Lost in the Clouds: The Impact of Changing Property Rights on Investment in Cloud Computing Ventures

61 Pages Posted: 11 May 2015 Last revised: 7 Oct 2022

See all articles by Josh Lerner

Josh Lerner

Harvard Business School - Finance Unit; Harvard University - Entrepreneurial Management Unit; National Bureau of Economic Research (NBER)

Greg Rafert

The Analysis Group

Date Written: May 2015

Abstract

Our analysis seeks to understand the impact of changing allocations of property rights on investment in new firms. We focus on the Cartoon Network, et al. v. Cablevision decision in the U.S., which narrowed the protection enjoyed by content creators (e.g., movie studios) and gave greater rights to downstream technology firms, as well as decisions in France and Germany that took an opposite view. Our findings regarding relative venture capital investment in the U.S. and Europe, across Europe, and between the various judicial circuits of the U.S. suggest that decisions around the allocation of property rights can have economically and statistically significant impacts on investment in innovative enterprises.

Suggested Citation

Lerner, Josh and Rafert, Greg, Lost in the Clouds: The Impact of Changing Property Rights on Investment in Cloud Computing Ventures (May 2015). NBER Working Paper No. w21140, Available at SSRN: https://ssrn.com/abstract=2604821

Josh Lerner (Contact Author)

Harvard Business School - Finance Unit ( email )

Boston, MA 02163
United States
617-495-6065 (Phone)
617-496-7357 (Fax)

HOME PAGE: http://www.people.hbs.edu/jlerner/

Harvard University - Entrepreneurial Management Unit

Cambridge, MA 02163
United States

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

Greg Rafert

The Analysis Group ( email )

Menlo Park, CA
United States

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