This paper studies how firms' innovation capability is related to their stock performance and eventual survival for a sample of biotech IPO firms. We create product-related measures of firms' innovation capability by tracking the changes in R&D expenses, products, patents, strategic alliances,...

This study investigates the impacts of Chinese high-tech enterprise certification policy on enterprise innovation by exploiting the unique data of listed companies and their affiliates from 2006 to 2015. The authors exclude firms certified after year 2009 from the sample, because they may have...

Innovation and competition are two major pillars in the IT industry. In this paper, we examine the causal relationship between product market competitiveness and the innovations in the IT industry. We measure the innovations from both the quantity (number of patents) and the quality (number of...

The 2018 U.S.-China trade war has spurred wide-spread debates about the effects of Chinese imports on U.S. society. We examine the effect of United States' conferral of Permanent Normal Trade Relations (PNTR) on China — a policy that eliminates the uncertainty of future tariff increases for...