Annual Conference

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Corporate Finance, Senior Fellows/Fellows

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May 2021

Paying Attention to ESG: Evidence from Big Data Analytics

Andrew KAROLYI, Alan KWAN, Wendi HUANG
Environment, social and governance (ESG) issues are increasingly important to investors and ESG data have become the backbone of responsible investing. Yet, ESG ratings feature data quality issues with considerable dispersion among data providers. We propose a new measure based on attention to ESG i...
Keywords: ESG, Big data analytics, intent data, institutional investors.
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Annual Conference

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Accounting

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May 2021

Pattern Recognition and Anomaly Detection in Bookkeeping Data

Christos FALOUTSOS, Leman AKOGLU, Aluna WANG, Pierre Jinghong LIANG
We introduce the Minimum Description Length (MDL) principle in performing tasks of pattern recognition and anomaly detection in bookkeeping data. MDL principle underlies many machine learning applications in practice, especially in unsupervised settings. We report and summarize recently developed MD...
Keywords: Pattern Recognition, Anomaly Detection, Bookkeeping, Minimum Description Length Principle, machine learning, Graph mining
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Annual Conference

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Investment Finance

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May 2017

Patent Thickets, Stock Returns, and Conditional CAPM

Po-Hsuan HSU, Hsiao-Hui LEE, Tong ZHOU
When firms innovate on the basis of prior patents dispersedly owned by different patent assignees, the fragmented patent ownership results in patent thickets that adversely affect the commercialization of these firms’ inventions. We develop a real option model that suggests a negative effect of pa...
Keywords: Patent Thicket, Technology Application, Litigation, New Product, Stock Return
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Annual Conference

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Corporate Finance

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May 2024

Patent Hunters

Lauren H. COHEN, Umit G. GURUN, S. Katie MOON, Paula SUH
Analyzing millions of patents granted by the USPTO between 1970 and 2020, we find a pattern where specific patents only rise to prominence after considerable time has passed. Amongst these late-blooming influential patents, we show that there are key players (patent hunters) who consistently identif...
Keywords: Innovation chain, innovation rent, patent citations, patent evolution, technological impact, technological trajectories, commercialization
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Annual Conference

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Accounting, Senior Fellows/Fellows

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May 2015

Particles, Pollutions and Prices

Yupeng LIN, Oliver Zhen LI, Xiaoli HU
We investigate whether a sentiment effect arising from poor air quality impacts stock prices. We find little evidence suggesting that local air quality directly affects stock prices. However, we show that the local air quality index (which is increasing in air pollution) relative to that of Beijing ...
Keywords: China, Pollution, Stock Return, Behavioral bias
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