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This topic is of interest because innovation is crucial for firm\u2010 and national\u2010level competitiveness and stock liquidity can be altered by financial market regulations. Using a difference\u2010in\u2010differences approach that relies on the exogenous variation in liquidity generated by regulatory changes, we find that an increase in liquidity causes a reduction in future innovation. We identify two possible mechanisms through which liquidity impedes innovation: increased exposure to hostile takeovers and higher presence of institutional investors who do not actively gather information or monitor.<\/jats:p>","DOI":"10.1111\/jofi.12187","type":"journal-article","created":{"date-parts":[[2014,6,20]],"date-time":"2014-06-20T07:43:00Z","timestamp":1403250180000},"page":"2085-2125","update-policy":"https:\/\/doi.org\/10.1002\/crossmark_policy","source":"Crossref","is-referenced-by-count":1281,"title":["Does Stock Liquidity Enhance or Impede Firm Innovation?"],"prefix":"10.1111","volume":"69","author":[{"given":"VIVIAN 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