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4. Appendix B Additional Figures Figure B.1: Pension Fund Investments and Innovation Outcomes, Alternative Intensive Margin 0 .5 1 1.5 2 2.5 Effect -4-2 0 2 4 6 Relative time to Pension Investment (a) Intensive Margin of Innovation (Whole Sample) 0 .5 1 1.5 2 2.5 Effect -4-2 0 2 4 6 Relative time to Pension Investment (b) Intensive Margin of Innovation (Matched Sample) Note: The figure shows event time coefficients and 95% confidence intervals estimated using the algorithm developed in Sun and Abraham (2021). The dependent variable is the number of patent applications weighted by citations (intensive margin) in year t. The sample considers 476 distinct events of treatment. Control variables include the firms’ productivity, capital intensity, share of female workers and share of tertiary educated workers.
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27. Figure 1: Pension Fund Investments and Innovation Outcomes, Dynamic Specification -.05 0 .05 .1 .15 Effect -4-2 0 2 4 6 Relative time to Pension Investment (a) Intensive Margin of Innovation (Whole Sample) -.05 0 .05 .1 .15 Effect -4-2 0 2 4 6 Relative time to Pension Investment (b) Intensive Margin of Innovation (Matched Sample) Note: This figure shows event time coefficients and 95% confidence intervals estimated using the algorithm developed in Sun and Abraham (2021). The dependent variable is the IHS transformation of the number of patent applications weighted by citations (intensive margin) in year t. The sample considers 476 distinct events of treatment. Control variables include the firms’ productivity, capital intensity, share of female workers and share of tertiary educated workers.
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28. Figure B.4: Pension Fund Investments and Innovation Outcomes, Additional Placebo Tests -.05 0 .05 .1 Effect -4-3 -2-1 Relative time to Pension Investment (a) Intensive Margin of Innovation (IHS) 0 .05 .1 Effect -5-4 -3-2 -1 Relative time to Pension Investment (b) Intensive Margin of Innovation (IHS) Note: The figure shows event time coefficients and 95% confidence intervals estimated using the algorithm developed in Sun and Abraham (2021). In both panels, the dependent variable is the IHS transformation of number of patent applications weighted by citations (intensive margin) in year t. The sample considers 476 distinct events of treatment and excludes from the estimations the period following the event (including the event year). Control variables include the firms’ productivity, capital intensity, share of female workers and share of tertiary educated workers.
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