Journal ArticleDOI
Financial dependence and innovation: The case of public versus private firms
Viral V. Acharya,Zhaoxia Xu +1 more
Reads0
Chats0
TLDR
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
Citations
More filters
Journal ArticleDOI
Are foreign investors locusts? The long-term effects of foreign institutional ownership
TL;DR: In this paper, the authors use a comprehensive sample of publicly listed firms in 30 countries over the period 2001-2010 to find that greater foreign institutional ownership fosters long-term investment in tangible, intangible, and human capital.
Journal ArticleDOI
Economic policy uncertainty, cost of capital, and corporate innovation
TL;DR: In this paper, the authors examine the impact of government economic policy uncertainty on corporate innovation and identify a cost-of-capital transmission channel and find that GEPU increases firms' cost of capital, which translates into lower innovation.
Journal ArticleDOI
Whatever It Takes: The Real Effects of Unconventional Monetary Policy
TL;DR: In this article, the authors show that banks that benefited from the OMT announcement increased their overall loan supply, but this supply was mostly targeted towards low-quality firms with pre-existing lending relationships with these banks.
Journal ArticleDOI
Finance and Corporate Innovation: A Survey
TL;DR: In this article, the authors provide a synthetic and evaluative monograph of academic papers that examine the drivers and financing sources of corporate innovation, and provide a survey of the top three finance journals that published a total of only five papers on corporate innovation from 2000 to 2008, the number of such papers published by these three journals skyrocketed to 56 from 2009 to the third quarter of 2017.
References
More filters
Posted Content
Financing Decisions and Product Introductions of Private and Publicly Traded Firms
Abstract: We exploit Medicare national coverage reimbursement approvals of medical devices as a quasi-natural experiment to investigate how private and publicly traded firm financing decisions and product introductions respond to exogenous changes in investment opportunities. We find that publicly traded companies increase their external financing, and their subsequent product introductions, by more than private companies in response to national coverage approvals. The primary source of the increased financing is through private financing of public firms. We also show that firms that select to go public during our sample period are ex ante more productive than similar private firms. The results are consistent with public firms bearing the costs of going public to gain financing advantages that come from being able to offer securities with better exit liquidity and lower price risk.
Posted Content
Listing Standards and IPO Performance: Is More Regulation Better?
TL;DR: The authors used a sample of IPO firms listing on major U.S. exchanges in 1984-2005 and found that firms listed on different trading floors exhibit different characteristics, and that exchange listing rules are not an effective screening mechanism.