Does Trading Spur Specialization? Evidence from Patenting

References

• Acharya V, Xu Z (2017) Financial dependence and innovation: The case of public versus private firms. J. Financial Econom. 124(2):223–243.Crossref, Google Scholar
• Akcigit U, Celik MA, Greenwood J (2016) Buy, keep, or sell: Economic growth and the market for ideas. Econometrica 84(3):943–984.Crossref, Google Scholar
• Arora A, Ceccagnoli M (2006) Patent protection, complementary assets, and firms’ incentives for technology licensing. Management Sci. 52(2):293–308.Link, Google Scholar
• Arora A, Belenzon S, Suh J (2022) Science and the market for technology. Management Sci. 68(10):7176–7201.Link, Google Scholar
• Arora A, Fosfuri A, Gambardella A (2001) Markets for technology and their implications for corporate strategy. Indust. Corporate Change 10(2):419–451.Crossref, Google Scholar
• Bai C-E, Du Y, Tao Z, Tong SY (2004) Local protectionism and regional specialization: Evidence from China’s industries. J. Internat. Econom. 63(2):397–417.Crossref, Google Scholar
• Baker AC, Larcker DF, Wang CCY (2022) How much should we trust staggered difference-in-differences estimates? J. Financial Econom. 144(2):370–395.Crossref, Google Scholar
• Brav A, Jiang W, Ma S, Tian X (2018) How does hedge fund activism reshape corporate innovation? J. Financial Econom. 130(2):237–264.Crossref, Google Scholar
• Chatterjee S, Rossi-Hansberg E (2012) Spin-offs and the market for ideas. Internat. Econom. Rev. 53(1):53–93.Crossref, Google Scholar
• Chen T (2015) Institutions, board structure, and corporate performance: Evidence from Chinese firms. J. Corporate Finance 32:217–237.Crossref, Google Scholar
• Cohn JB, Liu Z, Wardlaw MI (2022) Count (and count-like) data in finance. J. Financial Econom. 146(2):529–551.Crossref, Google Scholar
• Cong LW, Howell ST (2021) Policy uncertainty and innovation: Evidence from initial public offering interventions in China. Management Sci. 67(11):7238–7261.Link, Google Scholar
• Cornaggia J, Mao Y, Tian X, Wolfe B (2015) Does banking competition affect innovation? J. Financial Econom. 115(1):189–209.Crossref, Google Scholar
• Fang LH, Lerner J, Wu C (2017) Intellectual property rights protection, ownership, and innovation: Evidence from China. Rev. Financial Stud. 30(7):2446–2477.Crossref, Google Scholar
• Fang L, Lerner J, Wu C, Zhang Q (2023) Anticorruption, government subsidies, and innovation: Evidence from China. Management Sci. 69(8):4363–4388.Link, Google Scholar
• Figueroa N, Serrano CJ (2019) Patent trading flows of small and large firms. Res. Policy 48(7):1601–1616.Crossref, Google Scholar
• Galasso A, Schankerman M, Serrano CJ (2013) Trading and enforcing patent rights. RAND J. Econom. 44(2):275–312.Crossref, Google Scholar
• Giannetti M, Liao G, Yu X (2015) The brain gain of corporate boards: Evidence from China. J. Finance 70(4):1629–1682.Crossref, Google Scholar
• Hadlock CJ, Pierce JR (03 2010) New evidence on measuring financial constraints: Moving beyond the KZ index. Rev. Financial Stud. 23(5):1909–1940.Crossref, Google Scholar
• Han P, Jiang W, Mei D (2024) Mapping U.S.–China technology decoupling: Policies, innovation, and firm performance. Management Sci. 70(12):8386–8413.Link, Google Scholar
• He J, Tian X (2018) Finance and corporate innovation: A survey. Asia-Pacific J. Financial Stud. 47(2):165–212.Crossref, Google Scholar
• He J, Tian X (2020) Institutions and innovation. Annual Rev. Financial Econom. 12(1):377–398.Crossref, Google Scholar
• Hirshleifer D, Hsu P-H, Li D (2013) Innovative efficiency and stock returns. J. Financial Econom. 107(3):632–654.Crossref, Google Scholar
• Hochberg YV, Serrano CJ, Ziedonis RH (2018) Patent collateral, investor commitment, and the market for venture lending. J. Financial Econom. 130(1):74–94.Crossref, Google Scholar
• Huang Z, Tian X (2024) Corporate governance and innovation: A survey of Chinese evidence. Conyon M, He L, eds. Research Handbook on Corporate Governance in China (Edward Elgar Publishing Limited, UK), 421–437.Google Scholar
• Kogan L, Papanikolaou D, Seru A, Stoffman N (03 2017) Technological innovation, resource allocation, and growth. Quart. J. Econom. 132(2):665–712.Crossref, Google Scholar
• Lamoreaux NR, Sokoloff KL (May 2001) Market trade in patents and the rise of a class of specialized inventors in the 19th-century United States. Amer. Econom. Rev. 91(2):39–44.Crossref, Google Scholar
• Ma S, Tong JT, Wang W (2022) Bankrupt innovative firms. Management Sci. 68(9):6971–6992.Link, Google Scholar
• McCallum J (1995) National borders matter: Canada-U.S. regional trade patterns. Amer. Econom. Rev. 85(3):615–623.Google Scholar
• Moshirian F, Tian X, Zhang B, Zhang W (2021) Stock market liberalization and innovation. J. Financial Econom. 139(3):985–1014.Crossref, Google Scholar
• Mukherjee A, Singh M, Žaldokas A (2017) Do corporate taxes hinder innovation? J. Financial Econom. 124(1):195–221.Crossref, Google Scholar
• Poncet S (2005) A fragmented China: Measure and determinants of Chinese domestic market disintegration. Rev. Internat. Econom. 13(3):409–430.Crossref, Google Scholar
• Serrano CJ (2010) The dynamics of the transfer and renewal of patents. RAND J. Econom. 41(4):686–708.Crossref, Google Scholar
• Tan Y, Tian X, Zhang X, Zhao H (2020) The real effect of partial privatization on corporate innovation: Evidence from China’s split share structure reform. J. Corporate Finance 64:101661.Crossref, Google Scholar
• Tian X (2011) The causes and consequences of venture capital stage financing. J. Financial Econom. 101(1):132–159.Crossref, Google Scholar
• Tian X, Xu J (2022) Do place-based policies promote local innovation and entrepreneurship. Rev. Finance 26(3):595–635.Crossref, Google Scholar
• Wei S-J, Xie Z, Zhang X (2017) From ‘Made in China’ to ‘Innovated in China’: Necessity, prospect, and challenges. J. Econom. Perspect. 31(1):49–70.Crossref, Google Scholar
• Whited TM, Wu G (2006) Financial constraints risk. Rev. Financial Stud. 19(2):531–559.Crossref, Google Scholar
• Wolf HC (2000) Intranational home bias in trade. Rev. Econom. Statist. 82(4):555–563.Crossref, Google Scholar