{"id":20210,"date":"2023-10-08T14:00:55","date_gmt":"2023-10-08T11:00:55","guid":{"rendered":"https:\/\/w3.bilkent.edu.tr\/en\/?p=20210"},"modified":"2023-10-22T23:54:57","modified_gmt":"2023-10-22T20:54:57","slug":"man-seminar-the-cost-of-capital-and-the-innovative-efficiency-of-public-firms-oleg-gredil-330pm-october-20-en","status":"publish","type":"post","link":"https:\/\/w3.bilkent.edu.tr\/en\/man-seminar-the-cost-of-capital-and-the-innovative-efficiency-of-public-firms-oleg-gredil-330pm-october-20-en\/","title":{"rendered":"MAN Seminar: \u201cThe Cost of Capital and the Innovative Efficiency of Public Firms\u201d, Oleg Gredil, 3:30PM October 20 (EN)"},"content":{"rendered":"<p>Date: 20 October 2023, Friday<br \/>\nTime: 15:30-16:30<\/p>\n<p>This is an online seminar. To obtain event details please send a message to department.<\/p>\n<p>By<br \/>\nOleg Gredil<br \/>\n\u2018The Cost of Capital and the Innovative Efficiency of Public Firms\u2019<br \/>\nTulane University<\/p>\n<p>Abstract: We study the effects of the cost of capital on innovative efficiency and output. Using idiosyncratic shocks to the peer equity valuations, we show that costlier capital increases successful patent applications, future patent citations, and market valuation of future patents. An interquartile increase in the cost of capital increases the innovative efficiency per dollar of intangibles by 0.014 to 0.043 of the outcome\u2019s standard deviation or 6% to 11% of the average output. We show that in response our proxy of adverse shocks to the cost of capital, firms reduce capital and labor expenditures. They also tend to shrink their sales and fixed assets but maintain their R&amp;D expenditures. Keywords: Innovation, Innovative efficiency, Cost of Capital, Discount-rate shocks, R&amp;D adjustment cost, Investments, Patenting, ESG JEL: G30,G32,G34,O3,O34.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Date: 20 October 2023, Friday Time: 15:30-16:30 This is an online seminar. To obtain event details please send a message to department. By Oleg Gredil \u2018The Cost of Capital and the Innovative Efficiency of Public Firms\u2019 Tulane University Abstract: We study the effects of the cost of capital on innovative [\u2026] <\/p>\n<div class=\"clear\"><\/div>\n<p><a class=\"more_link clearfix\" href=\"https:\/\/w3.bilkent.edu.tr\/en\/man-seminar-the-cost-of-capital-and-the-innovative-efficiency-of-public-firms-oleg-gredil-330pm-october-20-en\/\" rel=\"nofollow\">Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[],"class_list":["post-20210","post","type-post","status-publish","format-standard","hentry","category-oldposts"],"_links":{"self":[{"href":"https:\/\/w3.bilkent.edu.tr\/en\/wp-json\/wp\/v2\/posts\/20210","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/w3.bilkent.edu.tr\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/w3.bilkent.edu.tr\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/w3.bilkent.edu.tr\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/w3.bilkent.edu.tr\/en\/wp-json\/wp\/v2\/comments?post=20210"}],"version-history":[{"count":1,"href":"https:\/\/w3.bilkent.edu.tr\/en\/wp-json\/wp\/v2\/posts\/20210\/revisions"}],"predecessor-version":[{"id":20211,"href":"https:\/\/w3.bilkent.edu.tr\/en\/wp-json\/wp\/v2\/posts\/20210\/revisions\/20211"}],"wp:attachment":[{"href":"https:\/\/w3.bilkent.edu.tr\/en\/wp-json\/wp\/v2\/media?parent=20210"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/w3.bilkent.edu.tr\/en\/wp-json\/wp\/v2\/categories?post=20210"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/w3.bilkent.edu.tr\/en\/wp-json\/wp\/v2\/tags?post=20210"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}