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Essays On Innovation, Analyst Coverage, And Corporate Finance, Yang Liu
Essays On Innovation, Analyst Coverage, And Corporate Finance, Yang Liu
Dissertations, Theses, and Capstone Projects
This dissertation consists of three chapters that encompass corporate innovation, analyst coverage, public firm disclosure, and institutional investors.
Innovation Under Stress, Zhaojun Huang
Innovation Under Stress, Zhaojun Huang
Dissertations, Theses, and Capstone Projects
The aim of the dissertation is to explore firms’ innovation strategies during certain stressful periods. This dissertation consists of 3 chapters. . .
Chapter 1: Innovation Diversification Under Policy Uncertainty
Using detailed data on patent grants and applications, I explore the effect of policy uncertainty on firms’ innovation strategies. I show that firms that invest in R&D tend to pursue more diversified strategies and are more likely to explore unfamiliar fields during periods of policy uncertainty. These findings hold after adjusting for possible sample-selection bias using variation from patent examiners’ historical approval rates, and after adjusting for potential endogeneity using …
Technological Diversity In Finance, Blake K. Rayfield
Technological Diversity In Finance, Blake K. Rayfield
University of New Orleans Theses and Dissertations
The dissertation consists of two chapters on measuring firms technological profile. Patent data can be grouped into two primary generations. The first generation lead by the work of Schmookler (1966), Scherer (1982), and Griliches (1984), and the second generation led by Trajtenberg, Jaffe, and Henderson (1997) and Kogan et al. (2016). When combined, both generations data spans from nearly 1926-2010 and has made a meaningful impact on innovation research. In the first chapter, I propose a third generation of patent data. The third generation of patent data has two distinct contributions. First, it extends patent-firm ownership information beyond 2010 to …
Managerial Conservatism, Board Independence And Corporate Innovation, Jun Lu, Wei Wang
Managerial Conservatism, Board Independence And Corporate Innovation, Jun Lu, Wei Wang
Business Faculty Publications
Using panel data on U.S. public firms, we document a positive effect of board independence on corporate innovation. This effect is concentrated in firms that are larger in size, in the non-technical industries, facing less product market competition, and using more debt, where managers are more likely to be excessively risk averse. We establish causality of board independence on innovation using a difference-in-difference approach that exploits an exogenous shock to board composition, namely, the mandate of a majority of outside directors on company boards by NYSE and NASDAQ in response to the passage of Sarbanes-Oxley Act in 2002. We further …