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Author: Lai Van Vo
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Languages : en
Pages :
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Author: Lai Van Vo
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Languages : en
Pages :
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Author: Tristan J. Fitzgerald
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Category :
Languages : en
Pages : 0
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Author: Michael D'Antuono
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Category : Finance
Languages : en
Pages : 0
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This dissertation examines certain aspects related to corporate innovation and their effect on shareholder wealth. The first essay examines whether patent publication prior to patent granting has real effects on the value of patents and overall firm value, particularly for small innovative firms. The American Inventors Protection Act of 1999 made it such that patents filed on or after November 29, 2000 would be published prior to being granted. The empirical analyses show that early patent publication reduces patent value, likely because the market assumes that competitors have time to adjust to previously published innovations. In addition, early patent publication can reduce the value of patents granted to small firms by up to twice as much as it reduces the value of those granted to all firms. The next essay explores the value of green patents and the response of institutional investors to green innovation. According to empirical tests, green innovation is valuable to the firms receiving green patents and some institutional investors recognize and reward this innovation effort. The portfolio weight of firms with green patents also increases within these institutions' holdings. Notably, some results suggest that institutional investors only reward green patenting at firms that also have strong Environmental, Social, and Governance (ESG) scores.
Author: Jamie Weathers
Publisher:
ISBN:
Category :
Languages : en
Pages : 91
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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.
Author: Jing Yang
Publisher:
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Category :
Languages : en
Pages : 0
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Author: Sergey Anokhin
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Category :
Languages : en
Pages : 145
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Author: Polina Sperling
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Category : Competition
Languages : en
Pages : 0
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This dissertation focuses on corporate innovation. The three essays explore different aspects of how corporations manage, motivate, and use their innovation. The first essay explores patent litigation as a competitive tool used either by large corporations with declining innovation capabilities or by corporations facing greater competition from innovative industry rivals. Results suggest that large firms are more likely to pursue patent litigation to deter competition from startups that tend to generate patents with more forward citations. The second essay focuses on a firm's decision to pursue innovation and lobbying to form competitive barriers. The essay finds that the largest firms produce most of the knowledge output within an economy as measured by firm-year forward citations. Similarly, lobbying is shown to be predominant among the largest firms. The essay further studies a specific type of innovation, Clean Technology, and how large corporations' success in clean technology development influences their decision to pursue lobbying activities. Overall, the findings suggest that firms' engagement in lobbying depends on the success of their innovation activities. This finding is consistent the protectionist role of lobbying when firms pursue lobbying to protect the status quo. Lastly, the third essay looks at how firms motivate innovation through the board of directors. The essay examines director equity compensation as a mechanism used to align the boards' incentives with the incentives of shareholders. Results support the incentives alignment mechanism, and they highlight the important role that the board of directors plays in the pursuit of corporate innovation
Author: Lai Wei
Publisher:
ISBN: 9781361036686
Category :
Languages : en
Pages :
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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
Author: William Lazonick
Publisher: Oxford University Press
ISBN: 0199695687
Category : Business & Economics
Languages : en
Pages : 391
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This book assesses the work, ideas, and influence of the doyen of business historians, Alfred Chandler, particularly on management innovation, strategy, organization, and finance.
Author: Giovanni Dosi
Publisher: Edward Elgar Publishing
ISBN: 9781782541851
Category : Business & Economics
Languages : en
Pages : 728
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Conventional economic analysis of property rights in natural resources is too narrow and restrictive to allow for effective comparisons between alternative institutional structures. In this book, a conceptual framework is developed for the analysis of the
