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Ranciere, Romaine - 2003

We address the question of whether growth and welfare can be higher in crisis prone economies. First, we show that there is a robust empirical link between per-capita GDP growth and negative skewness of credit growth across countries with active financial markets. That is, countries that have...

Persistent link: https://www.econbiz.de/10012468621

Technology Innovation and Diffusion as Sources of Output and Asset Price Fluctuations

Comin, Diego A. - 2009

We develop a model in which innovations in an economy's growth potential are an important driving force of the business cycle. The framework shares the emphasis of the recent "new shock" literature on revisions of beliefs about the future as a source of fluctuations, but differs by tieing these...

Persistent link: https://www.econbiz.de/10012463620

The Demographics of Innovation and Asset Returns

Gârleanu, Nicolae - 2009

We study asset-pricing implications of innovation in a general-equilibrium overlapping-generations economy. Innovation … capital of older workers. Due to the lack of inter-generational risk sharing, innovation creates a systematic risk factor …

Persistent link: https://www.econbiz.de/10012463192

Innovation and Market Value

Hall, Bronwyn H. - 1999

Recent research on financial market valuation of the knowledge assets of publicly traded firms is surveyed. The motivation for using a market value equation to price knowledge assets is discussed and the theory behind this equation is briefly presented. Then the empirical literature that relates...

Persistent link: https://www.econbiz.de/10012471824

R&D, Patents, and Market Value Revisited : Is There Evidence of A SecondTechnological Opportunity Related Factor?

Griliches, Zvi - 1988

It is known that innovations in the market value of manufacturing firms and their RhD expenditures are related (Pakes (1985) and Mairesse and Siu (1984)). This could be due to shifts in the demand for the output of a particular firm, to shifts in the technological opportunities available to the...

Persistent link: https://www.econbiz.de/10012476448

Crisis Innovation

Babina, Tania - 2020

The effect of financial crises on innovation is an unsettled and important question for economic growth, but one … that local distress caused a sudden and persistent decline in patenting by the largest organizational form of innovation at …. Despite this, we find that innovation during crises can be more resilient than it may appear at first glance. First, there is …

Persistent link: https://www.econbiz.de/10012481155

Research and/or Development? Financial Frictions and Innovation Investment

Mezzanotti, Filippo; Simcoe, Timothy S. - National Bureau of Economic Research - 2023

disaggregates "R" from "D" to study how US firms adjust their innovation investments in response to an external increase in funding …

Persistent link: https://www.econbiz.de/10014337755

Risks to the Returns to Medical Innovation : The Case of Myriad Genetics

Clemens, Jeffrey - 2015

discuss the implications of the risks we analyze for the total volume of medical innovation and for its organization across …

Persistent link: https://www.econbiz.de/10012457199

Technological Revolutions and Stock Prices

Pastor, Lubos - 2005

We develop a general equilibrium model in which stock prices of innovative firms exhibit "bubbles" during technological revolutions. In the model, the average productivity of a new technology is uncertain and subject to learning. During technological revolutions, the nature of this uncertainty...

Persistent link: https://www.econbiz.de/10012466795

Stock Market Overvaluation, Moon Shots, and Corporate Innovation

Dong, Ming - 2017

We test how market overvaluation affects corporate innovation. Estimated stock overvaluation is very strongly …

Persistent link: https://www.econbiz.de/10012453571