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Business and Economics > Investments: Stocks

You are looking at 1 - 4 of 4 items for :

  • Type: Journal Issue x
  • Nonprofit Organizations and Public Enterprise: General x
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Cover IMF Working Papers
Does the Stock Market Boost Firm Innovation?: Evidence from Chinese Firms
Hui He
,
Hanya Li
, and
Jinfan Zhang
The paper analyses the effect of the stock market on firm innovation through the lens of initial public offering (IPO) using uniquely matched Chinese firm-level data. We find that IPOs lead to an increase in both the quantity and quality of firm innovation activity. In addition, IPOs expand a firm’s scope of innovation beyond its core business. The impact of IPOs on firm innovation varies across financial constraints, corporate governance, and ownership structures. Our results further illustrate that IPOs induce a firm to increase the number of inventors and enable better retention of existing inventors after the IPO. Finally, we show that the enhanced innovation activity resulting from IPOs increases a firm’s Tobin’s Q in the long run.
Keywords:
WP; IPO firm; natural logarithm; external finance; IPO; Innovation; Financial Constraint; Corporate Governance; State Ownership; China; IPO year; IPO event; IPO decision; IPO benefit; innovation performance; Initial public offering; Stock markets; Stocks; Public enterprises; Probit models
Cover IMF Working Papers
China’s Rising IQ (Innovation Quotient) and Growth: Firm-level Evidence
Hui He
,
Ms. Nan Li
, and
Jing Fang
This paper examines whether the rapid growing firm patenting activity in China is associated with real economic outcome by building a unique dataset uniting detailed firm balance sheet information with firm patent data for the period of 1998-2007. We find strong evidence that within-firm increases in patent stock are associated with increases in firm size, exports, and more interestingly, total factor productivity and new product revenue share. Event studies using first-time patentees as the treatment group and non-patenting firms selected based on Propensity-Score Matching method as the control group also demonstrate similar effects following initial patent application. We also find that although state-owned enterprises (SOEs) on average have lower level of productivity and are less innovative compared to their non-state-owned peers, increases in patent stock tend to be associated with higher productivity growth among SOEs, especially for patents with lower innovative content. The latter could reflect the preferential government policies enjoyed by SOEs.
Keywords:
WP; state-owned enterprise; patenting firm; patent stock; Innovation; Growth; Patent; R&D; Productivity; SOE Reforms; China; production performance; leverage ratio; patent scope; ownership status; data combination; Total factor productivity; Stocks; Capital productivity; Public enterprises
Cover IMF Working Papers
Proposals for Privatization in Eastern Europe
Mr. Eduardo Borensztein
This paper discusses several proposals for a wholesale privatization of public enterprises in Eastern Europe. These proposals include the distribution of ”vouchers” to private citizens as well as the use of mutual funds, privatization companies and other forms of financial intermediaries. The paper analyzes the implications for economic efficiency of the different forms of ownership and control that would emerge from the proposals as well as their main macroeconomic consequences.
Keywords:
WP; privatized enterprise; enterprise management; supervision system; privatization company; control problem; joint stock; Privatization; Nonbank financial institutions; Public enterprises; Mutual funds; Stocks; Eastern Europe
Cover IMF Staff Papers
IMF Staff papers: Volume 25 No. 2
International Monetary Fund. Research Dept.
This paper outlines the Asian currency market provides an intermediation function between several Asian countries and the Eurocurrency market. However, soon after its creation in 1968, the Asian market went beyond this function and has now developed a substantial regional network of financial transactions. The Asian currency market was developed when the economy of Singapore was going through an important period of transition that was caused by the independence of the island in the mid-1960s and by a rapid phasing out of large British military installations. In addition to an important effort of economic development at home, this period of transition has involved expanding financial and trade relations to countries other than the British Commonwealth and the immediate neighbors. Several factors contributed to the establishment of the Asian currency market in Singapore. In the 1960s, the rapid economic growth of a number of Asian countries, an increased flow of direct investment, and a greater participation of multinational corporations in the economy of Asia generated a growing pool of foreign currencies in the hands of the private sector.
Keywords:
SP; par value; asset holder; unit of account; par value system; credit policy; asset disequilibrium; inflation process; Public enterprises; Currencies; Currency markets; Inflation; Domestic credit; Asia and Pacific; Middle East; Europe; Africa; Global