incentivize firms to adopt. We identify two sets of firms: firms who were targeted for adoption in January 2019 (’Treatment’ firms) and firms targeted six-months later in July 2019 (’Control’ firms). Both set of firms had not used the Paytm technology prior to the intervention. The treatment group firms would have had approximately six-months of experience accepting mobile payments, compared to the control group firms who, at the time of the survey, had little to no experience. Firms targeted for sign-up in: January 2019 (6 months with Paytm
before or after the IPO. Panel D reports the regression results estimating the innovation dynamics of the treatment and control firms surrounding an IPO. The dependent variable is either Ln Pat it , the natural logarithm of one plus firm i ’s number of patents in year t , or Ln Inv it , the natural logarithm of one plus firm i ’s number of inventions in year t . list i is a dummy that equals one for treatment firms (listed firms) and zero for control firms (non-listed firms). b e f o r e i t 2 & 3 is a dummy that equals one if a firm-year observation is from 2
Association Agreements, has special protocols defining ROOs. A product can be given preferential treatment if it is either “wholly obtained” or has undergone a “substantial transformation” in an associated country. In order to qualify for preferential treatment, firms must provide significant documentation proving that they are in compliance with ROO requirements. If compliance costs are high, then ROOs are, in effect, nontariff barriers ( Hoekman, 1993 ). If conventional tariffs are low, then exporters may prefer to pay them, rather than pay the costs of providing ROO
Entering the Real Estate Sector Prior to entering the real estate sector, the treatment and control groups have similar trends in R&D intensity, investment rate, and labor productivity. After treatment firms participated in real estate activities, I observed a sharp decline in production in their original manufacturing businesses. Table B.1 column (2) repeats the OLS analysis using firms that are selected using the nearest-neighbor matching estimator in Abadie and Imbens (2006 , 2012) . With the real estate entrants matched to similar firms that stayed outside