Prof. dr. H.P.G. (Enrico) Pennings

Full Professor

Department of Applied Economics

Erasmus School of Economics (ESE)

Erasmus University Rotterdam

Fellow ERIM

Field: Strategy & Entrepreneurship

Affiliated since 2006

T: +31 10 4082166

E: pennings@ese.eur.nl

Enrico Pennings is a professor at the Department of Applied Economics, the Erasmus School of Economics (ESE). Professor Pennings has been a fellow of the Tinbergen research school since 2005 and a member of ERIM since 2006. Before joining the Erasmus School of Economics (ESE) he was an assistant professor at IGIER-Bocconi University in Milan and at the University Pompeu Fabra in Barcelona. He is former IGIER fellow. Professor Pennings obtained his PhD in 1998 Cum Laude from the Erasmus University Rotterdam with a thesis entitled Real Options and Managerial Decision Making.

Publications (63)

Articles (51)

C.T. Witte, M.J. Burger & H.P.G. Pennings (2019). When political instability devaluates home-host ties. Journal of World Business .
T.L.P.R. Peeters, B. Mills, H.P.G. Pennings & H. Sung (2019). Manager Migration, Learning-by-hiring and Cultural Distance in International Soccer. Global Strategy Journal, In press . doi: 10.1002/gsj.1354
C.T. Witte, M.J. Burger, E. Ianchovichina & H.P.G. Pennings (2017). Dodging bullets: the heterogeneous effect of political violence on greenfield FDI. Journal of International Business Studies, 48 (7), 862-892. doi: 10.1057/s41267-017-0079-7
K.D.S. Fernald, H.P.G. Pennings, J.F. van den Bosch, H.R. Commandeur & E. Claassen (2017). The moderating role of absorptive capacity and the differential effects of acquisitions and alliances on Big Pharma firms' innovation performance. PLoS One (print), 12 (2), 1-22. doi: 10.1371/journal.pone.0172488
H.P.G. Pennings (2017). Real Options with Ex-Post Division of the Surplus. Journal of Banking and Finance, 81 , 200-206. doi: 10.1016/j.jbankfin.2016.09.007
A. de Vries, H.P.G. Pennings, J.H. Block & C. Fisch (2017). Trademark or patent? The effects of market concentration, customer type and venture capital financing on start-ups’ initial IP applications. Industry and Innovation, 24 (4), 325-345. doi: 10.1080/13662716.2016.1231607
J.T.J. Smit, E. Pennings & S. van Bekkum (2017). Real Options and Institutions. Journal of International Business Studies, 48 (5), 620-644. doi: 10.1057/s41267-016-0055-7
A.S. Bhaskarabhatla, P. Anurag, C. Chatterjee & H.P.G. Pennings (2017). Mitigating Regulatory Impact: The Case of Partial Price Controls on Metformin in India. Health Policy and Planning, 32 (2), 194-204. doi: 10.1093/heapol/czw109
P.A. van Reeven & H.P.G. Pennings (2016). On the Relation between Multimarket Contact and Service Quality: Mutual Forbearance or Network Coordination? Strategic Management Journal, 37 (10), 2121-2134. doi: 10.1002/smj.2435
C. Altomonte, I. Colantone & H.P.G. Pennings (2016). Heterogeneous firms and asymmetric product differentiation. The Journal of Industrial Economics, 64 (4), 835-874. doi: 10.1111/joie.12105
S.E. Fleten, R. Huisman, M. Kilic, H.P.G. Pennings & S. Westgaard (2015). Electricity futures prices: time varying sensitivity to fundamentals. In Risk (pp. 1-22). Journal of Energy Markets
K.D.S. Fernald, H.P.G. Pennings & E. Claassen (2014). Biotechnology Commercialization Strategies: Risk and Return in Interfirm Cooperation. Journal of Product Innovation Management, 32 (6), 971-996. doi: 10.1111/jpim.12218
A.S. Bhaskarabhatla & H.P.G. Pennings (2014). Defensive Disclosure of Patentable Inventions under Antitrust Enforcement. Industry and Innovation, 21 (7), 533-552. doi: 10.1080/13662716.2014.987452
H.P.G. Pennings & L. Sereno (2011). Evaluating Pharmaceutial R&D udner Technical and Economic Uncertainty. European Journal of Operational Research, 212 (2), 374-385. doi: 10.1016/j.ejor.2011.01.055
S. van Bekkum, J.T.J. Smit & E. Pennings (2011). Buy Smart, Time Smart: Are Takeovers Driven by Growth Options or Mispricing? Financial Management - FM, 40 (4), 911-940. doi: 10.1111/j.1755-053X.2011.01166.x
H.P.G. Pennings (2011). Unionization Structure, Licensing and Innovation. International Journal of Industrial Organization, 29 (2), 232-241. doi: 10.1016/j.ijindorg.2010.06.001
T. Duso, H.P.G. Pennings & J. Seldeslachts (2010). Learning dynamics in research alliances: A panel data analysis. Research Policy, 39 (6), 776-789. doi: 10.1016/j.respol.2010.03.002
B. Hoogendoorn, H.P.G. Pennings & A.R. Thurik (2010). What do we know about social entrepreneurship? An analysis of empirical research. International Review of Entrepreneurship, 8 (2), 71-112.
S. van Bekkum, H.P.G. Pennings & J.T.J. Smit (2009). A Real Options Perspective on R&D Portfolio Diversification. Research Policy, 38 (7), 1150-1158. doi: 10.1016/j.respol.2009.03.009
J. Emami Namini & H.P.G. Pennings (2009). Horizontal multinational firms, vertical multinational firms and domestic investment. In Tinbergen Institute Discussion Paper 2009-004/2
H.P.G. Pennings & C. Altomonte (2009). Domestic plant productivity and incremental spillovers from foreign direct investment. Journal of International Business Studies, 40 (7), 1131-1148. doi: 10.1057/jibs.2008.99
C. Altomonte & H.P.G. Pennings (2008). Learning from foreign investment by rival firms: theory and evidence. International Journal of Industrial Organization, 26 (5), 1203-1217. doi: 10.1016/j.ijindorg.2007.12.002
H.P.G. Pennings (2008). Privatization of real options. Journal of Comparative Economics, 36 (3), 489-497. doi: 10.1016/j.jce.2008.05.003
K. Coucke, H.P.G. Pennings & L.I.E. Sleuwaegen (2007). Employee layoff under different modes of restructuring exit, downsizing or relocation. Industrial and Corporate Change, 16 (2), 161-182. doi: 10.1093/icc/dtm002 [go to publisher's site]
L.I.E. Sleuwaegen & H.P.G. Pennings (2006). International Relocation of Production: Where do Firms Go? Scottish Journal of Political Economy, 53 (4), 430-446. doi: 10.1111/j.1467-9485.2006.00388.x
H.P.G. Pennings & C. Altomonte (2006). The Hazard Rate of Foreign Direct Investment: A Structural Estimation of a Real-option Model. Oxford Bulletin of Economics and Statistics, 68 (5), 569-593. doi: 10.1111/j.1468-0084.2006.00178.x
A. Mukherjee & H.P.G. Pennings (2006). Tariffs, licensing and market structure. European Economic Review, 50 , 1699-1707. doi: 10.1016/j.euroecorev.2005.08.005
H.P.G. Pennings (2005). How to Maximize Domestic Benefits from Foreign Investments: The Effect of Irreversibility and Uncertainty. Journal of Economic Dynamics and Control, 29 , 873-889.
H.P.G. Pennings (2004). Optimal Pricing and Quality Choice when Investment in Quality is Irreversible. The Journal of Industrial Economics, 52 , 569-589.
H.P.G. Pennings & L.I.E. Sleuwaegen (2004). The choice and timing of foreign direct investment under uncertainty. Economic Modelling, 21 (6), 1101-1115. doi: 10.1016/j.econmod.2004.02.003
H.P.G. Pennings (2004). Imitation, Patent Protection and Welfare. Oxford Economic Papers, 56 , 715-733.
H.P.G. Pennings (2003). The V-Shaped Value Evolution of R&D Projects. Applied Economics Letters, 10 (1), 27-32.
H.P.G. Pennings & L.J.O. Lint (2003). On the recently developed digital video standard. A game-based analysis, Technovation. International Journal, 23 , 297-306.
H.P.G. Pennings & L.J.O. Lint (2003). On the recently developed digital video standard, a game based analysis. Technovation, 23 , 297-306.
H.P.G. Pennings (2001). Price or quantity setting under uncertain demand and capacity constraints: An examination of the profits. Journal of Economics, 74 , 157-171.
M. Natter & H.P.G. Pennings (2001). Strategic diversification and capacity utilisation. International Journal of Production Economics, 72 , 261-272.
H.P.G. Pennings (2001). Price or quantity setting under uncertain demand and capacity constraints: An examination of the profits. Journal of Economics, 74 , 157-171.
M. Natter & H.P.G. Pennings (2001). Strategic Diversificaton and capacity utilisation. International Journal of Production Economics, 72 , 261-272.
L.J.O. Lint & H.P.G. Pennings (2001). An option approach to the new product development process: a case study at Philips electronics. R and D Management, 31 (2), 163-172.
H.P.G. Pennings (2000). Taxes and Stimuli of Investment under Uncertainty. European Economic Review, 44 , 383-391. doi: 10.1016/S0014-2921(98)00078-6
H.P.G. Pennings & L.J.O. Lint (2000). Market Introduction, Phased Rollout or Abandonment? A Real Option Approach. European Journal of Operational Research, 124 , 125-138. doi: 10.1016/S0377-2217(99)00121-6
L.I.E. Sleuwaegen & H.P.G. Pennings (2000). International relocation: Firm and industry determinants. Economics Letters, 67 (2), 179-186.
L.J.O. Lint, H.P.G. Pennings & M. Natter (1999). Optionsmanagement in F&E: Eine Fallstudie. Zeitschrift fur Betriebswirtschaft, 51 (10), 990-1006.
L.J.O. Lint & H.P.G. Pennings (1998). Een reële optieanalyse van het gelijktijdig ontwikkelen van twee produktstandaarden. MAB, 72 (1/2), 60-66.
L.J.O. Lint & H.P.G. Pennings (1998). R&D as an option on market introduction. R and D Management, 28 , 279-287.
L.J.O. Lint & H.P.G. Pennings (1998). Financiën en strategie:time-to-wait or time- to-market. MAB, 71 (3), 117-125.
H.P.G. Pennings (1998). How to Finance your Investment Opportunity Internally: A Note. The Journal of Futures Markets, 18 , 599-604.
L.J.O. Lint & H.P.G. Pennings (1997). The option Value of Advanced R&D. European Journal of Operational Research, 103 , 83-94.
L.J.O. Lint & H.P.G. Pennings (1997). Financiën en strategie: time-to-wait or time-to-market? MAB , 117-125.
H.P.G. Pennings & L.J.O. Lint (1997). The option value of advanced R&D. European Journal of Operational Research, 103 (1), 83-94.
L.J.O. Lint & H.P.G. Pennings (1995). Optiemanagement bij investeringen in nieuwe technologie. Holland Management Review , 44-45.

Book Contributions (4)

B. Hoogendoorn, H.P.G. Pennings & A.R. Thurik (2012). A conceptual overview of What We Know About Social Entrepreneurship. In J. DeFilippis & S. Saegert (Eds.), The Community Development Reader (pp. 117-124). New York: Routledge
L.I.E. Sleuwaegen & H.P.G. Pennings (2001). Relocation and public aid: a first report. In Mucchielli,.J.-L. Dunning, J.H. (Ed.), Multinational firms' strategies: The local-global dilemma (Studies in global competition series) (pp. 178-189). New York: Routledge
L.J.O. Lint & H.P.G. Pennings (1999). A business shift approach to R&D option valuation. In L. Trigeorgis (Ed.), Real Options and Business Strategy. Applications to Decision Making (pp. 117-135). Cambridge: RISK Publishers
L.J.O. Lint & H.P.G. Pennings (1996). Het management van reële optiewaarde. In P.J.J.M. van Loon & J.H. von Eije (Eds.), De financiële functie en ondernemingswaarde (pp. 201-216). Alphen a/d Rijn: Samsom

Doctoral Thesis

H.P.G. Pennings (1998, juni 12). Real options and managerial decision making. Erasmus University Rotterdam (126 pag.) (Ridderkerk: Offsetdrukkerij Ridderprint B.V.) Prom./coprom.: L.I.E. Sleuwaegen & prof.dr. R.S. Pindyck.

Inaugural Speech

H.P.G. Pennings (2010). Does contract complexity limit opportunities? Vertical organisation and flexibility. (2010, september 17). Rotterdam: Erasmus Research Institute of Management

Professional Publications (6)

B. Karreman, T.G. Nacken & H.P.G. Pennings (2013). Arabische lente voor de EBRD. Internationale Spectator, 67 (4), 46-51.
B. Karreman & H.P.G. Pennings (2011). De volgende fusie- en overnamegolf. Economisch-Statistische Berichten, 96 (4619), 589-591.
L. van der Laan & H.P.G. Pennings (2009). Organizations in a Dynamic Environment. USA-Hoboken-NJ: Wiley Higher Education
L.J.O. Lint & H.P.G. Pennings (1998). R&D als optie op marktintroductie. Bedrijfskunde, 69 (1), 61-67.
L.J.O. Lint & H.P.G. Pennings (1998). De recent overeengekomen digitale videostandaard, deel I. Bedrijfskunde, 70 (1), 39-44.
L.J.O. Lint & H.P.G. Pennings (1998). De recent overeengekomen videostandaard: een standaardanalyse deel II. Bedrijfskunde, 70 (2), 83-89.