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Innovative Originality, Profitability, and Stock Returns
Hirshleifer, David - 2017
We propose that innovative originality (InnOrig) is a valuable organizational resource, and that owing to limited investor attention and skepticism of complexity, firms with greater InnOrig are undervalued. We find that firms' InnOrig strongly predicts higher, more persistent, and less volatile...
Persistent link: https://www.econbiz.de/10012455249
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The Impact of Exports on Innovation : Theory and Evidence
Aghion, Philippe - 2018
This paper investigates the effect of export shocks on innovation. On the one hand a positive shock increases market … export market. This in turn reduces profits and therefore innovation incentives particularly for firms with low productivity …. Overall the positive impact of the export shock on innovation is magnified for high productivity firms, whereas it may …
Persistent link: https://www.econbiz.de/10012453117
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Foreign Competition and Domestic Innovation : Evidence from U.S. Patents
Autor, David - 2016
or stifle innovation. Using three distinct sources of variation to identify rising trade exposure, we provide a causal …-level and technology class-level patent production. Accompanying this fall in innovation, global employment, sales …
Persistent link: https://www.econbiz.de/10012455801
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Misperceptions about Others
Bursztyn, Leonardo; Yang, David Y. - National Bureau of Economic Research - 2021
People's perceptions about others play an important role in shaping their own attitudes and behaviors, as well as social norms more broadly. This review presents a meta-analysis of the recent empirical literature that examines perceptions about others in the field. We document a number of...
Persistent link: https://www.econbiz.de/10012616616
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Returns to Different Postsecondary Investments : Institution Type, Academic Programs, and Credentials
Lovenheim, Michael F.; Smith, Jonathan - National Bureau of Economic Research - 2022
Early research on the returns to higher education treated the postsecondary system as a monolith. In reality, postsecondary education in the United States and around the world is highly differentiated, with a variety of options that differ by credential (associates degree, bachelor's degree,...
Persistent link: https://www.econbiz.de/10013191028
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Is the Price Right? The Role of Morals, Ideology, and Tradeoff Thinking in Explaining Reactions to Price Surges
Elías, Julio; Lacetera, Nicola; Macis, Mario - National Bureau of Economic Research - 2022
Price surges often generate social disapproval and requests for regulation and price controls, but these interventions may cause inefficiencies and shortages. To study how individuals perceive and reason about sudden price increases for different products under different policy regimes, we...
Persistent link: https://www.econbiz.de/10013191058
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Rational Inattention, Competitive Supply, and Psychometrics
Caplin, Andrew - 2018
Costs of attention, while central to choice behavior, have proven hard to measure. We introduce a simple method of recovering them from choice data. Our recovery method rests on the observation that costs of attention play precisely the same role in consumer choice as do a competitive firm's...
Persistent link: https://www.econbiz.de/10012480875
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Economic Fluctuations and Pseudo-Wealth
Stiglitz, Joseph E. - National Bureau of Economic Research - 2021
What can explain the large changes in aggregate demand that occur in the absence of any seemingly corresponding shock to the underlying state variables of the economy? We show that macroeconomic volatility can arise from dispersions of beliefs among agents. These dispersions give rise to bets...
Persistent link: https://www.econbiz.de/10012482631
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Joblessness and Perceptions about the Effectiveness of Democracy
Altindag, Duha Tore - 2010
Using micro data on more than 130,000 individuals from 69 countries, we analyze the extent to which joblessness of the individuals and the prevailing unemployment rate in the country impact perceptions of the effectiveness of democracy. We find that personal joblessness experience translates...
Persistent link: https://www.econbiz.de/10012462659
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Explaining the Favorite-Longshot Bias : Is it Risk-Love or Misperceptions?
Snowberg, Erik - 2010
The favorite-longshot bias describes the longstanding empirical regularity that betting odds provide biased estimates of the probability of a horse winning--longshots are overbet, while favorites are underbet. Neoclassical explanations of this phenomenon focus on rational gamblers who overbet...
Persistent link: https://www.econbiz.de/10012462728