We examine the organizational choice and innovative activity of technology conglomerates—firms that explore different technology fields with heated inventive activity. We develop a measure of firm-to-economy technological proximity to capture the extent of a firm's technology conglomeration....

Exploiting two geo-coded firm censuses, this paper examines the impact of China's Special Economic Zones on economic activity in the targeted areas. We find that economic zones have a positive effect on employment, output and capital, and increase the number of firms. We also find that firm...

This paper finds significant predictability in stock returns across technology-linked firms. Using patent-holding information to identify firms' technological linkage, we show that a long–short equity trading strategy sorted on lagged returns of technology-linked firms yields monthly alphas of...

While a firm's success increasingly relies on technological innovation, little is known, however, about whether and how analysts utilize information about a firm's technological innovation for their information production. We construct technological expertise for each analyst-firm pair based on...