Carlos Javier SERRANO

Associate Professor

Economics and Decision Sciences

serrano@hec.fr https://sites.google.com/site/carlosjserranoweb/

Biography

Carlos J. Serrano is an Associate Professor of Entrepreneurship and Economics at the Department of Economics and Decision Sciences at HEC Paris.

Professor Serrano's research and teaching interests are focused on innovation, entrepreneurship, strategy, and the financing of entrepreneurial activity. His research focuses on the market for patents, the venture capital industry, and the value and use of patents for technology startups. In addition to his doctorate degree in Economics from the University of Minnesota in 2006, he holds a MA in Economics from the University of Minnesota, a MSc in Economics from the University College London, and a BSc in Economics from Universitat Autònoma de Barcelona.

Serrano's research has been published in top tier journals including the Journal of Financial Economics, RAND Journal of Economics, Strategic Management Journal, the International Economic Review, and Science and has been presented at numerous universities and government agencies.

Prior to his appointment at HEC Paris, Serrano taught at Universitat Pompeu Fabra, University of Toronto, University of Minnesota, and was a Research Fellow at the Bank of Spain, a Visiting Scholar at Stanford University, and a Research Analyst at the Federal Reserve Bank of Minneapolis.

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Scientific articles

Do patent assets have a second life when startups fail? An analysis of the redeployment likelihood and mode of transfer

Strategic Management Journal, January 2025, vol. 46, n° 1, pp 82-113, (in coll. with R. H. Ziedonis)

Venture Capital Financing in Europe: Gender and Ethnic Diversity in Founder Teams

Journal of Portfolio Management, September 2022, vol. 48, n° 9, pp 250-271, (in coll. with T. ASTEBRO, R. Rafih)

Information disclosure and the market for acquiring technology companies

Strategic Management Journal, May 2021, vol. 42, n° 5, pp 1024-1053, (in coll. with G. Chondrakis, R. H. Ziedonis)

Patent trading flows of small and large firms

Research Policy, September 2019, vol. 48, n° 7, pp 1601-1616, (in coll. with N. Figueroa)

Patent collateral, investor commitment, and the market for venture lending

Journal of Financial Economics, October 2018, vol. 130, n° 1, pp 74-94, (in coll. with Y. V. Hochberg, R. H. Ziedonis)

Estimating the Gains from Trade in the Market for Patent Rights

International Economic Review, November 2018, vol. 59, n° 4, pp 1877-1904,

Intangible but bankable

Science, 2015, vol. 348, n° 6240, pp 1202, (in coll. with Y. V. Hochberg, R. Ziedonis)

Business Partners: Complementary Assets, Financing, and Invention Commercialization

Journal of Economics and Management Strategy, Summer 2015, vol. 24, n° 2, pp 228-252, (in coll. with T. ASTEBRO)

Trading and enforcing patent rights

RAND Journal of Economics, Summer 2013, vol. 44, n° 2, pp 275-312, (in coll. with A. Galasso, M. Schankerman)

The dynamics of the transfer and renewal of patents

RAND Journal of Economics, Winter 2010, vol. 41, n° 4, pp 686-708,

Working papers

Business Partners, Financing and the Commercialization of Inventions

Mimeo , 2025