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The paper analyses the effect of the stock market on firm innovation through the lens of initial public offering (IPO) using uniquely matched Chinese firm-level data. We find that IPOs lead to an increase in both the quantity and quality of firm innovation activity. In addition, IPOs expand a...
Persistent link: https://www.econbiz.de/10011704926
The paper finds that costs of implementing stringent securities listing standards may exceed benefits. Depository receipts, a growing source of international equity financing, differ in types by the reporting and disclosure standards issuing firms are required to meet. For lower levels of...
Persistent link: https://www.econbiz.de/10014403625
This paper documents the phenomenon of underpricing initial public offerings (IPOs) for 47 firms that went public between 2001 and 2006 in the equity markets of the six Gulf Cooperation Council (GCC) countries. The average initial abnormal returns of 290 percent exceed those found in the...
Persistent link: https://www.econbiz.de/10014400128
by building a unique dataset uniting detailed firm balance sheet information with firm patent data for the period of 1998 …-2007. We find strong evidence that within-firm increases in patent stock are associated with increases in firm size, exports … also demonstrate similar effects following initial patent application. We also find that although state-owned enterprises …
Persistent link: https://www.econbiz.de/10011716316
This paper examines a country''s incentives for intellectual property rights (IPR) protection in a global trading environment. There is a time inconsistency problem intrinsic to IPR protection: ex ante strong protection is warranted to promote innovation, but once discovery takes place there is...
Persistent link: https://www.econbiz.de/10014401239
benchmark measure of technological progress is given by data on patent applications in the U.S. over the period 1889-2002. The …
Persistent link: https://www.econbiz.de/10014401355
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We assess the ongoing reform efforts in Japan in terms of inclusive growth. We use prefectural level panel data to … and policy variables. Our analysis suggests that achieving the Bank of Japan's 2 percent inflation target has a positive …
Persistent link: https://www.econbiz.de/10011281935