卖空者影响企业创新吗？政策实验的证据

IF 1.9 Q2 BUSINESS, FINANCE

Review of Corporate Finance Studies Pub Date : 2023-03-27 DOI:10.1093/rcfs/cfad007

Jie He, Xiao Ren, X. Tian

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引用次数: 2

摘要

我们考察了卖空者对企业创新的影响。为了建立因果关系，我们使用了一个政策实验，该实验从外部消除了随机选择的罗素3000家公司的卖空约束。我们发现，在政策冲击下，处理企业的创新质量、价值和效率比控制企业提高得更多。卖空者发起的与专利相关的诉讼是一种看似合理的潜在机制，卖空者通过这种机制来约束公司经理并加强创新。我们的论文为卖空者的意外真实效应，特别是他们对技术创新的改进提供了新的见解。

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Do Short Sellers Affect Corporate Innovation? Evidence from a Policy Experiment

We examine the effect of short sellers on corporate innovation. To establish causality, we use a policy experiment that exogenously removes the short-selling constraint for a randomly selected subsample of Russell 3000 firms. We find that innovation quality, value, and efficiency of treatment firms improve significantly more than do control firms surrounding the policy shock. The exposure to patenting-related litigation initiated by short sellers is a plausible underlying mechanism through which short sellers discipline firm managers and enhance innovation. Our paper provides new insights into an unintended real effect of short sellers, specifically their improvement of technological innovation.

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来源期刊

Review of Corporate Finance Studies BUSINESS, FINANCE-

CiteScore

17.80

自引率

1.80%

发文量

期刊介绍： The Review of Corporate Finance Studies (RCFS) is dedicated to publishing high-quality research in the expansive field of Corporate Finance. The journal seeks original contributions, reviewing papers based on their unique insights into Corporate Finance. This encompasses a wide spectrum, including a firm's interactions with stakeholders, capital markets, internal organization structure, compensation mechanisms, corporate governance, and capital management. RCFS also welcomes research in financial intermediation, financial institutions, microstructure, and the implications of asset pricing for Corporate Finance. The journal considers theoretical, empirical, and experimental papers for review.