@inproceedings{81f78f6625ed4c3f83c58bdf20742c90,
title = "Innovation Novelty and Firm Value: Deep Learning-Based Text Understanding",
abstract = "Innovation is widely acknowledged as a key driver of firm performance, with patents serving as unique indicators of a company{\textquoteright}s technological advancements. This study aims to investigate the impact of textual novelty within patents on firm performance, focusing specifically on biotechnology startups listed on the Nasdaq. Utilizing deep learning-based approaches, we construct measures for semantic originality in patent texts. Through panel vector autoregressive (VAR) analysis, our empirical findings demonstrate a positive correlation between textual novelty and abnormal stock returns. Further, impulse response function analysis indicates that the impact of textual novelty peaks approximately one week after patent issuance and gradually diminishes within a month. These insights offer valuable contributions to both the theoretical understanding and practical application of innovation management and strategic planning.",
keywords = "deep learning, Innovation, patent, stock market, text analysis",
author = "Chan, \{Yuk Yee\} and Wei Hu and Jianming Huang and Wanyue Zhou and Xin Li",
note = "Publisher Copyright: {\textcopyright} 2023 International Conference on Information Systems, ICIS 2023: {"}Rising like a Phoenix: Emerging from the Pandemic and Reshaping Hu. All Rights Reserved.; 44th International Conference on Information Systems: Rising like a Phoenix: Emerging from the Pandemic and Reshaping Human Endeavors with Digital Technologies, ICIS 2023 ; Conference date: 10-12-2023 Through 13-12-2023",
year = "2023",
language = "English",
series = "International Conference on Information Systems, ICIS 2023: {"}Rising like a Phoenix: Emerging from the Pandemic and Reshaping Human Endeavors with Digital Technologies{"}",
publisher = "Association for Information Systems",
booktitle = "International Conference on Information Systems, ICIS 2023",
address = "United States",
}