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Corporate innovation is an increasingly important topic that has attracted great attention from academic researchers in financial economics in recent years. Although the top three finance journals (i.e. the Journal of Finance, the Journal of Financial Economics, and the Review of Financial...
Persistent link: https://www.econbiz.de/10012900738
Using data on anti-takeover provisions (ATPs) and top management characteristics hand-collected from IPO prospectuses, we analyze the effect of the pre-IPO innovativeness and the top management quality of private firms on the number and strength of ATPs in IPO firm charters. We test the...
Persistent link: https://www.econbiz.de/10012897332
This paper examines whether companies' innovativeness affects the availability of capital and, therefore, whether this group is financially constrained. It uses an objective, indirect way of measuring financial constraints based on the assumption that financially restricted firms only invest...
Persistent link: https://www.econbiz.de/10015337949
This paper investigates the effects of going public on innovation by comparing the innovative activity of firms that went public with firms that withdrew their IPO filing and remained private. NASDAQ fluctuations during the book-building phase are used as an instrument for IPO completion. Using...
Persistent link: https://www.econbiz.de/10013064878
Using Hoberg, Phillips and Prabhala's (2014) product market fluidity to capture competitive threats, we find that firms with high product market threats will invest more in R&D and generate higher number of patents and patent citations. In addition, this positive effect of competitive threats on...
Persistent link: https://www.econbiz.de/10012856560
We study a setting wherein a divisional manager undertakes personally costly effort to improve the profitability of an investment project. The manager's choice of innovation effort is subject to a holdup problem because of the ex post opportunism on the part of headquarters. We analyze and...
Persistent link: https://www.econbiz.de/10013067557
Prior research shows that technology spillovers across firms increase innovation, productivity, and value. We study how firms finance their own growth stimulated by technology spillovers from their technological peer firms. We find that greater technology spillovers lead to higher leverage. This...
Persistent link: https://www.econbiz.de/10012518201
This slide deck reviews the extant empirical literature on common ownership concentration on firm behavior, innovation, and product market outcomes, as presented at the FTC hearings on common ownership and competition in December 2018. It is primarily based on this literature review:...
Persistent link: https://www.econbiz.de/10012859363
When innovation is cumulative, patent protection on early inventions can generate holdup problems if later complementary patents are owned by different firms. Consistent with the property rights literature, we show that shareholder ownership overlap across firms with patent complementarities...
Persistent link: https://www.econbiz.de/10011412391
This paper investigates the effect of superstar CEOs on their competitors. Exploiting shocks to CEO status due to prestigious media awards, we document a significant positive stock market performance of competitors of superstar CEOs subsequent to the award. The effect is more pronounced for...
Persistent link: https://www.econbiz.de/10011344197