Firms with higher R&D intensity subsequently experience higher stock returns in international stock markets, highlighting the role of intangible investments in international asset pricing. The R&D effect is stronger in countries where growth option risk is more likely priced, but is unrelated to...

We study how incentives to boost short-term performance affect longer-term innovation output. Share repurchases that are motivated by an incentive to meet current-quarter EPS targets are associated with an increase in the quality of innovation outputs such as forward citation counts and the...

We propose that general purpose technologies (GPTs) — a class of technologies that have pervasive impacts on the economy and spill over across countries — are a source of non-diversifiable technology risk in international stock markets. We construct an empirical GPT factor from patent data...

We compare innovation strategies of public and private firms based on a large sample over the period 1997-2008. We find that public firms' patents rely more on existing knowledge, are more exploitative, and are less likely in new technology classes, while private firms' patents are broader in...

Motivated by a theoretical model, we examine for 43 countries whether it is policy or policy uncertainty that affects technological innovation more. Innovation activities, measured by patent based proxies, are not, on average, affected by which policy is in place. Innovation activities however,...

Prior literature documents mixed evidence about how research and development activities affect corporate creditworthiness. We investigate whether publicly available patent information is incrementally useful in assessing the benefits and risks of corporate innovation from bondholders'...

Using a unique dataset of corporate philanthropy, we find that direct giving activities are positively associated with more collaborative and original innovation. In contrast, our results do not hold for corporate foundations' contributions. Our results suggest that much of what is ostensibly...

In this paper, we use the prestigious iF design award to measure corporate product design novelty and examine how it is influenced by information quality. Using the mandatory adoption of International Financial Reporting Standards (IFRS) in 2005 as a substantial increase in information quality...

Firms often register trademarks as they launch new products or services. We find that the number of new trademark registrations positively predicts firm profitability, stock returns, and underreaction by analysts in their earnings forecasts. Using the Federal Trademark Dilution Act (FTDA) as an...

This paper examines two related research questions: (1) Does a firm's innovation strategy affect its going public (vs. staying private) decision? (2) Does the change of ownership associated with going public influence a newly public firm's subsequent innovation strategy? Using a dataset...