| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14152 |
| DP14152 Knowledge Cycles and Corporate Investment | |
| Julien Cujean; Maria Cecilia Bustamante; Laurent Frésard | |
| 发表日期 | 2019-11-28 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | We propose a theory of how the process of knowledge creation within firms affects their investment decisions. Firms accumulate knowledge through successive rounds of experimentation in the form of capital expenditures, and reset knowledge when they explore new technologies. This process generates endogenous knowledge cycles, which govern firms' investment. Because risky experimentation makes firms information averse, investment increases but Q decreases as knowledge accumulates. The relationship between investment and Q thus varies over the knowledge cycle and is strongest early in the cycle. We find empirical support for the knowledge channel using a text-based measure of knowledge cycles from public firms. The knowledge channel could explain why investment has been weak in recent years despite high valuation. |
| 主题 | Financial Economics |
| 关键词 | Experimentation Exploration investment Knowledge Information aversion Intangibles |
| URL | https://cepr.org/publications/dp14152 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/543039 |
| 推荐引用方式 GB/T 7714 | Julien Cujean,Maria Cecilia Bustamante,Laurent Frésard. DP14152 Knowledge Cycles and Corporate Investment. 2019. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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