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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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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.
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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.
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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.
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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.
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Journal ArticleDOI
Does Going Public Affect Innovation
TL;DR: In this article, the authors investigated the effects of going public on innovation by comparing the innovation activity of firms that go public with firms that withdraw their initial public offering (IPO) filing and remain private.
Posted Content
The Buck Stops Where? The Role of Limited Liability in Economics
Thomas H. Noe,Stephen D. Smith +1 more
TL;DR: The authors reviewed a large and growing literature on the role of personal and corporate limited liability in economic growth and the allocation of financial resources in today's financial markets and provided an explanation of incentive structures under alternative liability regimes.
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Do Hostile Takeovers Stifle Innovation? Evidence from Antitakeover Legislation and Corporate Patenting
TL;DR: In this article, the authors examine how strong corporate governance proxied by the threat of hostile takeovers affects innovation and firm value, and find a significant decline in the number of patents and citations per patent for firms incorporated in states that pass antitakeover laws relative to those that do not.
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Bankruptcy Codes and Innovation
TL;DR: In this article, the authors argue that when bankruptcy code is creditor friendly, excessive liquidations cause levered firms to shun innovation, whereas by promoting continuation upon failure, a debtor-friendly code induces greater innovation.
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Wrongful Discharge Laws and Innovation
TL;DR: In this paper, the authors show that wrongful discharge laws, particularly those that prohibit employers from acting in bad faith ex post, limit employers' ability to hold up innovating employees after the innovation is successful.