Two Essays On Corporate Innovation
DOWNLOAD
Download Two Essays On Corporate Innovation PDF/ePub or read online books in Mobi eBooks. Click Download or Read Online button to get Two Essays On Corporate Innovation book now. This website allows unlimited access to, at the time of writing, more than 1.5 million titles, including hundreds of thousands of titles in various foreign languages. If the content not found or just blank you must refresh this page
Two Essays On Corporate Innovation
DOWNLOAD
Author : Hua-Hsin Tsai
language : en
Publisher:
Release Date : 2020
Two Essays On Corporate Innovation written by Hua-Hsin Tsai and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with categories.
In the first chapter, I examine the relationship between institutional investors' distraction and innovation. Institutional investor distraction means that these institutional investors get distracted when they perceive either positive or negative information from other stocks in their portfolio. Prior studies suggest institutional holdings provide stable funding for firm managers and thus allow them to pursue long term innovation (stability hypothesis). However, the level of institutional holdings is also a proxy for the level of attention given by these institutions (attention hypothesis). I address this debate by utilizing the investor distraction measure of Kempf, Manconi, and Spalt (2017) and find that institutional investors' distraction reduces firm patent filings, citations, and quality, supporting the attention hypothesis. The effect is concentrated in firms owned by institutions providing beneficial monitoring but limited attention: passive institutions, independent institutions, and institutions with a low ownership concentration in the firm. The test shows that investor distraction impacts innovation via the monitoring channel or the information channel. In my second essay, I investigate the relationship between a firm's external financing needs and the extent of technology spillovers that the firm experiences. Reliance on external funds is captured by the firm's level of external financial dependence (EFD) firm. My empirical results indicate that firms with higher technology spillover have lower external financial dependence.
Two Essays On Product Market Competition Corporate Innovation And Mergers And Acquisitions
DOWNLOAD
Author : 陳翀
language : en
Publisher:
Release Date : 2018
Two Essays On Product Market Competition Corporate Innovation And Mergers And Acquisitions written by 陳翀 and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with Consolidation and merger of corporations categories.
Essays On Corporate Innovation
DOWNLOAD
Author : Jamie Weathers
language : en
Publisher:
Release Date : 2016
Essays On Corporate Innovation written by Jamie Weathers and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
This dissertation empirically explores the facets of corporate innovation in the firm and the ultimate effects on firm value. In the first chapter I identify firm innovation as a new channel by which employee treatment affects firm value. Growth and innovation incentive theories support positive effects of "good" employee treatment on innovation. Alternatively, entrenchment theory suggests such treatment will lead to complacency and shirking, hence deterring innovation. These opposing views merit investigation since in the "new economy", human capital is increasingly essential to firm value and the growth and success of a firm has become more reliant on corporate innovation. Using the KLD Research & Analytics, Inc. SOCRATES database and newly acquired patent/citation data, I find an overall significant positive relationship between positive employee treatment and innovation quantity (patents) and quality (citations per patent); both measures are significantly correlated to firm value in the literature. Furthermore, I find that favorable employee treatment improves innovation focus - innovation projects more related to firms' core business. These findings, robust to an alternate data source and endogeneity concerns, are consistent with the theories of growth and innovation incentive and suggest corporate innovation represents a channel by which employee treatment enhances firm value. In the second chapter I use the context of mergers & acquisitions (M&A) to investigate the effect of firm innovative ability. Acquirer announcement returns in M&A are known for being low on average; however, recent studies indicate greater abnormal announcement and long-run returns to firms motivated by the acquisition of innovation. Although acquiring innovation is an important motive for M&A, prior studies have ii mostly focused on the characteristics of target firms. In this paper, I explore the effect of acquirers' innovative abilities in the M&A transaction. I propose that acquirer's ex-ante ability to transform internal and external innovation investment into a tangible valued output (i.e. sales or profitability) is subject to asymmetric information. I apply a unique measure of innovative ability to explain the cross-sectional variation in acquirer returns for mergers and find a positive relation between acquirers' innovative abilities and their abnormal returns around M&A announcements. I further discover that greater CARs in high innovative ability acquirers only exist in a subsample of M&As in the later life cycle of firms. For early merger events (the first three M&As after IPOs), acquirers' innovative abilities are not associated with significantly larger announcement returns, suggesting an altered market perception of the value impact of acquisitions of innovation and innovative ability.
Essays On Finance And Economic Growth
DOWNLOAD
Author : Lai Wei
language : en
Publisher:
Release Date : 2017-01-26
Essays On Finance And Economic Growth written by Lai Wei and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-01-26 with categories.
This dissertation, "Essays on Finance and Economic Growth: International Capital Markets and Corporate Innovation" by Lai, Wei, 魏錸, was obtained from The University of Hong Kong (Pokfulam, Hong Kong) and is being sold pursuant to Creative Commons: Attribution 3.0 Hong Kong License. The content of this dissertation has not been altered in any way. We have altered the formatting in order to facilitate the ease of printing and reading of the dissertation. All rights not granted by the above license are retained by the author. Abstract: This thesis consists of two essays on finance and economic growth. Using the passage and the enforcement of capital market laws, the essays study whether and how the development of international capital markets can influence corporate innovation, a vital source for long-term economic growth around the world. In the first essay, I study the question: Do legal restrictions on insider trading accelerate or slow technological innovation? Based on over 75,000 industry-country- year observations across 94 economies from 1976 to 2006, I find that enforcing insider trading laws spurs innovation, as measured by patent intensity, scope, impact, generality, and originality. Consistent with theories that insider trading slows innovation by impeding the valuation of innovative activities, the relation between enforcing insider trading laws and innovation is larger in industries that are naturally innovative and opaque, and equity issuances also rise much more in these industries after a country enforces its insider trading laws. In the second essay, I examine the effect of activating M&A markets on the rate of technological innovation, using staggered adoption of international M&A laws. Based on more than 65,000 industry-country-year observations across 46 economies from 1976 to 2006, I find that adopting the M&A laws increases innovation in the high-tech industries of a country, as measured by patent intensity, scope, impact, generality, and originality. The results are consistent with the incentives provided by an active M&A market that amplifies the valuation of and returns to innovation, and boosts exit liquidity for the entrepreneurs and corporate investors. I also find that M&A volume increases in the high-tech industries, and the improvement of innovation is mainly contributed by the private firms. Subjects: Capital market - Law and legislation Technological innovations Economic development
Essays On Innovation And Corporate Finance
DOWNLOAD
Author : Yabo Zhao
language : en
Publisher:
Release Date : 2022
Essays On Innovation And Corporate Finance written by Yabo Zhao and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022 with Human capital categories.
This dissertation consists of two essays lying into the intersection of innovation and corporate finance. The first essay, included in Chapter 2, is “Asymmetric Information, Patent Publication, and Inventor Human Capital Reallocation”. I empirically study whether and how patent publication affects inventor human capital reallocation. Leveraging (i) the American Inventor’s Protection Act (AIPA) that requires patent applications to be published within 18 months of filing rather than when granted, (ii) plausible quasi-random assignment of patent examiners, and (iii) a large dataset tracking inventors’ career paths, I adopt a difference-in-differences design and show that the expedited patent publication helps inventors switch employers. Additional analyses suggest that increased mobility is driven by expanded outside employers’ information and reduced information asymmetry: the effect is more pronounced among inventors of high-quality, with scarcer existing information, or in technologies where patents are more informative. I provide suggestive evidence that indicates a positive effect on enhancing inventor-firm matching and increased patenting output. This study highlights an important yet overlooked facet of patent publication: inventor human capital reallocation. The second essay, included in Chapter 3, is “The Spillover Effects of Patent Litigation: Evidence from the Quasi-random Assignment of Patent Examiners”. It is a joint work with Julian Atanassov and Vikram Nanda. The increasingly fragmented ownership of intellectual property implies that patent lawsuits will have spillover effects well beyond litigated patents and firms. In this study, we examine the spillover effects of patent litigation on follow-on innovation, firm valuation, and inventor human capital flows. Using quasi-random assignment of patent examiners and a novel measure of citation-quality, we confirm findings in extant literature that litigated patents receive more subsequent citations but show that those citations are of lower quality. Further, technologically related patents suffer significant declines in quantity and citation-quality, suggesting a negative overall effect of weaker property rights on follow-on innovation. In addition, firms that are technologically close to litigant-firms, reduce R&D expenditure, lose inventors, and suffer significant declines in the quantity and quality of innovation and firm value. Product-market rivals with unrelated technologies are beneficiaries. Overall, our evidence highlights that accounting for spillover effects, patent lawsuits are far more pernicious to innovative activity than previously recognized.
Essays On Corporate Innovation Strategy And Corporate Disclosure
DOWNLOAD
Author : Jing Yang
language : en
Publisher:
Release Date : 2022
Essays On Corporate Innovation Strategy And Corporate Disclosure written by Jing Yang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022 with categories.
Essays On Innovation Strategy
DOWNLOAD
Author : Yeolan Lee
language : en
Publisher:
Release Date : 2013
Essays On Innovation Strategy written by Yeolan Lee and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.
Abstract: This dissertation is comprised of in depth analysis on the broader topic of corporate innovation strategy, which identifies the mechanisms of how firms' factor market strategies shape product market strategies and consequent economic performance. The first chapter builds mathematical models, which show the performance implications of research and development (R&D) mode choices in connection with product market entry strategies. The second essay looks at the economic outcomes of the combination of various choices regarding R&D mode, time-to-market, and product innovativeness based on the pharmaceutical firms' new drug development data. The final essay investigates a fundamental question of this dissertation, specifically, how firms evolve their factor market and product market strategies in response to rivals' actions. Existing studies on the factor market strategy emphasize the use of an appropriate form for R&D to obtain high economic performance (Williamson, 1979). Research on the product market strategy, on the other hand, focuses primarily on the implementation of effective entry strategies to obtain high performance (Lieberman and Montgomery, 1989). Although numerous existing studies have found interesting implications regarding factor market or product market strategies, little effort has been made to reconcile these two types of the corporate innovation strategy. This dissertation investigates the simultaneous effects of factor and product market strategies on economic performance. In the models of this dissertation, firms can choose an R&D mode between in-house and in-license as part of their factor market strategies. For product market strategies, firms can decide on the timing of their new product introduction and the performance of the new products. This dissertation creates these choice sets and examines which choice set leads firms to obtain the highest economic performance. Moreover, a theoretical framework is provided, which explains how both factor market rivalry and product market rivalry evolve over time by interacting with each other. Many prior studies on product market rivalry have documented the existence of mutual forbearance between firms that share overlapping product markets. However, the impact of factor market rivalry on firms' behaviors has been less focused in prior studies. This paper fills this gap in existing research by investigating the impact of factor market and production market rivalries on the entry decisions of firms.
Two Essays On Technological Innovation
DOWNLOAD
Author : Donna Lisa Doane
language : en
Publisher:
Release Date : 1988
Two Essays On Technological Innovation written by Donna Lisa Doane and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1988 with Technological innovations categories.
Three Essays On Corporate Innovation And Shareholder Activism
DOWNLOAD
Author : Yifei Zhang
language : en
Publisher:
Release Date : 2022
Three Essays On Corporate Innovation And Shareholder Activism written by Yifei Zhang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022 with categories.
The first chapter studies whether and how corporate venture capital (CVC) spurs changes in firm scope. Using two sets of firm scope metrics, a text-based emerging business measure and Compustat segment measures, I document that CVC investments are strongly associated with subsequent firm scope changes of the CVC corporate parent, including seeding emerging businesses, establishing new divisions, terminating obsolete divisions, and changing the primary industry. Further evidence is consistent with an experimentation view of CVC investments, with more promising ventures having a stronger impact on scope changes of parent firms. Finally, to sharpen the causality, I explore idiosyncratic fund inflow shocks of those connected independent VCs for each CVC program, as well as the US non-stop airline routes.In the second chapter, we investigate the impact of hedge fund activism on corporate transaction markets. We find that activism targets as well as firms exposed to hedge fund threats receive more merger bids, increase divestitures and make fewer acquisitions, with the acquisition effect concentrated among large firms. We document that the majority of activist campaigns are clustered by industry, and estimate that the simultaneous increase in asset sales and decrease in acquisitions in such activism clusters reduce real asset liquidity for asset sellers by about 35%. The liquidity squeeze produces two effects: transaction prices are reduced, and industry outsiders provide liquidity by purchasing more industry assets. Looking at short-term price pressure and long-run performance, we present evidence that transactions by activist targets are less affected by the reduced asset liquidity than those of other firms.The third chapter investigates which kind of targeted firms benefit the most from hedge fund activism campaigns. I first document that ex-ante better governance firms experience larger value and performance improvements after activism campaigns. Moreover, good governance firms operating in relatively competitive industries benefit the most from hedge fund activism campaigns among all targeted firms. Both results are counter-intuitive since ex-ante good governance firms operating in relatively competitive industries should suffer the least from agency costs and have already operated on the industry efficiency frontier. As a result, further value improvements should be minimal. I provide a new explanation for the puzzling results through the success likelihood of activist campaigns and value improvement conditional on campaign success.
The Boundaries Of Innovation And Entrepreneurship
DOWNLOAD
Author : Alexander Brem
language : en
Publisher: Springer Science & Business Media
Release Date : 2008-09-20
The Boundaries Of Innovation And Entrepreneurship written by Alexander Brem and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-09-20 with Business & Economics categories.
Alexander Brem presents a comprehensive overview of the theoretical background and recent models in the context of innovation and entrepreneurship. Based on a process-oriented innovation-entrepreneurship framework, the author investigates the integration of market pull and technology push activities in the innovation process.