Browsing by Author "Wang, Yanzhi"

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Do institutional investors still encourage patent-based innovation after the tech bubble period?
(2019-03-01)
Chang, Hsiu-yun
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Liang, Woan-lih
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Wang, Yanzhi
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資訊管理與財務金融系註：原資管所+財金所
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Department of Information Management and Finance
This paper reexamines the effect of institutional ownership on corporate patent-based innovation. Using an updated sample, we confirm that higher institutional ownership leads to more innovations, including more citations received by patents of a firm, and higher patent generality and originality. However, we find that the impact of institutional ownership on patent-based innovation greatly decreases after the tech bubble bursts and this lower support is driven by both transient and non-transient institutional investors. We do not find that institutional investors intentionally lower their support of patent-based innovation for improving this less efficient innovation. Our results support the contention that the exorbitant litigation cost of patents lowers the incentives for institutional investors to invest in patent-based innovation after 2000.
R&D Spillover Effects and Firm Performance Following R&D Increases
(2013-10-01)
Chen, Sheng-Syan
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Chen, Yan-Shing
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Liang, Woan-lih
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Wang, Yanzhi
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資訊管理與財務金融系註：原資管所+財金所
We examine how research and development (R&D) incoming spillovers affect long-run firm performance following firms\' R&D increases. We use a stochastic frontier production method to capture R&D incoming spillover effects. Firms reaping more benefits from R&D investment made by other firms experience more improvement in profitability and more favorable long-run stock performance in the post-R&D-increase period. Firms with higher levels of R&D incoming spillovers recruit more key employees from other firms, suggesting that obtaining know-how through hiring is an important source of incoming spillovers. The evidence also shows that firms experiencing more R&D outgoing spillover effects tend to underinvest in R&D.