Total factor productivity (TFP) growth measures usually focus on a certain direction of optimization and ignore the general setting encompassing the input and output orientations simultaneously. This paper uses the generalized Luenberger-Hicks-Moorsteen (LHM) TFP indicator which is additively...

We investigate whether and how the primary market values the innovations of newly public firms at their IPOs by examining the link between the size (the number of patents) and the quality (citation count) of their patent portfolios and IPO valuations. We find that the number of patents, the...

This paper examines the initial public offering (IPO) valuations of issuers that return to the IPO market successfully after withdrawing their first IPO attempt. We find that these second-time IPOs sell at a significant discount relative to similar contemporaneous IPOs that succeed in their...