Learning from the Joneses: Technology spillover, innovation externality, and stock returns

Aghion, 2015, Knowledge spillovers, innovation and growth, Econ. J., 125, 533, 10.1111/ecoj.12199 Berk, 2004, Valuation and return dynamics of new ventures, Rev. Financ. Stud., 17, 1, 10.1093/rfs/hhg021 Bloom, 2002, Do R&D tax credits work? Evidence from a panel of countries 1979-1997, J. Publ. Econ., 85, 1 Bloom, 2008 Bloom, 2013, Identifying technology spillovers and product market rivalry, Econometrica, 81, 1347, 10.3982/ECTA9466 Burbidge, 1988, Alternative transformations to handle extreme values of the dependent variable, J. Am. Stat. Assoc., 83, 123, 10.1080/01621459.1988.10478575 Carhart, 1997, On persistence in mutual fund performance, J. Finance, 52, 57, 10.1111/j.1540-6261.1997.tb03808.x Chan, 2001, The stock market valuation of research and development expenditures, J. Finance, 56, 2431, 10.1111/0022-1082.00411 Chang, 2021, Testing disagreement models, J. Finance Cohen, 1989, Innovation and learning: the two faces of R & D, Econ. J., 99, 569, 10.2307/2233763 Cohen, 2013, Misvaluing innovation, Rev. Financ. Stud., 26, 635, 10.1093/rfs/hhs183 Dyer, 2021 Eisfeldt, 2013, Organization capital and the cross-section of expected returns, J. Finance, 68, 1365, 10.1111/jofi.12034 Ely, 1999, Intangible assets and stock prices in the pre-SEC era, J. Account. Res., 37, 17, 10.2307/2491343 Ergenzinger, 2006, The American inventor's protection act: a legislative history, Wake Forest Intell. Prop. LJ, 7, 145 Fama, 1992, The cross-section of expected stock returns, J. Finance, 47, 427, 10.1111/j.1540-6261.1992.tb04398.x Fama, 1993, Common risk factors in the returns on stocks and bonds, J. Financ. Econ., 33, 3, 10.1016/0304-405X(93)90023-5 Fama, 1997, Industry costs of equity, J. Financ. Econ., 43, 153, 10.1016/S0304-405X(96)00896-3 Fama, 2015, Incremental variables and the investment opportunity set, J. Financ. Econ., 117, 470, 10.1016/j.jfineco.2015.05.001 Farre-Mensa, 2020, What is a patent worth? Evidence from the U.S. patent “Lottery”, J. Finance, 75, 639, 10.1111/jofi.12867 Fitzgerald, 2021, Innovation search strategy and predictable returns, Manag. Sci., 67, 1109, 10.1287/mnsc.2019.3480 Glaeser, 2018, The effects of proprietary information on corporate disclosure and transparency: evidence from trade secrets, J. Account. Econ., 66, 163, 10.1016/j.jacceco.2018.04.002 Glaeser, 2017, Identification and generalizability in accounting research: a discussion of christensen, Floyd, Liu, and Maffett (2017), J. Account. Econ., 64, 305, 10.1016/j.jacceco.2017.08.003 Glaeser, 2021, Deterrent disclosure, Account. Rev., 96, 291, 10.2308/TAR-2019-1050 Glaeser, 2020 Glaeser, 2020, Discretionary disclosure and manager horizon: evidence from patenting, Rev. Account. Stud., 25, 597, 10.1007/s11142-019-09520-0 Gu, 2016, Product market competition, R&D investment, and stock returns, J. Financ. Econ., 119, 441, 10.1016/j.jfineco.2015.09.008 Hall, 1993, R&D tax policy during the 1980s: success or failure?, Tax Pol. Econ., 7, 1, 10.1086/tpe.7.20060628 Hall, 2005, Market value and patent citations, Rand J. Econ., 16 Hall, 2014, The choice between formal and informal intellectual property: a review, J. Econ. Lit., 52, 375, 10.1257/jel.52.2.375 Healy, 2001, Information asymmetry, corporate disclosure, and the capital markets: a review of the empirical disclosure literature, J. Account. Econ., 31, 405, 10.1016/S0165-4101(01)00018-0 Hegde, 2019 Hines, 1993, On the sensitivity of R&D to delicate tax changes: the behavior of U. S. multinationals in the 1980s, Stud. Int. Tax., 149 Hirshleifer, 2013, Innovative efficiency and stock returns, J. Financ. Econ., 107, 632, 10.1016/j.jfineco.2012.09.011 Hirshleifer, 2018, Innovative originality, profitability, and stock returns, Rev. Financ. Stud., 31, 2553, 10.1093/rfs/hhx101 Hou, 2006, Industry concentration and average stock returns, J. Finance, 61, 1927, 10.1111/j.1540-6261.2006.00893.x Hou, 2015, Digesting anomalies: an investment approach, Rev. Financ. Stud., 28, 650, 10.1093/rfs/hhu068 Hsu, 2021, Valuation of new trademarks, Manag. Sci. Jaffe, 1986, Technological opportunity and spillovers of R&D: evidence from firms' patents, profits, and market value, Am. Econ. Rev., 76, 984 Kim, 2021, The innovation consequences of mandatory patent disclosures, J. Account. Econ., 71, 1 Klasa, 2018, Protection of trade secrets and capital structure decisions, J. Financ. Econ., 128, 266, 10.1016/j.jfineco.2018.02.008 Kogan, 2013, Firm characteristics and stock returns: the role of investment-specific shocks, Rev. Financ. Stud., 26, 2718, 10.1093/rfs/hht026 Kogan, 2017, Technological innovation, resource allocation, and growth, Q. J. Econ., 132, 665, 10.1093/qje/qjw040 Krieger, 2021, Trials and terminations: learning from competitors' R&D failures, Manag. Sci., 10.1287/mnsc.2020.3775 Lev, 1996, The capitalization, amortization, and value-relevance of R&D, J. Account. Econ., 21, 107, 10.1016/0165-4101(95)00410-6 Lund, 1986 Martens, 2021, The disclosure function of the U.S. patent system: evidence from the PTDL program and extreme snowfall, Rev. Account. Stud., 10.1007/s11142-021-09641-5 Morck, 2000, The information content of stock markets: why do emerging markets have synchronous stock price movements?, J. Financ. Econ., 58, 215, 10.1016/S0304-405X(00)00071-4 Pakes, 1985, On patents, R&D, and the stock market rate of return, J. Polit. Econ., 93, 390, 10.1086/261305 Papanikolaou, 2011, Investment shocks and asset prices, J. Polit. Econ., 119, 639, 10.1086/662221 Pástor, 2009, Technological revolutions and stock prices, Am. Econ. Rev., 99, 1451, 10.1257/aer.99.4.1451 Plumlee, 2015, Bank loan spread and private information: pending approval patents, Rev. Account. Stud., 20, 593, 10.1007/s11142-014-9304-9 Png, 2017, Secrecy and patents: theory and evidence from the Uniform Trade Secrets Act, Strat. Sci., 2, 141, 10.1287/stsc.2017.0035 Roberts, 2013, Endogeneity in empirical corporate finance, Handb. Econ. Finance, 2, 493, 10.1016/B978-0-44-453594-8.00007-0 Saidi, 2021, How does firms' innovation disclosure affect their banking relationships?, Manag. Sci., 67, 742, 10.1287/mnsc.2019.3498 Samuels, 1990, The uniform trade secrets act: the states' response, Creighton Law Rev., 24, 49 Spulber, 2013, How do competitive pressures affect incentives to innovate when there is a market for inventions?, J. Polit. Econ., 121, 1007, 10.1086/674134 Stoffman, 2020, 19 Veronesi, 2000, How does information quality affect stock returns?, J. Finance, 55, 807, 10.1111/0022-1082.00227 Wilson, 2009, Beggar thy neighbor? The in-state, out-of-state, and aggregate effects of R&D tax credits, Rev. Econ. Stat., 91, 431, 10.1162/rest.91.2.431 Yang, 2014, When do firms rely on their knowledge spillover recipients for guidance in exploring unfamiliar knowledge?, Res. Pol., 43, 1496, 10.1016/j.respol.2014.04.016