01
原文：Chu J, He Y, Hui K W, et al. New product announcements, innovation disclosure, and future firm performance[J]. Review of Accounting Studies, 2024: 1-32.
New Product Announcements, Innovation Disclosure, and Future Firm Performance
ABSTRACT: This study examines the properties of innovation disclosures contained in new product announcements, a form of voluntary, nonfinancial disclosure. We analyze these properties using a novel, text-based measure of the extent of product innovation disclosed in new product announcements. We find that stock prices react more positively to announcements with more extensive innovation disclosure. In our main analyses, we first find that a higher level of innovation disclosure predicts a greater increase in future sales. We further find that this predictive ability falls when managers have stronger incentives to maximize their wealth and when the corporate governance structure and customers’ bargaining power weaken. Our research enhances the understanding of the properties of managerial voluntary, nonfinancial disclosures and contributes a text-based measure of innovation that captures managerial assessment of the extent of product innovation. This new measure is more generalizable and incrementally informative for firm value and future performance than conventional innovation measures that depend on the existence of patents or research and development expenses.
新产品发布、创新披露和未来公司业绩
摘要：此研究考察了新产品公告中包含的创新披露的属性，新产品公告是一种自愿的非财务披露形式。我们使用一种新颖的、基于文本的衡量标准来分析这些特性，该指标衡量新产品公告中披露的产品创新程度。我们发现，股票价格对创新披露范围更广的公告反应更积极。在我们的主要分析中，我们首先发现，更高水平的创新披露预示着未来销售额的更大增长。我们进一步发现，当管理者有更强的动机来实现财富最大化，而当公司治理结构和客户的议价能力减弱时，这种预测能力就会下降。我们的研究增强了对管理层自愿、非财务披露属性的理解，并提供了一种基于文本的创新衡量标准，该衡量标准捕捉了管理层对产品创新程度的评估。与依赖于专利或研发费用存在的传统创新指标相比，这种新指标对公司价值和未来绩效更具普遍性和增量信息。
亮点：1. 为有关自愿、非财务披露影响的文献以及有关企业创新对公司结果影响的文献做出了贡献。2. 开发一种基于文本的创新衡量标准，利用大量新产品公告中的管理叙述，为关于创新在公司成功中的作用的文献增长做出了贡献。3. 验证了基于文本的创新衡量标准，并表明新产品公告中的创新披露可以预测销售业绩。当管理者有更强的披露激励时，这种预测能力就会降低。
02
原文：Dyer T A, Glaeser S, Lang M H, et al. The effect of patent disclosure quality on innovation[J]. Journal of Accounting and Economics, 2024, 77(2-3): 101647.
The Effect of Patent Disclosure Quality on Innovation
ABSTRACT: The patent system grants inventors temporary monopoly rights in exchange for a public disclosure detailing their innovation. These disclosures are meant to allow others to recreate and build on the patented innovation. We examine how the quality of these disclosures affects follow-on innovation. We use the plausibly exogenous assignment to patent applications of examiners who differ in their enforcement of disclosure requirements as a source of variation in disclosure quality. We find that some examiners are significantly more lenient with respect to patent disclosure quality requirements, and that patents granted by these examiners include significantly lower-quality disclosures and generate significantly less follow-on innovation. Overall, our evidence suggests that high-quality patent disclosures create knowledge spillovers that spur follow-on innovation.
专利公开质量对创新的影响
摘要：专利制度授予发明人临时垄断权，以换取公开披露其创新细节。这些披露旨在允许其他人建立在专利创新的基础上重新创建。我们研究了这些披露的质量如何影响后续创新。我们使用在执行公开要求方面不同的审查员对专利申请的合理外生分配作为公开质量差异的来源。我们发现，一些审查员在专利公开质量要求方面明显更宽松，并且这些审查员授予的专利包括明显较低质量的公开，并且产生的后续创新明显较少。总体而言，我们的证据表明，高质量的专利披露会产生知识溢出效应，从而刺激后续创新。
亮点：1. 研究发现披露宽松的审查员批准的专利不那么“完整”，其书面描述中的信息字节和文本字数较少。2. 由披露宽松审查员监督的专利产生的后续创新较少，以后续专利的引用来衡量。3. 高质量的专利披露对焦点专利子类之外的专利子类的后续创新增加的程度大于增加焦点专利子类的后续创新。这一结果表明，信息披露会带来来自更广泛领域的创新，这与理解和建立高质量信息披露所需的较低信息处理成本是一致的。4. 拓展了关于同行公司外部性的一般文献，特别是披露溢出效应。
03
原文：Baruffaldi S, Simeth M, Wehrheim D. Asymmetric information and R&D disclosure: evidence from scientific publications[J]. Management Science, 2024, 70(2): 1052-1069.
Asymmetric Information and R&D Disclosure: Evidence from Scientific Publications
ABSTRACT: We examine how asymmetric information in financial markets affects voluntary research and development (R&D) disclosure, considering scientific publications as a disclosure channel. Difference-in-differences regressions around brokerage house mergers and closures, which increase information asymmetry through reductions in analyst coverage, indicate a quick and sustained increase in scientific publications from treated firms relative to the number of publications from control firms. The treatment effects are concentrated among firms with higher information asymmetry and lower investor demand, firms with greater financial constraints, and firms with lower proprietary costs. We do not find evidence of changes in financial disclosure, nor do we find changes in patenting. Results from ordinary least squares regressions show that scientific publications by firms are positively associated with investor attention toward those firms. We complement these results with qualitative evidence from conference calls. Our results highlight the limitations and trade-offs R&D firms face in their financial market disclosure policies.
信息不对称和研发披露：来自科学出版物的证据
摘要：我们将科学出版物视为披露渠道，研究了金融市场中的不对称信息如何影响自愿研发（R&D）披露。围绕经纪公司合并和关闭的双重差分回归，通过减少分析师的覆盖范围来增加信息不对称，表明相对于对照公司的出版物数量，来自实验组的公司的科学出版物迅速而持续地增加。处理效应集中在信息不对称性较高且投资者需求较低的公司、财务约束较大的公司以及专有成本较低的公司。我们没有发现财务披露发生变化的证据，也没有发现专利申请发生变化。普通最小二乘回归的结果表明，公司的科学出版物与投资者对这些公司的关注呈正相关。我们用电话会议的定性证据补充了这些结果。我们的结果突出了研发公司在其金融市场披露政策中面临的局限性和权衡。
亮点：1. 文章发现，分析师覆盖率下降的公司的科学出版物的出版率及披露会增加，由于覆盖率冲击，出版物数量增加了10.5%–12.6%。2. 当分析师覆盖率的减少对公司来说成本更高时：当信息不对称更大、投资者需求较低且存在财务限制时，结果会更强。3. 通过记录金融市场中的信息不对称如何影响科学研究的自愿披露，为关于研发披露决定因素的文献做出了贡献。4. 通过记录科学研究的自愿披露与投资者关注之间的关系，为关于研发披露后果的文献做出了贡献。
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总编：游家兴
解析：苏圳
审校：苏三妹 骆美婷
编辑：潘芳妍
