A Text-Based Analysis of Corporate Innovation

发布日期：2020年9月16日

作者：      Gustaf Bellstam, Sanjai Bhagat, J. Anthony Cookson

期刊：      Management Science 67(7):4004-4031

摘要：      We develop a new measure of innovation using the text of analyst reports of S&P 500 firms. Our text-based measure gives a useful description of innovation by firms with and without patenting and R&D (research and development). For nonpatenting firms, the measure identifies innovative firms that adopt novel technologies and innovative business practices (e.g., Walmart’s cross-geography logistics). For patenting firms, the text-based measure strongly correlates with valuable patents, which likely capture true innovation. The text-based measure robustly forecasts greater firm performance and growth opportunities for up to four years, and these value implications hold just as strongly for innovative nonpatenting firms.

DOI：      https://doi.org/10.1287/mnsc.2020.3682

链接：      A Text-Based Analysis of Corporate Innovation