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Revue de l'OFCE
Presses de Sc. Po.

I.S.B.N.2-7246-3066-1
400 pages

p. 159 à 179
doi: en cours

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Industrial Dynamics

n^o 97 bis 2006/5

Discipline > Revue > Sommaire > Résumé

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Innovation and Stock Prices: a Review of some Recent Work

Mariana Mazzucato

Résumé de l'article

The paper reviews work which draws a link between the dynamics of innovation and the dynamics of stock prices. One of the key findings is the relationship between innovation intensity (e.g. radical innovation) and the volatility of firm level stock returns. By connecting the analysis of risk and uncertainty— often related in the finance literature to ‘animal spirits’ and other stochastic factors— to changes in real production conditions at the firm and industry level, the paper provides the foundation for a Schumpeterian analysis of time varying risk.
JEL Classification: G12, 030.Keywords : idiosyncratic risk, volatility, technological change, industry life cycle.

Plan de l'article

• Introduction

• Innovation as Uncertainty

• Some Empirical Work on Stock Prices and Innovation

• Idiosyncratic Risk: Sectoral Taxonomies and Stock Prices?

• Conclusion

• References

Ajouter cet article à votre panier d’achats

Industrial Dynamics

no 97 bis 2006/5

Innovation and Stock Prices: a Review of some Recent Work

Mariana Mazzucato

n^o 97 bis 2006/5