Title：A Good Neighbor, A Found Treasure: Do Local Neighbors Affect Corporate Innovation?

　　 Schedule: Oct 20, Wed 11:00-12:00 AM

　　 Location: Rm 307, Chengming Hall (诚明楼) & 腾讯会议 245 201 457

　　 Abstract：This paper examines whether local neighbors operating in different industries affect corporate innovation, which is defined as the regional peer effects in corporate innovation. We find that the innovative local neighbors can serve as a positive reference group for other firms in the region even they operate in very different industries, which in turn, promotes the generation of regional peer effects in corporate innovation. Our results remain robust after controlling for endogeneity by using multiple approaches, controlling for possible co-movements of corporate innovation, and addressing unobservable regional factors. Importantly, we find that regional information transmission among executives is the mechanism that facilitates the regional peer effects in corporate innovation. Furthermore, the regional peer effects in corporate innovation can improve firm performance and enhance the efficiency of regional capital allocation and regional economic stability. 

标题：好邻居是个宝：邻居会影响企业创新吗？

摘要：本文研究了不同行业中，当地邻居是否会影响企业创新。这种影响被定义为企业创新中的区域对等效应。我们发现即使企业在不同行业中经营，创新的邻居也可以作为该地区其他公司的榜样，这种效应反过来可以促进其他公司创新。在使用多种方法控制内生性、控制企业创新的可能出现的协同效应以及解决不可观察的区域特征因素之后，我们的结果仍然稳健。重要的是，我们发现高管之间的区域信息传递是促进企业创新中区域同行效应的机制。此外，企业创新中的区域同行效应可以提高企业绩效、提高区域资本配置效率以及提高区域经济稳定性。

　　 Introduction：姚守宇，天津大学博士研究生，研究方向为Asset Pricing 以及 Corporate Finance。The Chinese University of Hong Kong ( SZ , SFI ) 访问学者，并以第一作者或者通讯作者分别在国际权威SSCI及国内权威学术期刊发表10余篇文章, 发表期刊包括 European Journal of Finance , Energy Economics , Annals of Operations Research, International Review of Financial Analysis, Emerging Markets Review, Pacific-Basin Finance Journal, Accounting & Finance, Finance Research Letters,  《管理科学学报》等。姚守宇的论文荣获“中国金融工程学年会论文三等奖”以及“金融系统工程与风险管理国际年会优秀论文奖”。