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...

We investigate the effect of stock market on firm innovation via the len of initial public offering (IPO) using a uniquely matched Chinese firm-level data. Using the difference-in-difference approach, together with the propensity score matching algorithm to construct the treatment and control...

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...