Guest: Dr. Li Keming（黎可鸣博士）
Title: Innovation Externalities and the Customer/Supplier Link
Time：Jun 15th (Wed) 10: 00 – 11: 30
Venue：Seminar Room, 2nd floor, Business School (商学院二楼研讨室)
Host：Prof. Siyan Chen （陈斯燕 副教授）
Language: English （英文为主）
Brief（内容简介）：
This paper proposes a novel channel through which innovation externalities can affect firm performance. I find cross-sectional evidence that the positive innovation outputs of customer firms increases their supplier’s profitability as measured by firm ROE. This result is robust to the inclusion of industry or firm fixed effect, a control for endogenous customer’s innovation outputs using two-stage least squares, both supplier and customer characteristics, such as ROE, advertisement expenditure, capital expenditure, firm age, industry concentration, institutional ownership, dividend yield, and a control for industry spillover or geographical spillover. To identify the causal effect of customer’s innovation outputs on supplier’s performance, I study an exogenous shock—State Street Bank and Trust Company v. Signature Financial Group, Inc.—and find that an increase in granted customer’s patents causes an improvement in future supplier’s performances. This effect is mainly driven by knowledge spillover from customers to suppliers.
Guest Profile（嘉宾简介）：
Dr. Keming Li got BBA and MS in University of Houston and Ph.D. in University of Texas at Arlington (UTA). His academic life started in UTA when he taught different undergraduate and graduate courses. In May 2014 he finished his dissertation in his Ph.D. program and got a job in Texas A&M University. He had more than 5 years of experience as a professional instructor in finance and had published papers in European Financial Management and Managerial Finance.
欢迎全校师生参加！
商学院
2016-6-12
