The Valuation of Biotech IPOs

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Is innovation always beneficial? A meta-analysis of the relationship between innovation and performance in SMEs (2011, background): “Effect sizes vary from r=−.33 (McGee et al., 1995) to r=.76 (Guo et al., 2005).”
Social Capital of Young Technology Firms and Their IPO Values: The Complementary Role of Relevant Absorptive Capacity (2011, unknown): “In contrast, other studies find that alliances have a value-reducing effect (Guo, Lev, and Zhou 2005) or have no significant impact on firm value (Gulati and Higgins 2003).”
The effect of intrapreneurship on corporate performance (2012, background): “However, various empirical studies report that innovation does not influence firm performance (Heunks, 1998) or find negative performance implications of innovation (McGee et al., 1995; Vermeulen et al., 2005), while others report positive effects (Guo et al., 2005, Huarng and Yu, 2011).”
Financing Under Extreme Risk: Contract Terms and Returns to Private Investments in Public Equity (2010, background): “For example, in a study of initial public offerings of biotech companies, Guo, Lev, and Zhou (2005) argue that the number and stage of products under development and the extent of protection of intellectual property, information difficult to identify using fundamental data, can potentially affect…”