We analyze innovation in emerging and newly industrialized economies over the past 30 years, with the emphasis being on Asian economies. We use US patent data to study how the innovative capabilities of Taiwan, Korea, Hong Kong and Singapore have expanded in relation to emerging economies in...

Prior work notes that capital markets benefit innovation by providing financial resources to firms, but also argues that capital markets may inhibit innovation by inducing short-termism. We revisit the capital market-innovation link by examining how securities analysts influence firms’...