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The Stock Market and Capital Accumulation
Hall, Robert E. - 1999
If firms purchase capital up to the point where there is no further marginal benefit, and the firms' securities are equal in value to the capital, then the market value of securities measures the quantity of capital. I explore the implications of this hypothesis using data from U.S. non-farm,...
Persistent link: https://www.econbiz.de/10012471608
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Technology (and Policy) Shocks in Models of Endogenous Growth
Jones, Larry E. - 1999
Is there a trade-off between fluctuations and growth? The empirical evidence is mixed, with some studies (Kormendi and Meguire (1985)) finding a positive relationship, while others (Ramey and Ramey (1995)) finding the a negative one. Our objective in this paper is to understand how fundamental...
Persistent link: https://www.econbiz.de/10012471733
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Good Policy or Good Luck? Country Growth Performance and Temporary Shocks
Easterly, William - 1993
Much of the new growth literature stresses country characteristics, such as education levels or political stability, as the dominant determinant of growth. However, growth rates are highly unstable over time, with a correlation across decades of .1 to .3, while country characteristics are...
Persistent link: https://www.econbiz.de/10012474472
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Diffusion Lags and Aggregate Fluctuations. New Name : Product Innovation and the Business Cycle
Jovanovic, Boyan - 1993
examines how fluctuations in per capita GNP are affected by these features of the innovation process. Micro data from the U …
Persistent link: https://www.econbiz.de/10012474491
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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
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Climatic Fluctuations and the Diffusion of Agriculture
Ashraf, Quamrul - 2013
This research examines the climatic origins of the diffusion of Neolithic agriculture across countries and archaeological sites. The theory suggests that a foraging society s history of climatic shocks shaped the timing of its adoption of farming. Specifically, as long as climatic disturbances...
Persistent link: https://www.econbiz.de/10012459896
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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
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On the Timing and Efficiency of Creative Destruction
Caballero, Ricardo J. - 1994
process innovation. There are strong reasons why an efficient economy ought to concentrate both job creation and destruction …
Persistent link: https://www.econbiz.de/10012474151
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Bubbles and the Value of Innovation
Haddad, Valentin; Ho, Paul; Loualiche, Erik - National Bureau of Economic Research - 2022
Booming innovation often coincides with intense speculation in financial markets. Using over a million patents, we … document two ways the market valuation of innovation and its economic impact become disconnected during bubbles. Specifically …, an innovation raises the stock price of its creator by 40% more than is justified by future outcomes. In contrast …
Persistent link: https://www.econbiz.de/10013191012
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Dividend Innovations and Stock Price Volatility
West, Kenneth D. - 1986
hypothesis is true, the variance of the innovation in the stock price is bounded above by a certain function of the variance in … the innovation in the dividend. The bound is valid even if prices and dividends are nonstationary.The inequality is used … stock price innovation variance exceeding its theoretical upper bound by a factor of as much as twenty. The rejection is …
Persistent link: https://www.econbiz.de/10012477243