This paper estimates the social returns to investments in innovation. The disparate spillovers associated with … innovation, including imitation, business stealing, and intertemporal spillovers, have made calculations of the social returns … under conservative assumptions, innovation efforts produce social benefits that are many multiples of the investment costs …

This paper estimates the social returns to investments in innovation. The disparate spillovers associated with … innovation, including imitation, business stealing, and intertemporal spillovers, have made calculations of the social returns … under conservative assumptions, innovation efforts produce social benefits that are many multiples of the investment costs …

industrial and geographic spillovers and find a positive relation between innovation spillovers and profitability. In addition … loadings in the stochastic discount factor. Our empirical evidence suggests an important role of innovation spillovers in asset …

This paper studies the asset pricing implications of technology spillover, an important externality in innovation … firms. These findings highlight the importance of innovation externality on stock returns …