How Public Short Campaigns Harm Product Innovation
Reynolds Holding
MARCH 9, 2023
Using a sample of 274 PSCs announced over the period 2010-2017 targeting firms headquartered in the United States, Figure 1 below demonstrates that target firms experience greater declines in the adjusted NPI per year (a firm’s annual NPI minus its average across all years) relative to control firms for up to five years following PSC announcements.
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