Does Going Public Affect Innovation?
通过比较成功上市与撤回IPO申请的公司，发现上市后内部创新质量下降，表现为熟练发明者流失和剩余发明者生产率降低，但上市公司能吸引新人力资本并获取外部创新。
ABSTRACT This paper investigates the effects of going public on innovation by comparing the innovation activity of firms that go public with firms that withdraw their initial public offering (IPO) filing and remain private. NASDAQ fluctuations during the book‐building phase are used as an instrument for IPO completion. Using patent‐based metrics, I find that the quality of internal innovation declines following the IPO, and firms experience both an exodus of skilled inventors and a decline in the productivity of the remaining inventors. However, public firms attract new human capital and acquire external innovation. The analysis reveals that going public changes firms' strategies in pursuing innovation.