mobile app. We exploit the sequencing of this intervention and identify ‘treatment’ and ‘control’ group 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
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