Innovation activity and corporate financing: evidence from a developing economy

References

• Aboody , D and Lev , B . 2000 . Information asymmetry, R&D, and insider gains . Journal of Finance , 55 : 2747 – 66 .
   Web of Science ®Google Scholar
• Ahuja , G and Katila , R . 2001 . Technological acquisition and the innovative performance of acquiring firms: a longitudinal study . Strategic Management Journal , 22 : 197 – 220 .
   Web of Science ®Google Scholar
• Badrinath , SG , Kale , JR and Ryan , HE . 1996 . Characteristics of common stock holdings of insurance companies . Journal of Risk and Insurance , 63 : 49 – 76 .
   Web of Science ®Google Scholar
• Barth , M and Hutton , A . 2004 . Analyst earnings forecast revisions and the pricing of accruals . Review of Accounting Studies , 9 : 59 – 96 .
   Web of Science ®Google Scholar
• Barth , M , Kasznik , R and McNichols , M . 2001 . Analyst coverage and intangible assets . Journal of Accounting Research , 39 : 1 – 34 .
   Web of Science ®Google Scholar
• Bowen , R , Chen , X and Cheng , Q . 2008 . Analyst coverage and the cost of raising equity capital: evidence from underpricing of seasoned equity offerings . Contemporary Accounting Research , 25 : 657 – 99 .
   Web of Science ®Google Scholar
• Bradshaw , MT , Richardson , SA and Sloan , RG . 2006 . The relation between corporate financing activities, analysts’ forecasts and stock returns . Journal of Accounting and Economics , 42 : 53 – 85 .
   Web of Science ®Google Scholar
• Bushee , BJ , Matsumoto , DA and Miller , GS . 2003 . Open versus closed conference call: the determinants and effects of broadening access to disclosure . Journal of Economics , 34 : 149 – 80 .
   Web of Science ®Google Scholar
• Chan , L , Lakonishok , J and Sougiannis , T . 2001 . The stock market valuation of research and development expenditures . Journal of Finance , 56 : 2431 – 56 .
   Web of Science ®Google Scholar
• Chang , X , Dasgupta , S and Hilary , G . 2006 . Analyst coverage and financing decisions . Journal of Finance , 61 : 3009 – 48 .
   Web of Science ®Google Scholar
• Chin , CL , Lee , P , Wang , PW and Kleinman , G . 2007 . Does innovation matters to conference calls? . IEEE Transactions on Engineering Management , 54 : 699 – 715 .
   Web of Science ®Google Scholar
• Cleassens , S , Djankov , S and Lang , LHP . 2000 . The separation of ownership and control in East Asian corporations . Journal of Financial Economics , 58 : 81 – 112 .
   Web of Science ®Google Scholar
• Cohen , S , Papadaki , A and Siougle , G . 2007 . SEOs in a ‘hot market’: evidence of timing . Applied Financial Economics , 17 : 1179 – 90 .
   Google Scholar
• Deng , Z , Lev , B and Narin , F . 1999 . Science and technology as predictors of stock performance . Financial Analysts Journal , 55 : 20 – 32 .
   Google Scholar
• Doukas , JA , Kim , C and Pantzalis , C . 2008 . Do analysts influence corporate financing and investment? . Financial Management , 37 : 303 – 39 .
   Web of Science ®Google Scholar
• Eberhart , AC , Maxwell , WF and Siddique , AR . 2004 . An examination of long-term abnormal stock returns and operating performance following R&D increases . Journal of Finance , 59 : 623 – 50 .
   Web of Science ®Google Scholar
• Einhorn , B . 2005 . Why Taiwan matters – the global economy couldn't function without it. But can it really find peace with China? Business Week, 16 May 2005. Available at http://www.businessweek.com/magazine/content/05_20/b3933011.htm?chan=gb (accessed 10 August 2007)
   Google Scholar
• Ernst , D . 2010 . Upgrading through innovation in a small network economy: insights from Taiwan's IT industry . Economics of Innovation and New Technology , 19 : 295 – 324 .
   Google Scholar
• Fama , EF and French , KR . 2005 . Financing decisions: who issues stock? . Journal of Financial Economics , 76 : 549 – 82 .
   Web of Science ®Google Scholar
• Fan , PH and Wong , TJ . 2002 . Corporate ownership structure and the informativeness of accounting earnings in East Asia . Journal of Accounting and Economics , 23 : 401 – 25 .
   Google Scholar
• Frank , MZ and Goyal , VK . 2003 . Testing the pecking order theory of capital structure . Journal of Financial Economics , 67 : 217 – 48 .
   Web of Science ®Google Scholar
• Graham , JR and Harvey , C . 2001 . The theory and practice of corporate finance: evidence from the field . Journal of Financial Economics , 60 : 187 – 243 .
   Web of Science ®Google Scholar
• Hirshleifer , D . 2011 . Hsu, P-H. and Li, D. , Innovation efficiency and stock returns, Working Paper. Available at http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1799675 (accessed 21 February 2012)
   Google Scholar
• Hong , H , Lim , T and Stein , JC . 2000 . Bad news travels slowly: size, analyst coverage, and the profitability of momentum strategies . Journal of Finance , 55 : 265 – 95 .
   Web of Science ®Google Scholar
• Hsu , W-H and Chang , Y-L . 2011 . Intellectual capital and analyst forecast: evidence from the high-tech industry in Taiwan . Applied Financial Economics , 21 : 1135 – 43 .
   Google Scholar
• Lev , B and Sougiannis , T . 1996 . The capitalization, amortization, and value-relevance of R&D . Journal of Accounting and Economics , 21 : 107 – 38 .
   Web of Science ®Google Scholar
• Li , D . 2011 . Financial constraints, R&D investment, and stock returns . Review of Financial Studies , 24 : 2974 – 3007 .
   Web of Science ®Google Scholar
• Loughran , T and Ritter , JR . 1995 . The new issues puzzle . Journal of Finance , 50 : 23 – 51 .
   Web of Science ®Google Scholar
• Morellec , E and Schurhoff , N . 2011 . Corporate investment and financing under asymmetric information . Journal of Financial Economics , 99 : 262 – 88 .
   Web of Science ®Google Scholar
• Myers , SC and Majluf , N . 1984 . Corporate financing and investment decisions when firms have information that firms do not have . Journal of Financial Economics , 13 : 187 – 221 .
   Web of Science ®Google Scholar
• Pandit , S , Wasley , CE and Zach , T . 2011 . The effect of research and development (R&D) inputs and outputs on the relation between the uncertainty of future operating performance and R&D expenditures . Journal of Accounting, Auditing and Finance , 26 : 121 – 44 .
   Google Scholar
• Rajgopal , S , Shevlin , T and Venkatachalam , M . 2003 . Does the stock market fully appreciate the implications of leading indicators for future earnings? Evidence from order backlog . Review of Accounting Studies , 8 : 461 – 92 .
   Web of Science ®Google Scholar
• Ritter , JR . (Ed.) (2003) Investment banking and securities issuance, in Handbook of Economics and Finance, North-Holland, Amsterdam, pp. 253–304
   Google Scholar
• Sherry , E and Teece , D . 2004 . Royalties, evolving patent rights, and the value of innovation . Research Policy , 33 : 179 – 91 .
   Web of Science ®Google Scholar
• Tasker , S . 1998 . Bridging the information gap: quarterly conference calls as a medium for voluntary disclosure . Review of Accounting Studies , 3 : 137 – 67 .
   Google Scholar
• Yeo , V . 2008 . Taiwan is world's No. 2 in IT competitiveness ZDNet Asia, 16 September 2008. Available at http://www.zdnetasia.com/news/business/0,39044229,62046168,00.htm (accessed 21 February 2012)
   Google Scholar