a coding language, such as Python's data analysis packages or R, and obtaining some fundamental knowledge about which statistical analyses could be appropriate and how to perform them. These tasks will be part of your thesis work, and it is explicitly understood and expected that you will need to spend some of the available time on them.

Apart from acquiring a valuable hard skill with enormous potential for non-academic application, there are a couple of other points on the plus side here: 

• I will ensure that all data that is required to realize each topic is in fact available to the student. While you will have to spend some time on assembling the final dataset for your analysis, getting stuck due to the unavailability of a crucial resource is very unlikely.

• You can expect that the research questions are highly relevant, certainly from an academic viewpoint, most often also from a "practical" one.

• I will be able and happy to provide close supervision, not least because I'll be honestly curious about the results you will obtain.

While I'm personally interested in the result of each of the questions as stated below, I'm happy to discuss and consider your own ideas for defining and refining the research question and the approach. You will notice a certain emphasis on data from and settings in the United States, which is partly due to the prominence that the US plays in academic publishing. Depending on your interests and on data availability, we can certainly try to change the geographical focus a little.

Exploring the Price of Innovation: A Quantitative Analysis of Firms' Willingness to Pay for Patent Protection

Legal protection for inventions is an important aspect of firms’ innovation strategies, but obtaining a patent comes with costs, such as fees charged by lawyers and patent offices. These costs may deter some firms from applying for patents, particularly smaller ones with tighter financial constraints. This project examines how the cost of patent applications affects firms’ decisions to seek patent protection, drawing on a specific policy at the United States Patent and Trademark Office (USPTO) that ties fee levels to firm size.

The USPTO charges reduced fees to firms below a certain size threshold, while those above the threshold pay full fees. This policy creates a natural experiment for identifying causal effects, allowing for a regression discontinuity design to compare the patenting behavior of firms just above and below the threshold. Using publicly available patent data and firm-level employment information from ORBIS or Compustat, this study aims to quantify the sensitivity of patenting activity to application costs.

In addition to assessing the main relationship between fees and patenting, the project offers opportunities to consider issues such as strategic firm behavior (e.g., firms restructuring or underreporting to qualify for lower fees) and data quality concerns. By applying econometric tools to real-world policy variation, this research sheds light on how financial constraints influence firms’ approach to intellectual property protection and innovation. This study can contribute to our understanding of the implications of patenting costs for innovation and offers insights that are valuable for both policymakers and business leaders.

Suggested references:
de Rassenfosse & Jaffe (2025) [who look at the same situation but exploit fee changes over time];
de Rassenfosse & van Pottelsberghe (2012, 2015);
van Pottelsberghe & Mejer (2010)

Rhythms of Innovation: Decoding the Seasonality of Patent Filings and Its Implications

Patent filings at the United States Patent and Trademark Office (USPTO) exhibit notable seasonality, with clear peaks at the end of each quarter. This intriguing pattern has sparked discussions among intellectual property professionals and researchers (see this PatentlyO blog post and the discussion below it), but its underlying drivers and consequences remain underexplored. This project aims to investigate the factors contributing to the cyclical nature of patent filings and assess its broader implications for innovation and intellectual property management.

The following research questions outline possible directions for investigation:

Role of Law Firm Size: Does the seasonality of patent filings vary between large "BigLaw" firms and smaller law practices? This analysis could test the hypothesis that year-end bonus incentives, often more significant in large firms, amplify seasonal filing patterns.

Measuring the Impact of Bonuses: Using data on disambiguated patent attorneys, this study could estimate the importance of bonus-driven incentives. Are firms or attorney groups with stronger seasonal filing patterns more likely to operate in environments where bonuses play a critical role in driving work cycles?

Effect of Applicant Firm Size: Do larger corporations, with formal quarterly review processes, display more pronounced seasonality in their patent filings compared to smaller firms? This question explores how organizational structures and planning cycles influence patent filing behavior.

Implications of Filing Seasonality: How do seasonal filing peaks affect patent quality or outcomes? By analyzing whether patents filed during peak periods differ in their likelihood of being granted or in citation counts, this study could uncover whether seasonal trends correlate with variations in application quality or strategic prioritization.

Methodologically, each possible study belonging to this project will rely on microeconometric analysis, using patent filing data from the USPTO combined with firm-level and possibly other relevant datasets. Engaging with the relevant literature on patent law, firm incentives, and innovation strategies will provide a strong theoretical foundation for interpreting results.

This research contributes to the vivid literature on the intersection of law, firm strategy, and innovation dynamics. The findings will be relevant for legal practitioners, firms, and policymakers seeking to optimize patent filing strategies and better understand how incentive structures shape the timing and quality of innovation.

Suggested references:
Frakes, M., & Wasserman, M. (NBER Working Paper): Examines how patent examination outcomes vary with submission volumes.
Kim, J., & Valentine, K. (Working Paper): Investigates seasonality in patent sales and provides a complementary perspective on seasonal trends in intellectual property markets.

Banking on Innovation: Unveiling the Drivers Behind the Surge in Patent Filings by Banks

The banking industry, traditionally seen as a sector less engaged in patenting and patentable activities, has experienced a notable increase in patent filings in recent years. Institutions like Bank of America and JPMorgan Chase are now at the forefront of securing patents for new banking technologies, financial products, and business methods. This trend marks a significant shift from the industry's traditional stance on intellectual property and raises questions about the underlying factors driving this change.

This topic can be approached from different angles and provides room for multiple student theses. Some of the most interesting questions include:

1. Comparative descriptive analysis: Examine how patenting activities in the banking sector compare to those in traditionally patent-intensive industries such as technology and pharmaceuticals. Analyze the volume, scope, and impact of patents across these sectors over time.

2. Legislative changes and banks' engagement with the patent system: Investigate the impact of legislative changes, like the America Invents Act of 2011, on banks' engagement with the patent system. Assess how changes in patentability criteria and litigation processes have incentivized or eased the way for banks to secure patents.

3. Origins of banks' patents: Investigate the origins of the patents held by banks. Are these patents a result of in-house innovations, acquisitions from other entities, or collaborations with tech firms or other external innovators? If patents are externally acquired, you (or a second thesis) could assess the strategic motivations behind such acquisitions, be it for gaining a competitive advantage, entering new market segments, or strengthening their defensive patent strategies. Another approach could involve examining sectoral or geographic patterns in the origins of banks' patents to study knowledge flows in the financial industry.

4. Banks' foray into crypto and blockchain patents: One of the observed trends involves banks' filing of patents related to cryptocurrencies and blockchain technology, despite their public criticism or skepticism towards these technologies. One thesis could investigate the strategic considerations driving this paradoxical behavior. For instance, do such patenting activities represent a hedging strategy against potential shifts in client preferences or technological advancements? Are these patents aimed at developing new products, preventing competitors from gaining a strong market position, or establishing leadership in fintech innovation?

Methodologically, these theses will employ a mix of quantitative and qualitative approaches, including microeconometric analysis of patent data, case studies of leading patent-active banks, and a review of legislative changes impacting patenting in the banking sector. The findings could provide insights for policymakers, financial institutions, and scholars interested in financial services innovation.

Suggested references:
Carletti, Claessens, Fatás & Vives (2020) The Bank Business Model in the Post-Covid-19 World. CEPR Press.
Hall et al. (2009) Financial patenting in Europe
Kowalewski & Pisany (2023) Banks' Patenting as an Answer to Emerging Fintech and Bigtech Competition
Lerner et al. (2024) Financial Innovation in the Twenty-First Century

Time is of the Essence: Analyzing the Impact of Funding Duration on Scientific Research QualityThis Master's thesis will explore the relationship between the duration of funding for scientific research projects and the resulting project quality. By conducting a quantitative analysis of funded projects, the thesis aims to identify how funding length influences key outcomes such as innovation, publication metrics, and project deliverables. Through econometric modeling, this thesis seeks to provide insights into optimizing funding strategies to enhance the efficacy and impact of scientific endeavors, contributing to this discourse on resource allocation within applied economics and strategic management.

As the primary funding body for scientific research in the UK, UKRI is one of Europe's most influential entities and shapes the trajectory and scale of scientific inquiry and innovation. Its "Gateway to Research" dataset could serve as the main data source for this thesis. This comprehensive dataset provides detailed information on publicly funded research and innovation projects across the UK, including data on project funding, duration, and outcomes. Utilizing this dataset, the thesis will analyze the effect of funding duration on project quality, employing statistical methods to discern patterns and correlations that could inform funding strategies and policy decisions in scientific research.

Suggested references:
Block & Sørensen (2015) The size of research funding: Trends and implications
Heyard & Hottenrott (2021) The value of research funding for knowledge creation and dissemination: A study of SNSF Research Grants

Innovation Across Borders: A Cross-Country Analysis of Novel R&D

This thesis topic investigates the prevalence of new-to-an-industry innovations, also referred to as breakthroughs or radical innovations in various contexts. Its objective is to quantify and contrast the share of R&D activities that result in truly novel innovations within various industries and countries. This thesis project involves collecting and analyzing data from innovation surveys (topic 1) and patent databases (topic 2). The study could provide valuable insights into how different national innovation ecosystems and policy environments influence the generation of new-to-the-industry innovations, contributing to the broader understanding of global R&D efforts and how to accurately measure them.

The first suggested thesis will use data from Eurostat's Community Innovation Survey to perform a comparative analysis of the turnover (i.e., sales revenue) attributed to new-to-market and new-to-firm product innovations, thereby quantifying the economic impact of such innovations. The research will also contextualize the findings within each country's industry-specific economic output and total R&D effort, allowing for a comprehensive understanding of the role that novel innovations play in different countries.

Building on these results, a second thesis could take the investigation further by exploring the relationship between the share of new-to-the-industry R&D and the national prevalence of so-called "triadic patent families". This thesis project examines whether countries with a higher ratio of revenue from new-to-industry innovations also exhibit a greater propensity to file triadic patents, which are indicative of commercially significant technological advancements. Such an analysis could shed light on the degree to which commercial and technological priorities align across different national innovation systems. It would apply econometric models to test for correlations across countries at different levels of aggregation, ideally controlling for various country-specific factors such as economic development, industrial structure, and R&D intensity.

Suggested references:

Angenendt, Bokhari, Mariuzzo, & Zhang (2024) A comment on Sampson (2023): Work on this article provides the motivation for this thesis topic. Here, we suggest categorizing a country's innovations into three distinct categories based on their commercial and technological significance. This classification includes (1) commercially important innovations that warrant triadic patent filings, (2) novel patentable innovations with lesser commercial promise, and (3) imitative innovations that represent technological diffusion or catch-up. The questions left unanswered are whether countries differ significantly in the relative size of these categories, and if there is significant correlation with the number of certain patent applications and aggregate R&D statistics.

Information on the Community Innovation Survey is available here. Access is subject to application and approval, which must be completed before this topic can be worked on.

Evangelista & Mastrostefano (2006) Firm Size, Sectors and Countries as Sources of Variety in Innovation: One of the very few studies looking at cross-country variation, but regarding the share of new-to-the-market innovators among all firms, not the share among all innovators which would be relevant for the present topic.

TBA (please reach out already if this sounds interesting!)

TBA (please reach out already if this sounds interesting!)

TBA (please reach out already if this sounds interesting!)

Regulatory Chains: Do Regulations Stifle Industry Innovation?

This research examines the relationship between the degree of industry regulation and the level of innovation within those industries. The hypothesis is that heavy regulation may restrict innovation by increasing the cost of entry and compliance, thereby limiting resources available for innovative activities by entrants as well as the incentive to innovate by incumbents. Conversely, certain regulations could potentially stimulate innovation by setting standards that require new technologies or processes to meet these new challenges. 

The main part of the thesis will use QuantGov data to measure regulatory density and complexity across industries and correlate these measures with indicators of innovation such as patent filings, R&D expenditure, and technological advancements reported in industry surveys. For a Master's thesis, the estimation of causal effects may be attempted.

This thesis project also holds the potential for selecting specific industries known for heavy regulation, such as pharmaceuticals, energy, or telecommunications, to perform detailed case studies that explore the impacts of regulation on innovation in greater detail. 

This thesis contributes to the understanding of how regulatory frameworks can influence economic and technological development within industries. It could inform policymakers regarding the design of regulations that support innovation and economic growth while still achieving regulatory goals. 

Suggested references:
Aghion et al. (2023) The Impact of Regulation on Innovation
Breuer et al. (2019) Reporting Regulation and Corporate Innovation
Quignon (2022) Market Regulation and Innovation: Direct and Indirect Effects

Guarding the Gates: How Domestic Regulations Influence Foreign Market Entry 

This thesis project investigates whether industry-specific regulations serve as a strategic instrument to shield domestic markets from foreign competition. By employing quantitative analysis of data from QuantGov, a platform that tracks regulatory changes and trends for the US and a few other countries, this thesis will analyze the correlation between the density and complexity of regulations in specific industries and the entry of foreign firms. This involves comparing regulatory changes with foreign direct investment flows, import penetration, and the presence of foreign firms in domestic markets based on trade and economic data from sources like the World Bank, WTO, and national trade databases. For a Master's dissertation, a causal analysis may be attempted.

Partly based on student interest, the thesis may also focus on a a single high-profile industry known for significant regulatory oversight, such as telecommunications, pharmaceuticals, or agriculture. These will allow exploring instances where regulatory changes coincided with strategic economic events or shifts in international trade policies.

A separate thesis project could assess the economic impact of these regulatory strategies on domestic markets, foreign competitors, and consumers. This includes assessing changes in prices, market shares, and consumer choices, which would require additional data acquisition work.

This thesis project not only contributes to the literature on economic policy, international trade, and regulatory economics, but also engages with broader current debates about globalization, sovereignty, and market regulation. The findings could potentially inform more balanced approaches to trade and regulation that consider both domestic economic objectives and international trade obligations.

Suggested references:
Aktas et al. (2007) Is European M&A Regulation Protectionist?
Gulotti (2020) Narrowing the Channel: The Politics of Regulatory Protection in International Trade
Gründler & Hillman (2021) Ambiguous protection

Decoding Innovation: Semantic Analysis of Open-Ended Responses in the World Bank's Enterprise Survey

This thesis aims to quantitatively investigate the qualitative dimensions of innovation as described by responding businesses in the World Bank's Enterprise Survey. Recently, this survey introduced open-ended questions that prompt respondents who report innovations to describe how these new or improved products or processes differ from their previous operations. These questions provide a rich textual dataset that allows a deeper exploration of the nature of innovation across different national and business contexts. 

In 2020, researchers associated with the World Bank utilized these data to examine how the mere presence of these open-ended questions affected survey responses about innovation activity across different countries without delving into the specific content of responses. This thesis proposes to extend this research by applying machine learning techniques of semantic text analysis to systematically analyze the content of these open-ended responses. The focus will be on assessing the descriptions of innovation to uncover nuanced meanings and implications of "innovation" across various industries and firm sizes. 

I am very open to student suggestions regarding which analyses to perform. I am loosely aware of computer science and engineering efforts to apply semantic analysis to patent data to assess the novelty of the underlying innovations or to identify the scope for novel innovations. In any case, this project can make both a significant thematic contribution by providing a clearer picture of what constitutes innovation in different contexts and a methodological contribution in interpreting responses from innovation surveys.

Suggested references:
Ciera & Muzi (2020) Measuring innovation using firm-level surveys: Evidence from developing countries.

Literature on text analysis of open-ended survey responses, e.g., Ferrario & Stantcheva (2022) Eliciting People's First-Order Concerns: Text Analysis of Open-Ended Survey Questions; Chai (2019) Text Mining in Survey Data

TBA (please reach out if this sounds interesting!)

TBA (please reach out if this sounds interesting!) A project for a student specializing in Computer Science and interested in an application of natural language processing.

TBA (please reach out if this sounds interesting!) A project for a student specializing in Computer Science and interested in an application of natural language processing.