Chun, Hyunbae; Morck, Randall; Kim, Jung-Wook - National Bureau of Economic Research (NBER) - 2013
US, individual firms' stock returns correlate positively with their own productivity growth, yet the market return … correlates negatively with aggregate productivity growth, yet. This seeming fallacy of composition reflects Schumpeterian … productivity growth. Analogous reasoning explains prior findings that the market return correlates negatively with aggregate …