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Financial dependence and innovation: The case of public versus private firms
Viral V. Acharya,Zhaoxia Xu +1 more
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In this paper, the authors examined the relation between innovation and a firm's financial dependence using a sample of privately held and publicly traded US firms and found that public firms in external finance dependent industries spend more on research and development and generate a better patent portfolio than their private counterparts.About:
This article is published in Journal of Financial Economics.The article was published on 2017-05-01. It has received 283 citations till now. The article focuses on the topics: Listing (finance) & Patent portfolio.read more
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Innovation Strategy of Private Firms
Huasheng Gao,Po-Hsuan Hsu,Kai Li +2 more
TL;DR: In this article, the authors compare the innovation strategies of public and private firms based on a large sample over the period 1997-2008 and find that public firms' patents rely more on existing knowledge, are more exploitative, and are less likely in new technology classes, while private firms’ patents are broader in scope and more exploratory.
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Does China's carbon emissions trading policy improve the technology innovation of relevant enterprises?
Yue‐Jun Zhang,Wei Shi,Lin Jiang +2 more
TL;DR: Wang et al. as discussed by the authors employed the difference in difference difference (DID) and DID-based propensity score matching models to evaluate the effect of China's carbon emissions trading (CET) on technology innovation.
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Shareholder Litigation and Corporate Innovation
Chen Lin,Sibo Liu,Gustavo Manso +2 more
TL;DR: This investigation investigates whether and to what extent shareholder litigation shapes corporate innovation by examining the staggered adoption of universal demand laws in 23 states from 1989 to 2005.
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Heterogeneous Beliefs, IPO Valuation, and the Economic Role of the Underwriter in IPOs
TL;DR: In this paper, Chen et al. empirically analyzed the economic role of the underwriter in initial public offerings (IPOs), distinguishing between the certification and market power hypotheses, indicating that the role of underwriters is to obtain the highest possible valuation for the IPOs that they back rather than to price the equity close to intrinsic value.
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Corporate Governance and Pollution Externalities of Public and Private Firms
Sophie Shive,Margaret Forster +1 more
TL;DR: This paper found that independent private firms are less likely to pollute and incur EPA penalties than are public firms, and that no differences between private sponsor-backed firms and public firms were found.
References
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Journal ArticleDOI
Risk, Return, and Equilibrium: Empirical Tests
Eugene F. Fama,James D. MacBeth +1 more
TL;DR: In this article, the relationship between average return and risk for New York Stock Exchange common stocks was tested using a two-parameter portfolio model and models of market equilibrium derived from the two parameter portfolio model.
Posted Content
Financial Dependence and Growth
Raghuram G. Rajan,Luigi Zingales +1 more
TL;DR: This paper examined whether financial development facilitates economic growth by scrutinizing one rationale for such a relationship: that financial development reduces the costs of external finance to firms, and they found that industrial sectors that are relatively more in need of foreign finance develop disproportionately faster in countries with more developed financial markets.
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Patent Statistics as Economic Indicators: A Survey
TL;DR: In this paper, the authors present a survey on the use of patent data in economic analysis, focusing on the patent data as an indicator of technological change and concluding that patent data remain a unique resource for the study of technical change.
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The economic implications of corporate financial reporting
TL;DR: This paper found that the majority of managers would avoid initiating a positive NPV project if it meant falling short of the current quarter's consensus earnings, and more than three-fourths of the surveyed executives would give up economic value in exchange for smooth earnings.
Posted Content
Market value and patent citations
TL;DR: Hall et al. as mentioned in this paper explored the usefulness of patent citations as a measure of the "importance" of a firm's patents, as indicated by the stock market valuation of the firm's intangible stock of knowledge.