Format:
1 Online-Ressource (circa 57 Seiten)
,
Illustrationen
ISBN:
9781484303726
Series Statement:
IMF working paper WP/17, 147
Content:
The paper analyses the effect of the stock market on firm innovation through the lens of initial public offering (IPO) using uniquely matched Chinese firm-level data. We find that IPOs lead to an increase in both the quantity and quality of firm innovation activity. In addition, IPOs expand a firm's scope of innovation beyond its core business. The impact of IPOs on firm innovation varies across financial constraints, corporate governance, and ownership structures. Our results further illustrate that IPOs induce a firm to increase the number of inventors and enable better retention of existing inventors after the IPO. Finally, we show that the enhanced innovation activity resulting from IPOs increases a firm's Tobin's Q in the long run
Additional Edition:
Erscheint auch als Druck-Ausgabe He, Hui Does the Stock Market Boost Firm Innovation?: Evidence from Chinese Firms Washington, D.C. : International Monetary Fund, 2017 ISBN 9781484303726
Language:
English
Keywords:
Arbeitspapier
;
Graue Literatur
DOI:
10.5089/9781484303726.001
Author information:
He, Hui
