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Manasa Patnam and Weijia Yao
Mobile money services have rapidly expanded across emerging and developing economies and enabled new ways through which households and firms can conduct payments, save and send remittances. We explore how mobile money use can impact economic outcomes in India using granular data on transactions from Paytm, one of the largest mobile money service provider in India with over 400 million users. We exploit the period around the demonetization policy, which prompted a surge in mobile money adoption, and analyze how mobile money affects traditional risk-sharing arrangements. Our main finding is that mobile money use increases the resilience to shocks by dampening the impact of rainfall shocks on nightlights-based economic activity and household consumption. We complement these findings by conducting a firm survey around a phased targeting intervention which incentivized firms to adopt the mobile payment technology. Our results suggest that firms adopting mobile payments improved their sales after six-months of use, compared to other firms. We also elicit firms’ subjective expectations on future sales and find mobile payment adoption to be associated with lower subjective uncertainty and greater sales optimism.
Manasa Patnam and Weijia Yao

mobile app. We exploit the sequencing of this intervention and identify ‘treatment’ and ‘controlgroup firms, with the former set of firm having experienced this technology for six months. We then test the impact of this technology on subsequent firm sales using a difference in difference strategy. Our results show that Paytm using firms improve their sales, by approximately 26 percent relative to firms non-Paytm firms, after six months of use. We also elicit subjective expectations in our firm survey and and find that Paytm using firms have lower subjective

Hui He, Hanya Li, and Jinfan Zhang
The paper analyses the effect of the stock market on firm innovation through the lens of initial public offering (IPO) using uniquely matched Chinese firm-level data. We find that IPOs lead to an increase in both the quantity and quality of firm innovation activity. In addition, IPOs expand a firm’s scope of innovation beyond its core business. The impact of IPOs on firm innovation varies across financial constraints, corporate governance, and ownership structures. Our results further illustrate that IPOs induce a firm to increase the number of inventors and enable better retention of existing inventors after the IPO. Finally, we show that the enhanced innovation activity resulting from IPOs increases a firm’s Tobin’s Q in the long run.
Hui He, Hanya Li, and Jinfan Zhang

g_pm is insignificant, indicating that there is no observable difference in innovation trend between the IPO and non-IPO firms before the IPO event. Moreover, the pseudo R 2 falls dramatically from 16.52 percent to 0.66 percent after the matching and the p-value of the Chi-squared test is close to 1, indicating that the null hypothesis that all the coefficient estimates are zero cannot be rejected. Furthermore, we conduct a series of univariate variable tests of firm characteristics between the treatment and control group firms one year before the IPO. The