| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w10937 |
| 来源ID | Working Paper 10937 |
| Patterns of Comovement: The Role of Information Technology in the U.S. Economy | |
| Hyunbae Chun; Jung-Wook Kim; Jason Lee; Randall Morck | |
| 发表日期 | 2004-11-29 |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | Firm-specific variation in stock returns and fundamental performance measures is significantly higher in industries that have a history of more investment in information technology (IT). We hypothesise that IT is associated with creative destruction or product differentiation, either of which can widen the performance difference between winner and loser firms. Thus, economy-level volatility can fall while firm-level volatility rises because firm-specific volatility cancels out in the aggregate. Our results are consistent with rising firm-specific variation in US stocks reflecting a rising pace of creative destruction; and with greater firm-specific variation in richer and faster growing countries reflecting more intensive creative destruction in those economies, though other explanations are probably valid as well. |
| 主题 | Financial Economics ; Macroeconomics ; Business Cycles ; Development and Growth ; Innovation and R& ; D ; Growth and Productivity |
| URL | https://www.nber.org/papers/w10937 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/568572 |
| 推荐引用方式 GB/T 7714 | Hyunbae Chun,Jung-Wook Kim,Jason Lee,et al. Patterns of Comovement: The Role of Information Technology in the U.S. Economy. 2004. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w10937.pdf（507KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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