Filep-Mosberger, Palma; Kaszab, Lorant; Ren, Zhou - 2023
horizontal and vertical innovation match financial data well due to countercyclical dividends which are either procyclical or … acyclical in US data. Countercyclical dividends redistribute income from consumption towards investment in innovation improving … growth prospects which are reflected in asset prices. In the horizontal innovation model of Kung and Schmid (2015 …