Roger Masclans

Roger Masclans
  • Assistant Professor of Management

Contact Information

  • office Address:

    2035 SH-DH
    3620 Locust Walk
    Philadelphia, PA 19104

Research Interests: Innovation, Science, Technological change, M&A, AI

Links: Personal Website, CV

Overview

Roger Masclans is an Assistant Professor of Management, Strategy, at the Wharton School of the University of Pennsylvania.

His research focuses on innovation. He studies how market and organizational conditions shape technological change, as well as how artificial intelligence affects technology development and the management of innovation. Most of his work focuses on technologies rooted in scientific research and involves developing advanced machine learning models and AI-based tools to analyze large-scale patterns in science and technology.

Professor Masclans completed his doctoral studies at Duke University’s Fuqua School of Business. He also holds an MSc and a BSc in Industrial Engineering from the Polytechnic University of Catalonia, as well as a bachelor’s degree in Business Administration from the University of Barcelona, where he graduated from the Honors Program.

Before entering academia, he founded a technology startup that developed machine-learning solutions for enterprise clients. He also spent several years working in M&A on technology acquisitions across advanced materials, biologics, energy generation, water treatment, business services, and consumer products.

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Research

  • Roger Masclans (Working), Science, Startups, and the Problem of Value Capture: Thin Acquisition Markets, Weak Outside Options. Abstract

    Startups commercializing science-based innovations are crucial for tackling pressing challenges, yet, in critical sectors such as energy, industrials, and materials, entrepreneurial activity remains limited. This paper investigates whether weak value capture at exit constrains these ventures. I estimate value creation and capture in startup acquisitions by combining acquisition prices with acquirer stock returns, adjusting for market noise to isolate the economic signal attributable to the acquisition. Science-based startups capture 46 cents per dollar of acquisitioninduced surplus, compared to 61 cents for non-science startups—a 24% penalty. Conversely, they create 20% more joint surplus, consistent with continued entry despite the capture penalty. To explain these patterns, I examine a central mechanism: the structure of a startup’s exit conditions. I argue that science-based startups face thinner, more concentrated acquisition markets and limited ability to scale independently, features that weaken the startup’s bargaining power. Indeed, I find that science-based startups face up to 40% fewer potential acquirers, who are 53% larger on average, and that their value capture is more sensitive to acquirer concentration. Concentrated markets have a dual effect: large incumbents enable greater surplus creation, but also shift bargaining power away from startups, allowing acquirers to extract most of the gains from innovation. Finally, I find that the capture penalty diminishes when startups can scale commercialization independently. The results suggest that constrained exit environments limit returns to science-based innovation, highlighting the importance of competitive acquisition markets and independent commercialization pathways in incentivizing upstream innovation.

  • Roger Masclans, Cohen, Wesley, Hasan, Sharique (2025), Measuring the Commercial Potential of Science, Strategic Management Journal, 46 (6). Abstract

    We develop an ex-ante measure of commercial potential of science, an otherwise unobservable variable driving the performance of innovation-intensive firms. To do so, we rely on LLMs and neural networks to predict whether scientific articles will influence firms’ use of science. Incorporating time-varying models and the quantification of uncertainty, the measure is validated through both traditional methods and out-of-sample exercises, leveraging a major university’s technology transfer data. To illustrate the methodological contributions of our measure, we apply it to examining the impact of university reputation and university privatization of science, finding that firms’ reliance on reputation may lead to foregone opportunities, and privatization (i.e., patenting) appears to increase firms’ use of the science of one university. We make our measure and method available to researchers.

Teaching

Current Courses

  • MGMT2230 - Business Strategy

    This course introduces concepts and analytical techniques for creating sustainable advantage in challenging competitive environments. Students examine strategic decisions faced by managers responsible for the performance of a firm or business unit, who must diagnose the basis for current results, identify internal and external changes likely to threaten the firm’s position or create opportunities, and formulate and implement strategies to compete successfully. Through readings, case-based discussions, and theory, the course develops students’ ability to analyze competitive environments, evaluate the strengths and limitations of firms, and make strategic choices at both the business and corporate levels. Special emphasis is placed on first-order forces shaping competition, including advances in artificial intelligence, platform-based business models, and rapid innovation in science- and technology-intensive industries. A solid understanding of strategy is essential not only for top managers, but also for external consultants, financial analysts, and capital allocators responsible for valuing and growing firms.

    MGMT2230001 ( Syllabus )

    MGMT2230002 ( Syllabus )

Past Courses

  • MGMT2230 - Business Strategy

    This course introduces concepts and analytical techniques for creating sustainable advantage in challenging competitive environments. Students examine strategic decisions faced by managers responsible for the performance of a firm or business unit, who must diagnose the basis for current results, identify internal and external changes likely to threaten the firm’s position or create opportunities, and formulate and implement strategies to compete successfully. Through readings, case-based discussions, and theory, the course develops students’ ability to analyze competitive environments, evaluate the strengths and limitations of firms, and make strategic choices at both the business and corporate levels. Special emphasis is placed on first-order forces shaping competition, including advances in artificial intelligence, platform-based business models, and rapid innovation in science- and technology-intensive industries. A solid understanding of strategy is essential not only for top managers, but also for external consultants, financial analysts, and capital allocators responsible for valuing and growing firms.

Awards And Honors

  • Winner, SMS Best PhD Paper Prize, 2026

In the News

Knowledge @ Wharton

Activity

Latest Research

Roger Masclans (Working), Science, Startups, and the Problem of Value Capture: Thin Acquisition Markets, Weak Outside Options.
All Research

In the News

The Way of Excellence: Lead for Sustainable Performance

In this Nano Tool for Leaders, author Brad Stulberg explains why you should stop thinking of excellence as a destination and more as a process of growth.…Read More

Knowledge @ Wharton - 2026/08/17
All News

Awards and Honors

Winner, SMS Best PhD Paper Prize 2026
All Awards