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postgraduate thesis: Essays on finance and economic growth : international capital markets and corporate innovation

TitleEssays on finance and economic growth : international capital markets and corporate innovation
Authors
Issue Date2016
PublisherThe University of Hong Kong (Pokfulam, Hong Kong)
Citation
Wei, L. [魏錸]. (2016). Essays on finance and economic growth : international capital markets and corporate innovation. (Thesis). University of Hong Kong, Pokfulam, Hong Kong SAR.
AbstractThis thesis consists of two essays on finance and economic growth. Using the passage and the enforcement of capital market laws, the essays study whether and how the development of international capital markets can influence corporate innovation, a vital source for long-term economic growth around the world. In the first essay, I study the question: Do legal restrictions on insider trading accelerate or slow technological innovation? Based on over 75,000 industry-country- year observations across 94 economies from 1976 to 2006, I find that enforcing insider trading laws spurs innovation, as measured by patent intensity, scope, impact, generality, and originality. Consistent with theories that insider trading slows innovation by impeding the valuation of innovative activities, the relation between enforcing insider trading laws and innovation is larger in industries that are naturally innovative and opaque, and equity issuances also rise much more in these industries after a country enforces its insider trading laws. In the second essay, I examine the effect of activating M&A markets on the rate of technological innovation, using staggered adoption of international M&A laws. Based on more than 65,000 industry-country-year observations across 46 economies from 1976 to 2006, I find that adopting the M&A laws increases innovation in the high-tech industries of a country, as measured by patent intensity, scope, impact, generality, and originality. The results are consistent with the incentives provided by an active M&A market that amplifies the valuation of and returns to innovation, and boosts exit liquidity for the entrepreneurs and corporate investors. I also find that M&A volume increases in the high-tech industries, and the improvement of innovation is mainly contributed by the private firms.
DegreeDoctor of Philosophy
SubjectCapital market - Law and legislation
Technological innovations
Economic development
Dept/ProgramEconomics and Finance
Persistent Identifierhttp://hdl.handle.net/10722/227950

 

DC FieldValueLanguage
dc.contributor.authorWei, Lai-
dc.contributor.author魏錸-
dc.date.accessioned2016-07-26T23:17:45Z-
dc.date.available2016-07-26T23:17:45Z-
dc.date.issued2016-
dc.identifier.citationWei, L. [魏錸]. (2016). Essays on finance and economic growth : international capital markets and corporate innovation. (Thesis). University of Hong Kong, Pokfulam, Hong Kong SAR.-
dc.identifier.urihttp://hdl.handle.net/10722/227950-
dc.description.abstractThis thesis consists of two essays on finance and economic growth. Using the passage and the enforcement of capital market laws, the essays study whether and how the development of international capital markets can influence corporate innovation, a vital source for long-term economic growth around the world. In the first essay, I study the question: Do legal restrictions on insider trading accelerate or slow technological innovation? Based on over 75,000 industry-country- year observations across 94 economies from 1976 to 2006, I find that enforcing insider trading laws spurs innovation, as measured by patent intensity, scope, impact, generality, and originality. Consistent with theories that insider trading slows innovation by impeding the valuation of innovative activities, the relation between enforcing insider trading laws and innovation is larger in industries that are naturally innovative and opaque, and equity issuances also rise much more in these industries after a country enforces its insider trading laws. In the second essay, I examine the effect of activating M&A markets on the rate of technological innovation, using staggered adoption of international M&A laws. Based on more than 65,000 industry-country-year observations across 46 economies from 1976 to 2006, I find that adopting the M&A laws increases innovation in the high-tech industries of a country, as measured by patent intensity, scope, impact, generality, and originality. The results are consistent with the incentives provided by an active M&A market that amplifies the valuation of and returns to innovation, and boosts exit liquidity for the entrepreneurs and corporate investors. I also find that M&A volume increases in the high-tech industries, and the improvement of innovation is mainly contributed by the private firms.-
dc.languageeng-
dc.publisherThe University of Hong Kong (Pokfulam, Hong Kong)-
dc.relation.ispartofHKU Theses Online (HKUTO)-
dc.rightsThe author retains all proprietary rights, (such as patent rights) and the right to use in future works.-
dc.rightsCreative Commons: Attribution 3.0 Hong Kong License-
dc.subject.lcshCapital market - Law and legislation-
dc.subject.lcshTechnological innovations-
dc.subject.lcshEconomic development-
dc.titleEssays on finance and economic growth : international capital markets and corporate innovation-
dc.typePG_Thesis-
dc.identifier.hkulb5774090-
dc.description.thesisnameDoctor of Philosophy-
dc.description.thesislevelDoctoral-
dc.description.thesisdisciplineEconomics and Finance-
dc.description.naturepublished_or_final_version-

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