The aim of this paper is to investigate the issue of R&D investment and the market value of the firm. This idea dating back from Arrow paper, later developed by Paul Romer, but in the area of economic growth. Zvi Griliches (1979), first introduced the production function, which later would be...

The fluctuating growth of the Greek capital market has strengthened all motives for an investigation of probable relations between share prices and ownership dispersion. Because the issue has only theoretically been examined in the literature, empirical evidence is almost apparent but...

This paper discusses the impact of a firm's technology portfolio on its market value. Two concepts are used to characterize a firm's portfolio: the number of technological fields and the degree of relatedness within the portfolio characterized by the amount of joint occurrences of patents in...

We decompose the market-to-book ratio into two additive components: a conservatism correction factor and a future-to-book ratio. The conservatism correction factor exceeds the benchmark value of one whenever the accounting for past transactions has been subject to an (unconditional) conservatism...

What role does labor play in firms' market value? We explore this question using a production-based asset pricing model with frictions in the adjustment of both capital and labor. We posit that hiring of labor is akin to investment in capital and that the two interact, with the interaction being...