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Words in Patents : Research Inputs and the Value of Innovativeness in Invention
Packalen, Mikko - 2014
Intelligently allocating research effort and funds requires deciding whether to build on recent advances or on more established knowledge. When recent advances create superior opportunities for invention, their adoption as research inputs in the invention process promotes technological progress....
Persistent link: https://www.econbiz.de/10013065176
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Which News Moves Stock Prices? A Textual Analysis
Boudoukh, Jacob - 2013
A basic tenet of financial economics is that asset prices change in response to unexpected fundamental information. Since Roll's (1988) provocative presidential address that showed little relation between stock prices and news, however, the finance literature has had limited success reversing...
Persistent link: https://www.econbiz.de/10013087888
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Text as Data
Gentzkow, Matthew - 2017
An ever increasing share of human interaction, communication, and culture is recorded as digital text. We provide an …
Persistent link: https://www.econbiz.de/10012960163
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Text Selection
Kelly, Bryan T. - 2019
Text data is ultra-high dimensional, which makes machine learning techniques indispensable for textual analysis. Text is often selected—journalists, speechwriters, and others craft messages to target their audiences' limited attention. We develop an economically motivated high dimensional...
Persistent link: https://www.econbiz.de/10012858404
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Sticking with What (Barely) Worked
Lefgren, Lars - 2011
formalize this cognitive bias in a simple model of distorted Bayesian updating. We then examine strategy changes made by … professional football coaches. We find they are more likely to revise their strategy after a loss than a win -- even for narrow … expected, and the offensive strategy is revised even when failure is attributable to the defense. These results are consistent …
Persistent link: https://www.econbiz.de/10013119785
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Conflict and Deterrence Under Strategic Risk
Chassang, Sylvain - 2010
We examine the mechanics of deterrence and intervention when fear is a motive for conflict. We contrast results obtained in a complete information setting, where coordination is easy, to those obtained in a setting with strategic risk, where players have different assessments of their...
Persistent link: https://www.econbiz.de/10012759352
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Implications of Heterogeneity in Preferences, Beliefs and Asset Trading Technologies for the Macroeconomy
Chien, YiLi - 2014
This paper extends the methodology developed in Chien, Cole and Lustig (2011 & 2012) (hereafter CCL2011 and CCL2012, respectively) to analyze and compute the equilibria of economies with heterogeneous agents who have different asset trading technologies and are subject to both aggregate and...
Persistent link: https://www.econbiz.de/10013050169
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Capital Share Risk in U.S. Asset Pricing
Lettau, Martin - 2014
A single macroeconomic factor based on growth in the capital share of aggregate income exhibits significant explanatory power for expected returns across a range of equity characteristic portfolios and non-equity asset classes, with risk price estimates that are of the same sign and similar in...
Persistent link: https://www.econbiz.de/10013040236
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Effective Monetary Policy Strategies in New Keynesian Models : A Re-Examination
Chung, Hess T. - 2014
strategy are common across the two models: In particular, highly inertial interest rate rules that respond to nominal income or …
Persistent link: https://www.econbiz.de/10013044989
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Understanding Defensive Equity
Novy-Marx, Robert - 2014
the abnormal performance of defensive equity (i.e., low volatility and/or low beta strategies). While defensive strategy …
Persistent link: https://www.econbiz.de/10013045289