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Innovation and market liquidity: the case of ADRs
European Business Review Pub Date : 2020-05-06 , DOI: 10.1108/ebr-10-2019-0260
Manuel Lobato , Javier Rodriguez , Herminio Romero

Patents and patent citations provide a solid signal to investors about a firm’s innovation agenda. This signal can be even more useful for investors demanding securities from foreign firms, given the asymmetric information and adverse selection risk they face. This study aims to examine the patenting activities in the USA performed by non-US companies that trade as American Depositary Receipts (ADRs) in US stock markets.,The authors examine the effect on the trading volume of a sample of ADRs following the publication of their first patent in the USA.,The results show that the publication of a first patent has no effect on the liquidity of these ADRs when compared with same-country ADRs without patents.,This study enriches the literature on the relation between innovation, information and the stock market.

中文翻译:

创新与市场流动性:美国存托凭证

专利和专利引用为投资者提供了有关公司创新议程的明确信号。考虑到他们面临的信息不对称和逆向选择风险,该信号对于要求外国公司提供证券的投资者可能更为有用。这项研究旨在研究非美国公司在美国股票市场上以美国存托凭证(ADR)进行交易的美国专利活动。作者研究了在ADR发行后样本对ADR交易量的影响。结果表明,与没有专利的相同国家的美国存托凭证相比,第一项专利的发布对这些美国存托凭证的流动性没有影响。该研究丰富了关于创新,信息之间关系的文献。和股市。
更新日期:2020-05-06
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