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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

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

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

treatment group firm is a state-owned enterprise, and zero otherwise, or a dummy variable, EXEHLD , indicating whether the management team holds firm stock (one if management holds, zero if not) after the IPO, or a dummy variable, Duality i , indicating if the same person is CEO and the president (one if so, zero otherwise) after the IPO, or a dummy variable, Fixed , equal to one if a firm’s fixed assets ratio (FixAT_AT) is above the median level one year prior to the IPO, or a dummy variable, External dependence , equal to one if a firm’s industry belongs to the