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Equity Mispricing, Firms' Innovation And Institutional Investors, Hamid Sakaki
Equity Mispricing, Firms' Innovation And Institutional Investors, Hamid Sakaki
Theses and Dissertations
First essay has two primary objectives. First, I investigate the relation between institutional investors and firms’ innovation activities and second, the impact of different types of institutional investors on firms’ innovation by classifying institutional investors into five groups. After controlling for other determinants of innovation, the results show that higher institutional ownership stability boosts innovation activities measured by the number of patents and citations. The results also indicate that banks, insurance, and investment companies have a positive and significant effect on firms’ innovation, while investment advisors could affect innovation activities negatively. Moreover, when I classify the institutional investors based on …