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  • 1
    Book
    Book
    Innovative originality, profitability, and stock returns (2017)
    Cambridge, MA : National Bureau of Economic Research
    Details
    UID:
    (DE-627)892772107
    Format: 75 Seiten , Illustrationen
    Series Statement: Working paper series / National Bureau of Economic Research 23432
    Note: Erscheint auch als Online-Ausgabe
    Language: English
    Keywords: Arbeitspapier ; Graue Literatur
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    GBV
  • 2
    Article
    Article
    Innovative efficiency and stock returns (2013)
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    Details
    UID:
    (DE-627)742276376
    Format: graph. Darst.
    ISSN: 0304-405X
    In: Journal of financial economics, Amsterdam [u.a.] : Elsevier, 1974, 107(2013), 3 vom: März, Seite 632-654, 0304-405X
    In: volume:107
    In: year:2013
    In: number:3
    In: month:03
    In: pages:632-654
    Language: English
    Keywords: Aufsatz in Zeitschrift
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  • 3
    Article
    Article
    Innovative originality, profitability, and stock returns (2018)
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    Details
    UID:
    (DE-627)1040508480
    ISSN: 0893-9454
    In: The review of financial studies, Cary, NC : Oxford Univ. Press, 1988, 31(2018), 7 vom: Juli, Seite 2553-2605, 0893-9454
    In: volume:31
    In: year:2018
    In: number:7
    In: month:07
    In: pages:2553-2605
    Language: English
    Keywords: Aufsatz in Zeitschrift
    DOI: 10.1093/rfs/hhx101
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    GBV
  • 4
    Online Resource
    Online Resource
    Managerial Hedging Opportunities and Brand Capital Investment (2020)
    [S.l.] : SSRN
    Details
    UID:
    (DE-627)1790477069
    Format: 1 Online-Ressource (57 p)
    Content: Prior studies suggest that liquid option markets enhance the ability of managers to hedge their wealth portfolio against downside risk. In this study, we examine the impact of managerial hedging opportunities on brand capital investment. We find that more hedging opportunities induced by active option trading encourage managers to launch more new trademarks; however, these trademarks are less successful because they receive fewer forward citations. The results are corroborated by insider hedging transactions. We further show that cited (uncited) trademarks are associated with higher (lower) future stock returns and operating profitability. In addition, our results are driven by more entrenched managers and managers with higher pay-risk sensitivity. Finally, we use two quasi-natural experiments based on option listing standards and the Penny Pilot Program to confirm the causal interpretation of our results. Overall, hedging opportunities through derivatives markets increase managers' risk-taking incentives and motivate them to engage in risky brand capital investment
    Note: Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments September 27, 2020 erstellt
    Language: English
    DOI: 10.2139/ssrn.3101881
    URL: kostenfrei
    URL: kostenfrei
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    BSZ
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  • 5
    Online Resource
    Online Resource
    The Eco Gender Gap in Boardrooms (2022)
    [S.l.] : SSRN
    Details
    UID:
    (DE-627)1840227095
    Format: 1 Online-Ressource (77 p)
    Series Statement: European Corporate Governance Institute – Finance Working Paper No. 861/2022
    Content: Using novel firm- and facility-level measures of corporate environmental performance over the period 2002–2021, we establish a positive association between board gender diversity and corporate environmental performance. For identification, we exploit variations in the legal protection and economic opportunity for women in states where directors went to college or when they were college-age, and the California law change in 2018 mandating female directors for firms headquartered in California. In terms of channels, we show that female directors bring more expertise on sustainability in boardrooms than male directors, that female directors are more likely to sit on sustainability committees and key monitoring committees than male directors, and that boards with more female directors are more likely to link top executives’ compensation to corporate ESG performance. We conclude that there are important environmental benefits for board to be gender diverse
    Note: Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments November 19, 2022 erstellt
    Language: English
    DOI: 10.2139/ssrn.4281479
    URL: kostenfrei
    URL: kostenfrei
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  • 6
    Online Resource
    Online Resource
    Less is More : Financial Constraints and Innovative Efficiency (2018)
    [S.l.] : SSRN
    Details
    UID:
    (DE-627)1791173152
    Format: 1 Online-Ressource (59 p)
    Content: We show that financial constraints may benefit innovation by improving the efficiency of innovative activities. We measure firm-level innovative efficiency by patents (or patent citations) scaled by R&D (research and development) investment or the number of employees, and find that financial constraints are positively associated with innovative efficiency. Tests using the 1989 junk bond crisis as an exogenous shock to financial constraints suggest a causal interpretation for the link. Consistent with agency problems, the positive effect of financial constraints on innovative efficiency is stronger among firms with high excess cash holdings and low investment opportunities, and among firms in less competitive industries. Financial constraints appear to mitigate free cash flow problems that induce firms to make unproductive R&D investment in fields out of their direct expertise. Our findings point to a bright side of the role of financial constraints for corporate investment in intangible assets
    Note: Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments April 1, 2013 erstellt
    Language: English
    DOI: 10.2139/ssrn.1831786
    URL: kostenfrei
    URL: kostenfrei
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  • 7
    Online Resource
    Online Resource
    Innovation Strategy of Private Firms (2017)
    [S.l.] : SSRN
    Details
    UID:
    (DE-627)1791502989
    Format: 1 Online-Ressource (54 p)
    Content: We compare innovation strategies of public and private firms based on a large sample over the period 1997-2008. We find that public firms' patents rely more on existing knowledge, are more exploitative, and are less likely in new technology classes, while private firms' patents are broader in scope and more exploratory. We investigate whether these strategies are due to differences in firm information environments, CEO risk preferences, firm life cycles, corporate acquisition policies, or investment horizons between these two groups of firms. Our evidence suggests that the shorter investment horizon associated with public equity markets is a key explanatory factor
    Note: Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments May 10, 2017 erstellt
    Language: English
    DOI: 10.2139/ssrn.2407075
    URL: kostenfrei
    URL: kostenfrei
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  • 8
    Online Resource
    Online Resource
    Innovative Originality, Profitability, and Stock Returns (2017)
    Cambridge, Mass. : National Bureau of Economic Research
    Details
    UID:
    (DE-603)43806142X
    Format: 1 Online Ressource
    Series Statement: NBER working paper series no. w23432
    Content: We propose that innovative originality (InnOrig) is a valuable organizational resource, and that owing to limited investor attention and skepticism of complexity, firms with greater InnOrig are undervalued. We find that firms' InnOrig strongly predicts higher, more persistent, and less volatile profitability; and higher abnormal stock returns--findings that are robust to extensive controls. The return predictive power of InnOrig is stronger for firms with higher valuation uncertainty, lower investor attention, and greater sensitivity of future profitability to InnOrig. This evidence suggests that innovative originality acts as a 'competitive moat,' and that the market undervalues InnOrig.
    Language: English
    DOI: 10.3386/w23432
    URL: kostenfrei
    URL: kostenfrei
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    HeBIS
  • 9
    Article
    Article
    Innovation strategy of private firms (2018)
    Show associated volumes
    Details
    UID:
    (DE-627)1040795579
    ISSN: 0022-1090
    In: Journal of financial and quantitative analysis, New York, NY [u.a.] : Cambridge University Press, 1966, 53(2018), 1 vom: Feb., Seite 1-32, 0022-1090
    In: volume:53
    In: year:2018
    In: number:1
    In: month:02
    In: pages:1-32
    Language: English
    Keywords: Aufsatz in Zeitschrift
    DOI: 10.1017/S0022109017001119
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  • 10
    Online Resource
    Online Resource
    Presentation Slides for 'Innovative Originality, Profitability, and Stock Returns' (2018)
    [S.l.] : SSRN
    Details
    UID:
    (DE-627)1790957788
    Format: 1 Online-Ressource (32 p)
    Content: These are the slides for the paper “Innovative Originality, Profitability, And Stock Returns.” The abstract of this paper is the following: We propose that innovative originality is a valuable organizational resource and that owing to limited investor attention and skepticism of complexity, greater innovative originality may be undervalued. We find that firms' innovative originality strongly predicts higher, more persistent, and less volatile profitability and higher abnormal stock returns, findings that are robust to extensive controls. The return predictive power of innovative originality is stronger for firms with higher valuation uncertainty, lower investor attention, and greater sensitivity of future profitability to innovative originality. This evidence suggests that innovative originality acts as a “competitive moat” and is undervalued by the market.Link to the paper: 'https://ssrn.com/abstract=2117516' https://ssrn.com/abstract=2117516
    Note: In: Review of Financial Studies, Forthcoming , Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments June 5, 2018 erstellt
    Language: English
    URL: kostenfrei
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