Innovations, Intellectual Property Protection, and Financial Markets: Cross-Province Evidence from China
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چکیده
This study explores the interaction between innovations and financial markets using newly available data of China that present significant geographic variations in economic development. Empirical evidence suggests that provincial banking development encourages local innovations, and provincial intellectual property (IP) protection raises the market values of local firms. Firmlevel innovations lead to higher market valuation and predict subsequent stock returns. Moreover, provincial IP piracy deteriorates the market values of innovative firms.
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