Two Essays On Corporate Innovation

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Innovation in Corporate Finance

Author : Polina Sperling
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (135 download)

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Book Synopsis Innovation in Corporate Finance by : Polina Sperling

Download or read book Innovation in Corporate Finance written by Polina Sperling and published by . This book was released on 2021 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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

Essays on Innovation and Corporate Finance

Author : Yabo Zhao
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (136 download)

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Book Synopsis Essays on Innovation and Corporate Finance by : Yabo Zhao

Download or read book Essays on Innovation and Corporate Finance written by Yabo Zhao and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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

Author : Jamie Weathers
Publisher :
ISBN 13 :
Total Pages : 91 pages
Book Rating : 4.:/5 (128 download)

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Book Synopsis Essays on Corporate Innovation by : Jamie Weathers

Download or read book Essays on Corporate Innovation written by Jamie Weathers and published by . This book was released on 2016 with total page 91 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Two Essays on Corporate Innovation

Author : Hua-Hsin Tsai
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (138 download)

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Book Synopsis Two Essays on Corporate Innovation by : Hua-Hsin Tsai

Download or read book Two Essays on Corporate Innovation written by Hua-Hsin Tsai and published by . This book was released on 2020 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Essays on Finance and Economic Growth

Author : Lai Wei
Publisher :
ISBN 13 : 9781361036686
Total Pages : pages
Book Rating : 4.0/5 (366 download)

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Book Synopsis Essays on Finance and Economic Growth by : Lai Wei

Download or read book Essays on Finance and Economic Growth written by Lai Wei and published by . This book was released on 2017-01-26 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 Corporate Innovation Strategy and Corporate Disclosure

Author : Jing Yang
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)

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Book Synopsis Essays on Corporate Innovation Strategy and Corporate Disclosure by : Jing Yang

Download or read book Essays on Corporate Innovation Strategy and Corporate Disclosure written by Jing Yang and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Two Essays on Product Market Competition, Corporate Innovation, and Mergers and Acquisitions

Author : 陳翀
Publisher :
ISBN 13 :
Total Pages : 109 pages
Book Rating : 4.:/5 (112 download)

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Book Synopsis Two Essays on Product Market Competition, Corporate Innovation, and Mergers and Acquisitions by : 陳翀

Download or read book Two Essays on Product Market Competition, Corporate Innovation, and Mergers and Acquisitions written by 陳翀 and published by . This book was released on 2018 with total page 109 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Essays on Innovation Strategy

Author : Yeolan Lee
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (875 download)

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Book Synopsis Essays on Innovation Strategy by : Yeolan Lee

Download or read book Essays on Innovation Strategy written by Yeolan Lee and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: 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

Author : Donna Lisa Doane
Publisher :
ISBN 13 :
Total Pages : 320 pages
Book Rating : 4.:/5 (318 download)

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Book Synopsis Two Essays on Technological Innovation by : Donna Lisa Doane

Download or read book Two Essays on Technological Innovation written by Donna Lisa Doane and published by . This book was released on 1988 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Management Innovation

Author : William Lazonick
Publisher : Oxford University Press
ISBN 13 : 0199695687
Total Pages : 391 pages
Book Rating : 4.1/5 (996 download)

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Book Synopsis Management Innovation by : William Lazonick

Download or read book Management Innovation written by William Lazonick and published by Oxford University Press. This book was released on 2012-03-08 with total page 391 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book assesses the work, ideas, and influence of the doyen of business historians, Alfred Chandler, particularly on management innovation, strategy, organization, and finance.

Two Essays on Technological Innovation

Author : Donna L. Doane
Publisher :
ISBN 13 :
Total Pages : 328 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Two Essays on Technological Innovation by : Donna L. Doane

Download or read book Two Essays on Technological Innovation written by Donna L. Doane and published by . This book was released on 1986 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Three Essays on Corporate Innovation and Shareholder Activism

Author : Yifei Zhang
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (136 download)

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Book Synopsis Three Essays on Corporate Innovation and Shareholder Activism by : Yifei Zhang

Download or read book Three Essays on Corporate Innovation and Shareholder Activism written by Yifei Zhang and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Essays on the Economics of Innovation

Author : Minji Kang
Publisher :
ISBN 13 :
Total Pages : 97 pages
Book Rating : 4.:/5 (929 download)

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Book Synopsis Essays on the Economics of Innovation by : Minji Kang

Download or read book Essays on the Economics of Innovation written by Minji Kang and published by . This book was released on 2015 with total page 97 pages. Available in PDF, EPUB and Kindle. Book excerpt: This collection of essays considers three cases where two firms innovate in an imperfectly competitive market. In the first chapter, I introduce a novel model that represents the vertically differentiated industry, wherein the leader and the follower innovate continuously. I uncover the determinants of the innovation of firms, focusing on the ratio between the quality levels of their products, a key factor in deciding to innovate. Firms innovate to receive more profits from higher quality. Moreover, they choose the effort of innovation to widen the distance between the quality of two products. Consequently, firms tend to keep the distance of the quality constant. The second chapter extends the model in the first chapter, adding radical improvement to the quality by innovation, leapfrogging. I show that two firms are likely to innovate actively with the possibility of leapfrogging. The momentum of leapfrogging is powerful when the quality of two firms is similar to each other and when the possible size of the jump from the innovation is larger. Finally, in the last chapter, I introduce the model with the dynamic innovation of firms, which produces complementary goods: the platform and the software. This model focuses on the software innovation induced by the innovation of the platform. I uncover the determinants of innovation for the platform firm and the software firm as well as the interdependence of the two firms' innovation choices.

The Boundaries of Innovation and Entrepreneurship

Author : Alexander Brem
Publisher : Springer Science & Business Media
ISBN 13 : 3834996793
Total Pages : 241 pages
Book Rating : 4.8/5 (349 download)

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Book Synopsis The Boundaries of Innovation and Entrepreneurship by : Alexander Brem

Download or read book The Boundaries of Innovation and Entrepreneurship written by Alexander Brem and published by Springer Science & Business Media. This book was released on 2008-09-20 with total page 241 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

R & D, Innovation and Industrial Structure

Author : Boris Maurer
Publisher : Springer Science & Business Media
ISBN 13 : 3642959253
Total Pages : 167 pages
Book Rating : 4.6/5 (429 download)

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Book Synopsis R & D, Innovation and Industrial Structure by : Boris Maurer

Download or read book R & D, Innovation and Industrial Structure written by Boris Maurer and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 167 pages. Available in PDF, EPUB and Kindle. Book excerpt: The common topic of this collection of studies is the interaction between innova tive activity of firms and industrial structure. I call this interaction technological competition. Firms invest into R&D in order to open up new or enlarge existing profit opportuni ties for the future. A successful R&D-project leads to an innovation. An innovation introduced into the market changes the competitive structure of the industry. At the same time the structure of the industry shapes the incentives to invest into R&D. What matters for these incentives is not so much the existing structure but the expected dynamic evolution of that industry which is again dependent on the innovative choice of firms. Amongst other things, the dynamic of industry evolution is therefore rooted in the dynamics of ongoing innovative activity. Of course, this is not always the whole sto ry. There are (more or less) exogenous factors, like knowledge spillovers from other sectors of the economy, technological breakthroughs in basic research that directly influence the state of competition in an industry by providing additional profit op portunities, etc. The same is true for exogenous changes in upstream markets or demand conditions. My main interest here is not primarily to understand these exogenous forces, but to develop a theory of how the process of firms' innovative activity is shaped by competition and in turn shapes future competition between firms in an industry.

Two Essays on Technological Innovation

Author : Donna L. Doane
Publisher :
ISBN 13 :
Total Pages : 291 pages
Book Rating : 4.:/5 (248 download)

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Book Synopsis Two Essays on Technological Innovation by : Donna L. Doane

Download or read book Two Essays on Technological Innovation written by Donna L. Doane and published by . This book was released on 1984 with total page 291 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Innovation, Networks, and Knowledge Spillovers

Author : Manfred M. Fischer
Publisher : Springer Science & Business Media
ISBN 13 : 3540359818
Total Pages : 268 pages
Book Rating : 4.5/5 (43 download)

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Book Synopsis Innovation, Networks, and Knowledge Spillovers by : Manfred M. Fischer

Download or read book Innovation, Networks, and Knowledge Spillovers written by Manfred M. Fischer and published by Springer Science & Business Media. This book was released on 2006-12-02 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume covers the topic of innovation in three sections, first demonstrating that processes of innovation and technological change are spatially differentiated, second examining the increasing importance of knowledge creation and diffusion, and third raising key issues related to the systems of innovation approach as a conceptual framwork for regional innovation analysis. Includes enlightening conceptual and empirical work on the issue of how knowledge spills over locally.