Innovative Efficiency and Stock Returns

By David A. Hirshleifer, Po-Hsuan Hsu, Dongmei Li. 2013

865 citations recorded by the source corpus.

Subfields: Accounting, Finance

View Paper: https://www.semanticscholar.org/paper/4def44017ec19e56962837133d62ad129224e501

How researchers see this paper

The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.

In Accounting

1. X. Tian
2. Kai Li
3. Rui Shen
4. L. Frésard
5. Turan G. Bali
6. Thomas J. Chemmanur
7. Gerard Hoberg
8. Lin Peng

In Finance

1. Yi Tang
2. Turan G. Bali
3. Lin Peng
4. Yannan Shen
5. David A. Hirshleifer
6. Yangyang Chen
7. Po-Hsuan Hsu
8. X. Tian

Citations in the corpus

• Organization Capital and Mergers and Acquisitions (2017, positive): “The latter is the natural logarithm of 1 plus the ratio of the patent count to R&D capital, following Hirshleifer et al. (2013).”
• The Real Effects of Real Earnings Management: Evidence from Innovation (2018, background): “As an additional measure, we report our findings on the effects of R&D cuts on innovative efficiency (Efficiency), defined as the log-linearized number of patent counts divided by R&D expenditure (Lanjouw and Schankerman 2004; Cohen et al. 2013; Hirshleifer et al. 2013).”
• Going digital: implications for firm value and performance (2019, positive): “For instance, studies have shown that innovation links (Lee et al. 2019), innovative efficiency (Hirshleifer et al. 2013), and the originality of innovation (Hirshleifer et al. 2018) are undervalued by investors and thus predict returns.”
• Does managerial ability facilitate corporate innovative success (2015, positive): “For example, Hirshleifer et al. (2012), show that CEO overconfidence is an important determinant of a firm‟s innovative success. Furthermore, Manso (2011) shows that executive incentive schemes play an important role in”
• Corporate Innovation Along the Supply Chain (2018, positive): “Specifically, we follow 9 Hirshleifer et al. (2013) to define accumulated R&D capital as the sum of R&D investment that is depreciated by an annual rate of 20% in the previous five years.”
• Company reputation and the cost of equity capital (2014, neutral): “2002; Matolcsy and Wyatt 2008; Lin 2012), they are difficult to observe and are incorrectly valued by investors (Chan et al. 2001; Edmans 2011; Hirshleifer et al. 2013).”
• Top Management Human Capital, Inventor Mobility, and Corporate Innovation (2018, positive): “Following Hirshleifer et al. (2013), we construct two measures of innovative efficiency: the number of patents per dollar of R&D expenditures and the number of citations per dollar of R&D expenditures.”