Empirical evidence suggests that investments in research and development (R&D) by older and larger firms are more spread out internationally than R&D investments by younger and smaller firms. In this paper, I explore the quantitative implications of this type of heterogeneity by assuming that...

This study utilizes firm-specific time-series data to estimate the economic value of the Research and Development (Ramp;D) expenditures that investors consider an asset to the firm. The study uses a modification of the Ohlson (1995) model to estimate the persistence of abnormal earnings, the...

This paper examines the real impact of quot;booms-and-bustsquot; of technology-intensive firms, such as the late 1990s episode. We emphasize that what makes such episodes different from quot;booms-and-bustsquot; related to other assets is the presence of knowledge spillovers. Such spillovers...

This paper studies a two-country production economy with complete and frictionless financial markets and international trade in which competition in R&D leads to endogenous new firm creation and economic growth. Current monopolists ("incumbents") and potential new firms ("entrants") compete in...

We find that small innovators earn higher returns than small non-innovators for up to five years. We find no such innovation premium among large firms. A battery of tests shows that this innovation premium among small firms is explained by risk. Our findings, which are based on a simple measure...

This paper studies long discount rates in a dynamic asset pricing model with a production side with multiple technologies. It introduces an R&D decision that endogenizes technological change while reproducing key features of the long-run risk literature. A pricing formula for capital strips is...

Technology spillovers have previously been shown to positively affect a firm's market value and innovation activities. We build on this literature by showing that value-relevant information from technology spillovers significantly reduces the likelihood of the focal firm experiencing a stock...

This paper studies the asset pricing implications of technology spillover, an important externality in innovation. While technology spillover enables firms to produce a variety of products that better satisfy their customers' love for variety, such benefits are procyclical, and investors...

Chinese Abstract:...

Cryptoeconomic systems are an emerging type of complex systems that are viewed as a way to steer economic systems and organizations through agents coordination and incentives. However, very little is known about the inherent economic flows of such systems. In this paper, in order to provide...