Predatory cells and puzzling financial crises: Are toxic products good for the financial markets?

We advance the idea that the predator-prey dynamics that take place among key market agents play an important role in explaining financial crises. As such, we posit that financial markets evolve through fault lines involving toxic behaviors (such as deceit), toxic products (such as predatory mortgages) and inefficient regulations. We provide data to show that the puzzle of the lack of congruence between the market behaviors and what some economic models predict at times of financial crises may be the result of predator-prey interplays, and of so-called “predatory cells”, which are under the influence of financial accelerators.     

Financing Technological Innovation: Evidence from Patent-Intensive Firms

ABSTRACT

Equityholders of firms with high debt loads have an incentive to underinvest, a distortion that can be most costly for firms with attractive growth options. Using a novel patent-based measure of a firm's growth options, we find that firms issue more equity and shy away from debt financing when they have larger investment opportunities sets. The results are more pronounced among firms in patent-intensive industries. The findings suggest the existence of conflicts of interest between debtholders and equityholders. Our results are consistent with the use of conservative debt policies by technology-intensive firms to mitigate the debt overhang associated with their future growth options.     

In search of diners responsive to health cues: Insights from U.S. consumers

Many consumers rely on summary statistics offered by online and mobile platforms to attain nutrition information on menu items. While positive (vs. negative) summary cues garner more favorable consumer responses, this research provides a more nuanced understanding of this effect by examining the moderating role of two individual-level characteristics: health-consciousness and need for status. Two MTurk samples (Study 1: n = 142, Study 2: n = 119) were recruited in 2018. Findings from Study 1 suggest that health-conscious (vs. less health-conscious) consumers show a wider gap in perceived healthiness of a menu item in response to the valence of a health cue. This greater gap translates into more polarized attitudes toward the menu item. Findings from Study 2 indicate that consumers high (vs. low) in need for status exhibit less favorable attitudes toward a menu item with a negative health cue. Theoretical and managerial implications are discussed.     

Venture capital,innovation, and growth: evidence from Chinese metropolitan data

Using panel data from 282 Chinese cities from 2003 to 2015, we estimate the impact of venture capital (VC) on innovation, employment, and payroll in metropolitan areas. Controlling for endogeneity, VC investments are significantly positively related to metropolitan innovation, employment, and payroll in a fixed effects panel regression and dynamic GMM estimation. Using the number of IPOs (Initial public offerings) in the city as an instrumental variable to again control for endogeneity, VC remains significant. Our results show that VC is significantly contributing to the metropolitan economy as a whole by supporting innovation, creating jobs, and generating wealth in the local cities.     

区域创新方法支撑企业创新活动模式研究——以宁夏为例

在企业创新动力和企业创新机理分析的基础上，从创新方法支撑企业创新活动的角度，重点分析了资金、人才、制度三种创新要素和学习能力、创新管理能力、生产能力和营销能力四种能力如何应用创新方法予以整合和提升。并以宁夏为例，系统阐述区域创新方法支撑企业创新活动的实践路径，提出深化区域创新方法应用推广，支撑企业创新活动的建议，为我国区域创新方法应用推广工作提供参考与借鉴。     

基于引力模型的省域创新产出空间联系研究

基于引力模型，结合社会网络分析法的凝聚子群分析，对31个省（区、市）的创新产出空间联系进行探究，研究发现：我国省域创新产出空间联系主要集中于京津冀和长三角一带，呈现出严重的分布不均状况，具有较强的区域集中性和空间依赖性；北京、天津、上海、浙江、江苏作为区域创新产出引力较强的节点省（区、市），对周边区域的创新产出具有较强的辐射作用；总体来看，省域创新产出空间联系并没有形成贯穿东西南北的交叉网状结构，中心省（区、市）数量较少且分布不均，辐射范围有限。基于此，提出加大区域创新投入、减少区域创新产出联系的政策性障碍、营造区域创新产出联系的良好环境等政策建议。     

Tax incentive,R&D investment and firm innovation: Evidence from China

We estimate the effect of R&D tax incentives on firm-level R&D expenditures (RDE) and patenting using a change in the eligibility criteria for a super deduction in China. In 2006, the Chinese government relaxed the “10 % eligibility criterion”, which stated that only firms with a 10 % or higher increase in prior-year RDE can claim an additional 50 % tax deduction. We use an event study approach to show that firms that became newly eligible to claim the super deduction (those just below the criterion) catches up on RDE and product innovation measured by the sales of new products. In the long run, we also observe a closing gap in the number of patents between the two groups of firms. Moreover, extending tax benefits to all firm helps to lower the tax burden, and we find no evidence of manipulation and relabeling.     

社会资本能否抑制僵尸企业的创新挤出效应？——基于制造业上市公司的经验证据

以制造业上市公司为样本，探讨社会资本能否抑制僵尸企业对健康企业创新的挤出效应。结果显示：僵尸企业每增加1%，健康企业的发明专利数降低0.41%。僵尸企业的创新挤出效应大部分由非国有企业承担，国有企业的创新并未受到影响。健康企业通过积累不同类型的社会资本来抑制僵尸企业对其创新造成的挤出效应。非国有健康企业的连结型社会资本对创新挤出效应的抑制作用最强，结合型社会资本的作用次之，桥接型社会资本的作用最小。     

广州开发区与上海张江高科技园生物医药产业创新对比

生物医药产业是全球公认的具有发展前景的战略性新兴产业，同时也是对专利保护具有高度依赖性的产业，美日欧等生物医药产业强国的经验表明，以园区为聚集形式可以快速拉动生物医药产业发展。从专利视角对广州开发区与上海张江高科技园的生物医药产业创新能力进行对比分析，解析广州开发区生物医药产业的发展现状以及存在的问题，提出了广州开发区生物医药产业发展的对策措施。     

The role of top management team diversity in shaping the performance of business model innovation: a threshold effect

Business model innovation is one of the firm’s most important strategic decisions. Top management team (TMT), as the critical decision-makers, has essential influence upon such decisions. However, the role of TMT diversity in shaping the performance of business model innovation is less explored in the literature. Based on a sample dataset of 906 observations of small and medium enterprises from China Startups Stock Market during the period of 2009–2011, we find that TMT diversity exhibits a significant threshold effect on the relationship between business model innovation (in terms of novelty-centred and efficiency-centred business model) and firm performance. More specifically, when TMT functional diversity arrives at a certain level, the positive relationship between novelty-centred business model and firm performance becomes more pronounced. On the other hand, the positive relationship between efficiency-centred business model innovation and firm performance will be more significant when TMT tenure diversity increases to a certain level.