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Ting Yu

Ting Yu (CJBS) 

Title of research proposal:How stock liquidity impacts firm innovation?

Innovation has long been of great interest to the academia given its importance for the firm-and national-level competitiveness.Innovation enhances firms’long-term competitive advantages(Porter, 1992)and is crucial to economic growth(Solow, 1957;Romer, 1990). Existing literature has shown that financial analysts(He and Tian, 2013), CEO connections (Faleye, Kovacs, and Venkateswaran, 2014),insider trading (Levine, Lin, and Wei, 2017),bank interventions (Gu, Mao, and Tian, 2017)and stock market liberalization (Moshirian, Tian, Zhang, and Zhang, 2019) affect firm innovation.