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The Dark Side of Analyst Coverage: The Case of Innovation
We examine the effects of financial analysts on the real economy in the case of innovation. Our baseline results show that firms covered by a larger number of analysts generate fewer patents and… Expand
Does Stock Liquidity Enhance or Impede Firm Innovation
We aim to tackle the longstanding debate on whether stock liquidity enhances or impedes firm innovation. This topic is of interest because innovation is crucial for firm- and national-level… Expand
The Causes and Consequences of Venture Capital Stage Financing
- X. Tian
- 1 July 2011
This paper examines the causes and consequences of venture capital (VC) stage financing. Using information about the physical location of an entrepreneurial firm and the geographic distance between… Expand
Financial development and innovation: Cross-country evidence
We examine how financial market development affects technological innovation. Using a large data set that includes 32 developed and emerging countries and a fixed effects identification strategy, we… Expand
The Role of Venture Capital Syndication in Value Creation for Entrepreneurial Firms
- X. Tian
This paper provides evidence that venture capital (VC) syndication creates value for entrepreneurial firms in two dimensions. First, VC syndication creates product market value for their portfolio… Expand
Does Banking Competition Affect Innovation
We exploit the deregulation of interstate bank branching laws to test whether banking competition affects innovation. We find robust evidence that banking competition reduces state-level innovation… Expand
Tolerance for Failure and Corporate Innovation
Based on a sample of venture capital (VC)-backed IPO firms, we examine whether tolerance for failure spurs corporate innovation. We develop a novel measure of VC investors' failure tolerance by… Expand
Corporate Venture Capital, Value Creation, and Innovation
We analyze how corporate venture capital (CVC) differs from independent venture capital (IVC) in nurturing innovation in entrepreneurial firms. We find that CVC-backed firms are more innovative, as… Expand
Does Stock Liquidity Enhance or Impede Firm Innovation?: Does Stock Liquidity Enhance or Impede Firm Innovation?
What Affects Innovation More: Policy or Policy Uncertainty?
Motivated by a theoretical model, we empirically examine for 43 countries whether it is policy or policy uncertainty that affects technological innovation more. We find that innovation, measured by… Expand