Patent thickets, a phenomenon of fragmented ownership of overlapping patent rights, hamper firms' commercialization of patents and thus deliver asset pricing implications. We show that firms with deeper patent thickets are involved in more patent litigations, launch fewer new products, and...

We propose and empirically examine cross-border mergers and acquisitions (M&As) as an important dimension of firms' innovation strategies. Our empirical analyses, based on a sample of 85,591 M&A deals from 57 countries, show that innovative firms in low innovation countries are more likely to...

We propose that innovative originality is a valuable organizational resource, and that owing to limited investor attention and skepticism of complexity, greater innovative originality may be undervalued. We find that firms' innovative originality strongly predicts higher, more persistent, and...

After constructing high-frequency measures of informed trading as well as the measure of brand innovation proxied by the number of trademark registrations (TMRs), we first examine how market participants respond to the news about TMRs. The results show that the information on TMRs predicts...

We carry out a large-scale investigation of technical trading rules in the foreign exchange market, using daily data over 45 years for 30 developed and emerging market currencies. Employing a stepwise test to counter data-snooping bias and examining over 21,000 technical rules, we find evidence...

We carry out a large-scale investigation of technical trading rules in the foreign exchange market, using daily data over a maximum of forty years for thirty developed and emerging market currencies. Employing a stepwise test to safeguard against data-snooping bias and examining over 21,000...

These are the slides for the paper “Innovative Originality, Profitability, And Stock Returns.” The abstract of this paper is the following: We propose that innovative originality is a valuable organizational resource and that owing to limited investor attention and skepticism of complexity,...

These are the presentation slides for the paper "Innovative Efficiency and Stock Returns". The abstract of the paper is the following: We find that innovative efficiency (IE), patents or citations scaled by research and development expenditures, is a strong positive predictor of future returns...

In this paper, we empirically measure the impact of natural disasters on firm-level operating performance and examine if such impact can be mitigated by technology diversification. Using major natural disasters specified by Barrot and Sauvagnat (2015) and factory location data from the toxic...