{"title":"Limitations of Imitation: Lessons from another Bitcoin Copycat","authors":"Daniel Cahill, Z. Liu","doi":"10.2139/ssrn.3491600","DOIUrl":"https://doi.org/10.2139/ssrn.3491600","url":null,"abstract":"We find strong evidence that imitation to the leader in an uncertain environment provides short-term early success without enhancing long-term survival. Using a unique setting in cryptocurrencies where Bitcoin has been the centre focus, we define copycats as cryptocurrencies that have a name similar to Bitcoin. Our results show copycats earn higher returns in the first four weeks of trading but have a lower survival rate comparing to non-copycats and are robust to an alternative definition of copycat and an instrumental variable. Our results highlight that in an age of information, coupled with an uncertain market created by a novel technology, the name of an organization may be a strong a signal to investors when other signals are unclear.","PeriodicalId":239416,"journal":{"name":"ERPN: Imitation & Innovation (Sub-Topic)","volume":"100 11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-02-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122721201","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Creative Destruction, Bureaucratic Organization, or Evolutionary Recombination? An Exercise in Strategic Foresight Based on the History of the Bio-Pharmaceutical Industry","authors":"C. Reschke","doi":"10.2139/ssrn.1571918","DOIUrl":"https://doi.org/10.2139/ssrn.1571918","url":null,"abstract":"Schumpeter had initially argued that the capitalist process is a process of the creative destruction of established industries by new combinations of resources and technologies by entrepreneurs. In contrast, observations of large scale projects in the second world war led him to argue that R&D will be increasingly organized in large bureaucratic units. However, today, the organization of pharmaceutical research in large units and the integration of new technologies is a problematic process. Pharmaceutical companies are under pressure from a seeming lack of innovative output and resultant financial constraints. Therefore one example of a case where the relevant processes of both positions of Schumpeter are at work is the competition between companies based on new and on established technologies in the bio-pharmaceutical realm. Based on a historically informed analysis of the bio-pharmaceutical industry in the domains of markets and regulation, strategy, research and development, and mergers and acquisition we discuss forces affecting the outcome between creative destruction and bureaucratic organization for the bio-pharmaceutical industry.","PeriodicalId":239416,"journal":{"name":"ERPN: Imitation & Innovation (Sub-Topic)","volume":"40 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-03-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133147378","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Beyond the Steady State: Managing Discontinuous Product and Process Innovation","authors":"W. Phillips, R. Lamming, Hannah Noke, J. Bessant","doi":"10.2139/SSRN.1306950","DOIUrl":"https://doi.org/10.2139/SSRN.1306950","url":null,"abstract":"Research on the innovation process and its effective management has consistently highlighted a set of themes constituting \"good practice\". The limitation of such \"good practice\" is that it relates to what might be termed \"steady state\" innovation — essentially innovative activity in product and process terms which is about \"doing what we do, but better\". The prescription works well under these conditions of (relative) stability in terms of products and markets but is not a good guide when elements of discontinuity come into the equation. Discontinuity arises from shifts along technological, market, political and other frontiers and requires new or at least significantly adapted approaches to their effective management. This paper highlights empirical findings from a selection of companies involved in a project sponsored by the U.K. Department of Trade and Industry. The results indicate a number of key routines that organisations could implement to enable discontinuous innovation.","PeriodicalId":239416,"journal":{"name":"ERPN: Imitation & Innovation (Sub-Topic)","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2004-08-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114055972","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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