Contact Information

2001 Sheridan Road

Marketing Department

Evanston, IL 60640

Phone: (312) 752 0350




Manuel Hermosilla

Ph.D. candidate in Marketing

Ph.D. (Marketing, expected 2014), M.S. (Marketing, 2010), Northwestern University

M.A. ( Economics, 2006), Ingeniero Comercial (2005), B.A. (Business & Economics, 2004), Pontificia Universidad Catolica de Chile

Kaufmann Dissertation Fellow (2013)

Curriculum Vitae (PDF 76 KB / 4 pages)

Personal Website


Research Interests: Development and commercialization strategies of new products, innovation, markets for technology, demand estimation, structural estimation.

Job Market Paper: "Development and commercialization strategies for new technologies: an empirical study of pre-market licensing for drug innovation" (PDF 540 KB / 59 pages)

Abstract. Licensing agreements between upstream innovators and downstream commercializers are an increasingly important vehicle for new technology products to reach consumers. We study development and commercialization strategies of upstream innovators in the context of drug development, where high attrition and evolving licensing contracts make time-to-license an important determinant of firms' return on investment. We estimate a dynamic licensing model that highlights the role of contract design and formalizes the link between technology transfer imperfections, firms' strategies and innovation productivity. Our results reveal that time-to-license is determined by the relevance of the downstream commercializer's complimentary assets (i.e., development funding, sales force), but also by innovators' exploitation of important informational advantages. Estimates suggest that technology transfer imperfections do not drastically reduce the rate of successful innovation, but increase the average cost of each drug candidate that reaches the market by about 12%.

Dissertation committee:



Kellogg School of Management
2001 Sheridan Road
Evanston, IL 60208-2800