High-tech acquisitions,firm specific characteristics and the role of investment bank advisors

The valuation effects of US acquirers of high-tech targets are dependent on factors specific to the acquirers or targets. Specifically, acquisitions of public high-tech targets yield negative valuation effects on average, while acquisitions of private high-tech targets yield favorable valuation effects. When acquisitions of public high tech targets are examined separately, we find that deals advised by top-tier banks elicit a more favorable share price response than those advised by either mid or third-tier banks. Acquisitions of private high-tech targets that are certified by an investment bank of any tier experience the most favorable announcement effects. Furthermore, the valuation effects are more favorable when the target has less intangible assets and when the targets receive more media exposure prior to the acquisition announcement.     

Using patent citation patterns to infer innovation market competition

We propose an empirical strategy to estimate competition in innovation markets. Our method relates firms’ market return on equity to information about patent citation patterns. Two innovations are implemented in the methodology. First is the application of daily abnormal stock returns rather than annual measures of Tobin's q. Second is the creation of citation patterns related to the area of science a firm patents in as represented by the detailed patent classification system. We find that markets positively reward firms when patents are granted. We further find that firm's market value increases when its patent portfolio is cited. We find evidence of competition in innovation markets. The market reacts at the time that the citation occurs and does not anticipate future citations at the time of patenting. Holding this effect constant, we find that citations from patents in the same area of science tend to reduce market value. We interpret these findings as consistent with more citations indicating more valuable intellectual property but citations from competing technologies decreasing it.     

M&A and R&D: Asymmetric Effects on acquirers and targets?

We evaluate the impact of M&A activity on the growth of R&D spending and R&D intensity of 265 acquiring firms and 133 merger targets between 1990 and 2009. We use different matching techniques to construct separate control groups for acquirers and targets and use appropriate difference-in-difference estimation methods to single out the causal effect of mergers on R&D growth and intensity. We find that target firms substantially decrease their R&D efforts after a merger, while the R&D intensity of acquirers drops due to a sharp increase in sales.     

股票更名的交易量反应和投资者"追涨"现象分析

本文利用事件研究法对股票更名事件公告的交易量和收益率反应进行了研究,发现股票更名公告具有一定的信息含量,对累计超常交易量进行回归分析中发现超常交易量与公司规模负相关,交易量对2000年的更名公告的反应比2001年的强烈,同时发现在发生股票更名事件时,超常交易量与超额收益率存在不对称的关系。     

我国股票市场对公司创新信息发布短期反应的实证研究——以信息产业和生物制药产业为例

本文以我国信息和生物制药产业230家上市公司的95条创新信息为样本,采用事件研究方法,分析了公司创新事件信息发布对股票价格的短期影响。分别采用 t 检验、符号检验和秩检验,发现在创新事件发布当日,样本股票显著获得了正的非正常收益;在[0,1]、[-1,1]及[-2,2]事件窗中,样本股票分别显著获得了正的累积非正常收益,说明公司的创新行动为股东创造了价值。对异常收益进行截面回归分析,发现创新事件所导致的异常收益与公司市场价值、资产规模、净利润、帐面市值比呈显著的负相关,而与上市时间存在显著的正相关关系。     

创新补贴对企业技术并购后研发投入的影响机理研究

技术并购后,企业需要通过研发活动促进技术的吸收和整合,但研发资金却常常受到由于并购导致的未来现金流不确定性的制约。这时,创新补贴可能成为企业弥补资金不足的必要补充。论文以主并企业为A股上市公司的技术并购事件为样本,运用回归分析的方法,探究了创新补贴对并购后研发投入强度的影响机理。结果表明,税收优惠对企业技术并购后的研发投入强度有显著的直接激励效应;财政补贴则是通过降低金融错配对研发投入的抑制作用间接地发挥激励作用。研究结论丰富了吸收能力理论,为政府的创新补贴制度安排以及企业的技术并购决策提供参考。     

Is it possible to establish the link between drug busts and the cryptocurrency market? Yes,we can

Following the rampant increase in Bitcoin prices, there has been a proliferation of cryptocurrencies, which have become a major way of doing business across national boundaries. This paper investigates the link between cryptocurrency markets and drug trafficking activities. More specifically, we explore the impact of the announcement of 24 major drug busts on the systematic risk and return of the world cryptocurrency market. We deploy an event study methodology to estimate the abnormal returns associated with drug trafficking activities in the cryptocurrency market. We find that the relationship between the two is quite strong in the case of some cryptocurrencies, albeit weaker in others. However, we show that drug bust news tends to create uncertainty, and accordingly impart risk into cryptocurrency markets. This study confirms the predictions of convenience theories of crime as to the relative attractiveness of cryptocurrencies to criminals, and the extent to which not only general, but also their own future interests, sacrificed readily on the altar of accessibility. We highlight how when social and regulatory foundations are weak, criminal behaviour may overwhelm virtual spaces, marginalizing more orthodox businesses, no matter how altruistic the intentions of their founders.     

Political uncertainty and innovation: The relative effects of national leaders’ education levels and regime systems on firm-level patent applications

We explore the effect of political uncertainty on innovation. In particular, we examine the differential effects of two sources of uncertainty – leaders’ education levels and political regimes (i.e., presidential vs. parliamentary) – on patent applications. We posit that firms react to political uncertainty caused by the unexpected departure of a national leader by investing in patents as growth options. The empirical design analyzes a panel with information from over 62 million patent applications at the aggregated applicant level. Results show that leaders’ unexpected departures cause, on average, increases of approximately 9% in the aggregate growth of patent applications. We also find that the leader’s level of education and the country’s political regime system have significant effects on the relationship between political uncertainty and innovation. The difference between leaders with high and low levels of education accounts for 21% of the change in the growth of patent applications. Further, the effect of political uncertainty on innovation is amplified in presidential systems, which grant leaders more power and make electoral transitions less predictable. The differences between presidential and parliamentary systems account for approximately 16% of the change in the growth of patent applications. As a robustness check, we utilized a subsample of more than 170,000 firms with local and foreign patent applications, as well as a panel of over 5700 government non-profits, universities, and hospitals with local patent applications. Consistent with our theory, the former react to political uncertainty by investing in patents, while the latter remain unaffected. We contribute by showing the theoretical mechanisms linking leader and regime characteristics with patent applications.     

付费有声书知识服务满意度研究——以“樊登读书”为例

【目的/意义】知识付费带动了付费有声书的兴起与发展,有声书知识服务成为一种新的知识服务模式。对有声书知识服务用户满意度的研究有助于有声书平台提升用户服务,促进有声书市场的健康发展。【方法/过程】本文以有声书平台——“樊登读书”为研究对象,基于用户评论、用户访谈与文献调研构建了评价付费有声书知识服务用户满意度的指标体系,并结合问卷调查与访谈对“樊登读书”当前的用户满意度展开具体分析。【结果/结论】丰富了付费有声书领域的学术研究,从满意度评价角度入手,给出改进当前付费有声书平台知识服务的建议。内容与知识效用是付费有声书平台的核心竞争优势与用户吸引点,服务与价格是制约用户满意度的重要维度。付费有声书知识服务可以从赋能用户、优化功能、促进社交、丰富内容与灵活定价等方面提高用户满意度。     

Incorporating technical risk in compound real option models to value a pharmaceutical R&D licensing opportunity

The valuation of multi-staged pharmaceutical R&D can be interpreted as a chain of real options. In valuing these compound option models, a crucial problem is how to deal with the different types of risk. Previous models, such as Cassimon et al. (2004), offer a closed-form solution for the valuation of a new drug development using a generalized n-fold compound option model, but implicitly bundle both commercial and technical risk in one risk measure. We extend this model by explicitly incorporating technical risk, while still preserving the closed-form solution of the model. As such, this extended model is better suited to handle real-life valuation cases in the pharmaceutical industry. We document the theoretical model with a real-life project of a major pharmaceutical multinational.     

长江中游城市群高技术产业竞争力评价及比较优势分析

选用综合赋权法,从高技术产业发展规模指标、效益指标、知识创新指标、机构支持指标和政策环境指标这五个维度共23个三级指标对长江中游的高技术产业从2006—2015年的竞争力进行分析。通过与长三角进行对比发现长江中游城市群高技术产业竞争力普遍偏低,处于初级发展水平。对长江中游高技术产业各细分行业比较优势进行综合分析后发现,各省在高技术产业细分行业上表现出不同的比较优势,应当培养自身的竞争力,实现差异化发展。     

内幕交易、股价操纵和大股东侵占效应——基于全流通时代定向增发事件研究

通过对定向增发预案公告前后超额累计收益率与相对交易量的分析,发现我国定向增发预案公告前后存在严重的内幕交易和股价操纵行为.从定向增发前后日均超额收益与相对交易量、相对换手率变动来看,发现我国定向增发期间,存在流通股股本变动的现象,从流通股本变动的原因分析,我们发现50%的股本变动是由于股改产生的受限流通股解禁上市流通引起的,这证明了全流通时代存在大股东通过选择定向增发时机对中小股东及新股东进行利益侵占.     

会计投资价值指数与股票收益——来自A股市场的经验证据

本文基于2003-2009年来自A股的样本数据发现,较之盈余价格比组合及市场指数组合,长期持有会计投资价值指数大的股票组合能获取正的超额收益,且该超额收益不能简单地归因于投资风险或规模效应。该结果表明,会计投资价值指数作为投资工具兼具价值投资策略与成长投资策略的优点,除盈余以外的会计数字能为资本市场提供增量信息。     

Focused ion beam milling of microchannels in lithium niobate

We present experimental and simulation results for focused ion beam (FIB) milling of microchannels in lithium niobate in this paper. We investigate two different cuts of lithium niobate, Y- and Z-cuts, and observe that the experimental material removal rate in the FIB for both Y-cut and Z-cut samples was 0.3 μm³/nC, roughly two times greater than the material removal rate previously reported in the literature but in good agreement with the value we obtain from stopping and range of ions in matter (SRIM) simulations. Further, we investigate the FIB milling rate and resultant cross-sectional profile of microchannels at various ion beam currents and find that the milling rate decreases as a function of ion dose and correspondingly, the cross-sectional profiles change from rectangular to V-shaped. This indicates that material redeposition plays an important role at high ion dose or equivalently, high aspect ratio. We find that the experimental material removal rate decreases as a function of aspect ratio of the milled structures, in good agreement with our simulation results at low aspect ratio and in good agreement with the material removal rates previously reported in the literature at high aspect ratios. Our results show that it is indeed easier than previously assumed to fabricate nanochannels with low aspect ratio directly on lithium niobate using the FIB milling technique.     

Gender diversity in senior management,strategic change,and firm performance: Examining the mediating nature of strategic change in high tech firms

Only recently have enough women joined senior leadership positions in high tech firms for research on senior management gender diversity in high tech industries to be possible. We propose that senior management gender diversity fosters strategic change in high tech firms, especially under conditions where alliance formation intensity and top management team (TMT) educational background diversity are high, because the breadth of opportunity and knowledge associated with these conditions facilitates implementation of new ideas. Results show that both inter-organizational strategic alliance formation intensity and TMT educational background diversity positively moderate the relationship between senior management gender diversity and strategic change. We also find support for a moderated mediation model whereby a gender-diverse senior management positively impacts strategic change, which ultimately improves firm performance when the firm exhibits high alliance formation intensity and has a TMT that is diverse across educational background.     

Venture capital investment strategies under financing constraints: Evidence from the 2008 financial crisis

This paper employs the 2008 financial crisis as an empirical setting to examine how investment strategies of venture capitalists (VCs) vary in the presence of a liquidity supply shock, and what the performance implications of these strategies are for their portfolio startups. We show that while, on aggregate, funded startups receive no less financing during the financial crisis than in non-crisis times, VCs allocate relatively more resources to startups operating in the VCs’ core sectors. We show that this skew allocation follows from VCs choosing to double down on their core-sector investing, rather than by a changed mix of investors or startups during the financial crisis. These effects are strongest for early-stage startups, for which information problems are most severe. Furthermore, these results are driven by the investment strategies of more-experienced VCs. Building on these findings, we find superior ex post performance among crisis-funded portfolio startups operating in more-experienced VCs’ core sectors.     

我国居民储蓄率与经济增长之间的关系研究

现代经济增长理论十分关注储蓄率与GDP增长率之间的相关关系，认为在较低人均资本水平下，较高的储蓄率有利于促进经济快速增长。我们利用Granger影响关系检验发现，在我国现阶段不存在储蓄率对于经济增长的显著正向影响，但存在实际GDP水平值对储蓄增量的显著反向影响。因此，较高的收入增长是储蓄提高的主要原因，消费需求不足和投资需求平稳导致了储蓄率对实际GDP增长率的正向影响减弱。     

The private value of software patents

We investigate the value creation or destruction associated with the introduction of software patents in the United States in two ways. The first looks at the cumulative abnormal returns to Information and Communication Technology (ICT) firms around the time of important court decisions that impacted software patents, and the second analyzes the relationship between firms’ stock market value, the sector in which they operate, and their holdings of software patents. We conclude that the market evaluated software patents as a negative development ex ante. Ex post, a greater number of firms in all ICT sectors invested in these patents, and these firms had slightly higher market values than those with no software patents. However, while we obtain clear evidence that the technological importance or quality of patented innovation mattered for the market value of hardware firms both before and after the legal changes, it is less clear that the marginal patent right per se was associated with increases in market value, and there are no significant valuation effects associated with patents for pure software firms after the change.     

Shareholder returns and the exploration-exploitation dilemma: R&D announcements by biotechnology firms

We explore a financial returns dimension of the exploration-exploitation dilemma. Using 1277 R&D announcements by 178 listed bio-pharmaceutical firms, we examine whether investors are myopic along the continuum of exploration (patenting and preclinical trials) to exploitation (human clinical trials and NDA). We find that investors respond positively at every stage, but there are differences between small and large firms. For small firms exploration is favored, provided it is focused. For large firms, there is value in both exploration and exploitation. Projects which are part of an alliance are no more likely to generate abnormal returns. Policy implications are discussed.     

Technology R&D alliances and firm value

This article empirically examines the market reaction to the announcement of an information technology research and development (ITR&D) strategic alliance. Strategic alliances are typically hypothesized to add value to the partnering firms since they provide similar benefits as a merger or acquisition with increased flexibility. However, unlike the extensive research into the market response to mergers and acquisitions, scant empirical evidence exists on the valuation impact of strategic alliances and the evidence that does exist is mixed. This study extends prior research by focusing solely on ITR&D alliances and by controlling for a previously documented size effect. We find a significant positive abnormal return surrounding the announcement of information technology alliances. Further analysis reveals that this result is not related to the relative size of the partner. This last result is in contrast to prior research that argues that strategic alliances result in an asymmetric gain benefiting the smaller partner more than the larger partner in the alliance.