题目：Stock Pricing vs Patent Signaling: Evidence from China’s NEEQ

演讲人：毕睿罡（复旦大学经济学院 博士后）

时间：2021年5月11日（周二）12:00-13:00

地点：同济大厦A楼306室

摘要：

Is the number of patent application a reasonable measurement of innovation ability or only a signal for startups? This question delivers important policy implication but receive little attention in the literature. By exploiting an exogenous policy shock that improves the stock liquidity and thus relatively lowers the patents’ signal value, we show that while the startups in the treatment group patented less after the liquidity shock, they experienced no decrease in R&D investment. Therefore, the result highlights the signaling value of patents for startups and call caution to the use of patent applications to measure innovation performance in startups.

演讲嘉宾简介：

毕睿罡，男，复旦大学经济学院 师资博士后。研究领域包括资本市场改革与企业创新、地方政府竞争、环境经济学、机器学习与因果识别等。在《世界经济》、《金融研究》等期刊发表多篇论文。