【讲座时间】2023年4月11日  14：00

【讲座地点】必赢APP官网108室

【讲座主题】A Look into Firms' R&D Activities through Online Job Postings

【嘉宾介绍】郑悦，香港科技大学助理教授。

  Dr. Yue Zheng is an Assistant Professor of Accounting at the Hong Kong University of Science and Technology. She received her Ph.D. in Accounting from the University of Maryland. Her research interests include the real effects of accounting information, disclosure, and human capital. Her work has been published in The Accounting Review, Review of Accounting Studies, and Contemporary Accounting Research. She has received the 2021 European Financial Management Association Annual Meetings Best Paper award and PwC 3535 Summit Best Academic Paper award.

【内容提要】

  Information  about firms' research and development (R&D) activities is  considered proprietary and is rarely disclosed. This study examines  firms' R&D activities through a new information source – R&D job  posting. Using the detailed textual information in job postings to  identify R&D positions, we find an increasing demand for R&D  human capital by US firms from 2010 to 2021. Controlling for other  information sources on firms' R&D activities (R&D expense and  narrative information disclosed in 10-K), we show that R&D job  postings have incremental predictive power for firms' future innovation  output, with the predictive power being more pronounced for firms with  higher growth opportunity and lower labor intensity. Exploring the  qualitative information of R&D job postings, we show that R&D  postings that require new technology skills or higher education  attainment have stronger predictive power for future innovation. Lastly,  we show that the stock market reacts positively to firms' R&D  postings. However, the market undervalues such information, reflected by  the positive link between firms' R&D postings and future abnormal  returns. Taken together, our results show that R&D job postings are  an important information source for understanding firms' innovation  activities.