Hedge Funds and Corporate Innovation
利用美国企业1998至2006年的专利数据和对冲基金持股数据，研究发现对冲基金持股能提升专利数量和质量，主要通过提高研发生产率和创新效率，而非增加研发投入。
Using National Bureau of Economics Research patent data and hedge fund holdings in US firms from 1998 to 2006, we examine the effect of hedge fund ownership on corporate innovation. We find that hedge fund ownership increases both patent quantity and quality, even after controlling for endogeneity. Hedge funds appear to increase innovation and firm value by increasing research and development (R&D) productivity and innovation efficiency rather than R&D input. Our study suggests another channel through which hedge funds may enhance firm value, contributing to the literature on hedge fund ownership.