Dieser Beitrag untersucht die Beziehung verschiedener Konzepte von investiven Ausgaben in Unternehmen, ihre Verbindung zu Innovationen und die Faktoren, die Innovations- und Investitionsentscheidungen von Unternehmen beeinflussen. Neben dem traditionellen Investitionsbegriff, der sich...

This paper studies how expected returns interact with product market competition. The model predicts that (i) competition erodes markups, such that firms are more exposed to systematic risk; (ii) the threat of entry by new firms lowers exposure to systematic risk of incumbents; and (iii) higher...

There is a divergence in the returns of top-performing (star) firms and the rest of the economy, especially in industries that rely on a skilled labor force, raising concerns of their market power. We show that the divergence is largely explained by the mismeasurement of intangible capital....

There is a divergence in the returns of top-performing (star) firms and the rest of the economy, especially in industries that rely on a skilled labor force, raising concerns about their market power. We show that the divergence is explained by the mis-measurement of intangible capital. While...

This manuscript acts solely as a brief and concise summary on the research carried out during the ÚNKP-17-3 New National Excellence Program of the Ministry of Human Capacities in a clear and transparent manuscript format. During my Scholarship the main focus of my research topic revolved around...

Digitalization is one of the key drivers of accelerated change in our everyday lives, both on an economic and social level. With solutions enabled through ICT technologies, we are more connected than ever on the global scale. In this next chapter of globalization, we currently experience...

We show that, in the case when innovations are for sale, increased product market competition, captured by reduced product market profits, can increase the incentives for innovations. The reason is that the incentive to innovate depends on the acquisition price which, in turn, might increase...

This article examines the effects of market structure on the variety of research projects undertaken and the amount of duplication of research. A characterization of the equilibrium market portfolio of R&D projects and the socially optimal portfolio is provided. It is shown that a merger...

When firms decide to invest in R&D, they have to choose not only the amount of resources to invest, but also which research projects to develop. This paper investigates the market portfolio of research projects. Contrary to most of the literature, which focuses only on the level of investment in...

This paper develops an innovation model where firms choose which research paths to follow. Contrary to most of the literature which focuses only on the level of investment in innovation, this model captures both the variety of research paths undertaken and the amount of duplication of research....