{"id":"https://openalex.org/W4302303891","doi":"https://doi.org/10.1017/s0022109022001053","title":"The Real Effects of Equity Markets on Innovation","display_name":"The Real Effects of Equity Markets on Innovation","publication_year":2022,"publication_date":"2022-10-06","ids":{"openalex":"https://openalex.org/W4302303891","doi":"https://doi.org/10.1017/s0022109022001053"},"language":"en","primary_location":{"id":"doi:10.1017/s0022109022001053","doi":"https://doi.org/10.1017/s0022109022001053","is_oa":true,"landing_page_url":"https://doi.org/10.1017/s0022109022001053","pdf_url":"https://www.cambridge.org/core/services/aop-cambridge-core/content/view/124BACCD9A6C9B2E73E6DB359978C3D9/S0022109022001053a.pdf/div-class-title-the-real-effects-of-equity-markets-on-innovation-div.pdf","source":{"id":"https://openalex.org/S193228710","display_name":"Journal of Financial and Quantitative Analysis","issn_l":"0022-1090","issn":["0022-1090","1756-6916"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-1","ft50","jufo-3","norway-2","poland-140","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310311721","host_organization_name":"Cambridge University Press","host_organization_lineage":["https://openalex.org/P4310311721","https://openalex.org/P4310311702"],"host_organization_lineage_names":["Cambridge University Press","University of Cambridge"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Financial and Quantitative Analysis","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"hybrid","oa_url":"https://www.cambridge.org/core/services/aop-cambridge-core/content/view/124BACCD9A6C9B2E73E6DB359978C3D9/S0022109022001053a.pdf/div-class-title-the-real-effects-of-equity-markets-on-innovation-div.pdf","any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":null,"display_name":"Chris Mace","orcid":"https://orcid.org/0000-0002-0452-0340","observed_orcids":["https://orcid.org/0000-0002-0452-0340"]},"institutions":[{"id":"https://openalex.org/I162577319","display_name":"The University of Texas at Dallas","ror":"https://ror.org/049emcs32","country_code":"US","type":"education","lineage":["https://openalex.org/I162577319"]}],"countries":["US"],"is_corresponding":true,"raw_author_name":"Chris Mace","raw_affiliation_strings":["The University of Texas at Dallas Jindal School of Management"],"raw_orcid":"https://orcid.org/0000-0002-0452-0340","affiliations":[{"raw_affiliation_string":"The University of Texas at Dallas Jindal School of Management","institution_ids":["https://openalex.org/I162577319"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":[],"corresponding_institution_ids":["https://openalex.org/I162577319"],"apc_list":{"value":3255,"currency":"USD","value_usd":3255},"apc_paid":{"value":3255,"currency":"USD","value_usd":3255},"fwci":1.3483,"has_fulltext":true,"cited_by_count":15,"citation_normalized_percentile":{"value":0.82902251,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":{"min":88,"max":99},"biblio":{"volume":"58","issue":"6","first_page":"2522","last_page":"2552"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.8906000256538391,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.8906000256538391,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11792","display_name":"Pharmaceutical Economics and Policy","score":0.0689999982714653,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.01590000092983246,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/stock-market","display_name":"stock market","score":0.8970000147819519},{"id":"https://openalex.org/keywords/innovation","display_name":"innovation","score":0.8690000176429749},{"id":"https://openalex.org/keywords/pharmaceutical-industry","display_name":"pharmaceutical industry","score":0.7990000247955322},{"id":"https://openalex.org/keywords/drug-development","display_name":"drug development","score":0.734000027179718},{"id":"https://openalex.org/keywords/financial-constraints","display_name":"financial constraints","score":0.7599999904632568},{"id":"https://openalex.org/keywords/public-companies","display_name":"public companies","score":0.7250000238418579},{"id":"https://openalex.org/keywords/capital-allocation","display_name":"capital allocation","score":0.777999997138977},{"id":"https://openalex.org/keywords/early-drug-development","display_name":"early drug development","score":0.5220000147819519},{"id":"https://openalex.org/keywords/market-fluctuations","display_name":"market fluctuations","score":0.3100000023841858}],"concepts":[{"id":"https://openalex.org/C199728807","wikidata":"https://www.wikidata.org/wiki/Q2578557","display_name":"Equity (law)","level":2,"score":0.7595310211181641},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.5337992906570435},{"id":"https://openalex.org/C204036174","wikidata":"https://www.wikidata.org/wiki/Q909380","display_name":"Stock (firearms)","level":2,"score":0.5180728435516357},{"id":"https://openalex.org/C143910263","wikidata":"https://www.wikidata.org/wiki/Q750458","display_name":"Capital market","level":2,"score":0.4741456210613251},{"id":"https://openalex.org/C19244329","wikidata":"https://www.wikidata.org/wiki/Q208697","display_name":"Financial market","level":2,"score":0.4343251585960388},{"id":"https://openalex.org/C2779530757","wikidata":"https://www.wikidata.org/wiki/Q1207505","display_name":"Quality (philosophy)","level":2,"score":0.42464709281921387},{"id":"https://openalex.org/C2780299701","wikidata":"https://www.wikidata.org/wiki/Q475000","display_name":"Stock market","level":3,"score":0.415394127368927},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.4128063917160034},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.39537400007247925},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.35511964559555054},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.3263179659843445},{"id":"https://openalex.org/C2780762169","wikidata":"https://www.wikidata.org/wiki/Q5905368","display_name":"Horse","level":2,"score":0.0},{"id":"https://openalex.org/C86803240","wikidata":"https://www.wikidata.org/wiki/Q420","display_name":"Biology","level":0,"score":0.0},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.0},{"id":"https://openalex.org/C138885662","wikidata":"https://www.wikidata.org/wiki/Q5891","display_name":"Philosophy","level":0,"score":0.0},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0},{"id":"https://openalex.org/C78519656","wikidata":"https://www.wikidata.org/wiki/Q101333","display_name":"Mechanical engineering","level":1,"score":0.0},{"id":"https://openalex.org/C151730666","wikidata":"https://www.wikidata.org/wiki/Q7205","display_name":"Paleontology","level":1,"score":0.0},{"id":"https://openalex.org/C111472728","wikidata":"https://www.wikidata.org/wiki/Q9471","display_name":"Epistemology","level":1,"score":0.0},{"id":"https://openalex.org/C127413603","wikidata":"https://www.wikidata.org/wiki/Q11023","display_name":"Engineering","level":0,"score":0.0}],"mesh":[],"locations_count":2,"locations":[{"id":"doi:10.1017/s0022109022001053","doi":"https://doi.org/10.1017/s0022109022001053","is_oa":true,"landing_page_url":"https://doi.org/10.1017/s0022109022001053","pdf_url":"https://www.cambridge.org/core/services/aop-cambridge-core/content/view/124BACCD9A6C9B2E73E6DB359978C3D9/S0022109022001053a.pdf/div-class-title-the-real-effects-of-equity-markets-on-innovation-div.pdf","source":{"id":"https://openalex.org/S193228710","display_name":"Journal of Financial and Quantitative Analysis","issn_l":"0022-1090","issn":["0022-1090","1756-6916"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-1","ft50","jufo-3","norway-2","poland-140","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310311721","host_organization_name":"Cambridge University Press","host_organization_lineage":["https://openalex.org/P4310311721","https://openalex.org/P4310311702"],"host_organization_lineage_names":["Cambridge University Press","University of Cambridge"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Financial and Quantitative Analysis","raw_type":"journal-article"},{"id":"pmh:oai:RePEc:cup:jfinqa:v:58:y:2023:i:6:p:2522-2552_8","doi":null,"is_oa":false,"landing_page_url":"https://www.cambridge.org/core/product/identifier/S0022109022001053/type/journal_article","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"}],"best_oa_location":{"id":"doi:10.1017/s0022109022001053","doi":"https://doi.org/10.1017/s0022109022001053","is_oa":true,"landing_page_url":"https://doi.org/10.1017/s0022109022001053","pdf_url":"https://www.cambridge.org/core/services/aop-cambridge-core/content/view/124BACCD9A6C9B2E73E6DB359978C3D9/S0022109022001053a.pdf/div-class-title-the-real-effects-of-equity-markets-on-innovation-div.pdf","source":{"id":"https://openalex.org/S193228710","display_name":"Journal of Financial and Quantitative Analysis","issn_l":"0022-1090","issn":["0022-1090","1756-6916"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-1","ft50","jufo-3","norway-2","poland-140","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310311721","host_organization_name":"Cambridge University Press","host_organization_lineage":["https://openalex.org/P4310311721","https://openalex.org/P4310311702"],"host_organization_lineage_names":["Cambridge University Press","University of Cambridge"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Financial and Quantitative Analysis","raw_type":"journal-article"},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":true,"grobid_xml":true},"content_urls":{"pdf":"https://content.openalex.org/works/W4302303891.pdf","grobid_xml":"https://content.openalex.org/works/W4302303891.grobid-xml"},"referenced_works_count":41,"referenced_works":["https://openalex.org/W66759778","https://openalex.org/W1866222763","https://openalex.org/W1965739075","https://openalex.org/W1989028508","https://openalex.org/W1991428446","https://openalex.org/W1997101969","https://openalex.org/W1997362383","https://openalex.org/W2004463963","https://openalex.org/W2018514594","https://openalex.org/W2049735678","https://openalex.org/W2062269829","https://openalex.org/W2075432689","https://openalex.org/W2079547541","https://openalex.org/W2107077262","https://openalex.org/W2116905505","https://openalex.org/W2124115302","https://openalex.org/W2127090968","https://openalex.org/W2140695089","https://openalex.org/W2273267066","https://openalex.org/W2319630131","https://openalex.org/W2769476538","https://openalex.org/W2772465253","https://openalex.org/W3021915290","https://openalex.org/W3022527834","https://openalex.org/W3121251221","https://openalex.org/W3121605141","https://openalex.org/W3121620594","https://openalex.org/W3121786372","https://openalex.org/W3122509420","https://openalex.org/W3122815320","https://openalex.org/W3123910919","https://openalex.org/W3124081892","https://openalex.org/W3124476680","https://openalex.org/W3124772297","https://openalex.org/W3125654204","https://openalex.org/W3135684266","https://openalex.org/W3172342141","https://openalex.org/W4211141187","https://openalex.org/W4214671294","https://openalex.org/W4232869390","https://openalex.org/W4239530278"],"related_works":["https://openalex.org/W2980510343","https://openalex.org/W2805935374","https://openalex.org/W4312036690","https://openalex.org/W4390004989","https://openalex.org/W4385489508","https://openalex.org/W2803640134","https://openalex.org/W3125383547","https://openalex.org/W3124376267","https://openalex.org/W4294710517","https://openalex.org/W7099492577"],"abstract_inverted_index":{"Abstract":[0],"In":[1,14,26],"theory,":[2],"financial":[3],"markets":[4,21],"promote":[5],"innovation":[6,75],"by":[7],"selectively":[8],"allocating":[9],"capital":[10],"to":[11,39,83],"high-quality":[12],"projects.":[13],"this":[15,61],"article,":[16],"I":[17,29,55],"show":[18,56],"that":[19,31,57,64],"equity":[20,33],"can":[22,69],"also":[23],"inhibit":[24],"innovation.":[25],"public":[27],"firms,":[28],"find":[30],"short-term":[32,66],"market":[34,67],"declines":[35],"cause":[36],"pharmaceutical":[37,74],"companies":[38],"abandon":[40],"early-stage":[41],"drug":[42,46],"developments,":[43],"irrespective":[44],"of":[45],"quality":[47],"or":[48],"changes":[49],"in":[50],"a":[51],"firm\u2019s":[52],"stock":[53],"price.":[54],"financing":[58],"constraints":[59],"drive":[60],"behavior,":[62],"highlighting":[63],"even":[65],"fluctuations":[68],"have":[70],"long-term":[71],"effects":[72],"on":[73],"and":[76],"prevent":[77],"potentially":[78],"life-saving":[79],"drugs":[80],"from":[81],"progressing":[82],"the":[84],"market.":[85]},"counts_by_year":[{"year":2026,"cited_by_count":6},{"year":2025,"cited_by_count":2},{"year":2024,"cited_by_count":2},{"year":2023,"cited_by_count":3},{"year":2022,"cited_by_count":1},{"year":2019,"cited_by_count":1}],"updated_date":"2026-11-08T12:12:28.789561","created_date":"2022-10-06T00:00:00"}