The Effect of Intellectual Property Rights Protection on Stock Price Informativeness
利用各国分阶段采纳TRIPS协议这一外生冲击，研究发现知识产权保护增强后股价同步性降低，即更多公司特有信息被纳入股价，且对创新型企业、执法强国家和分析师覆盖多的公司影响更大。
Abstract We examine whether intellectual property protection facilitates the greater incorporation of firm-specific information into the stock price. Employing the staggered, country-level adoption of the Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS), we find that after adoption, stock prices become less synchronous, consistent with more firm-specific information being impounded into the stock price. We further show that this effect is more pronounced for more innovative firms, firms in countries with stronger law enforcement, and firms with more financial analyst coverage. Finally, we document that TRIPS induces a richer information environment characterized by more management forecasts and media coverage.