In this paper, we examine the effect of peer research and development (RD disclosures of higher quality appear to promote innovation by ameliorating financing frictions. Overall, this study provides evidence of R&D disclosure as an industry-wide determinant of innovation, thereby contributing to literature on the real effects of peer disclosures.

中文翻译：

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同行研发披露与企业创新：来自美国存托凭证公司的证据

在本文中，我们研究了同行研究和开发的效果（更高质量的RD披露似乎可以通过缓解融资摩擦来促进创新。总体而言，本研究提供了R＆D披露作为行业范围内创新的决定因素的证据，从而有助于文献研究。关于同伴披露的真实效果。