主题：Innovation diversification under policy uncertainty
主讲人：Zhaojun Huang, The City University of New York
主持人：金融研究院院长 Prof. Philip Dybvig
Zhaojun Huang是美国纽约市立大学巴鲁学院的博士。主要研究方向为公司金融，资产定价等。曾著有《Firm Innovation Strategy Under Policy Patent Data》，《Cooperative games on firm innovation during policy uncertainty》等论文。
Using detailed data on patent grants and applications, we explore the effect of policy uncertainty on firms’ innovation strategies. We show that firms that invest in R&D tend to pursue more diversified strategies and are more likely to explore unfamiliar fields during periods of policy uncertainty. These findings hold after adjusting for possible sample-selection bias using variation from patent examiners' historical approval rates, and after adjusting for potential endogeneity using pre-scheduled gubernatorial elections for neighbor states. To understand the factors that underlie this phenomenon, we conduct a variety of heterogeneity tests and find that firms’ tendency to diversify is limited if they are financially constrained, hold irreversible assets, or rely heavily on pay-performance incentive contracts for managers. In addition, firms with higher sensitivity to government spending follow less diversified strategies, while firms facing higher product market competition are more likely to explore new fields.