| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w18671 |
| 来源ID | Working Paper 18671 |
| Winners and Losers: Creative Destruction and the Stock Market | |
| Leonid Kogan; Dimitris Papanikolaou; Noah Stoffman | |
| 发表日期 | 2013-01-04 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | We develop a general equilibrium model of asset prices in which the benefits of technological innovation are distributed asymmetrically. Financial market participants do not capture all the economic rents resulting from innovative activity, even when they own shares in innovating firms. Economic gains from innovation accrue partly to the innovators, who cannot sell claims on the rents that their future ideas will generate. We show how the unequal distribution of gains from innovation can give rise to a high risk premium on the aggregate stock market, return comovement and average return differences among firms, and the failure of traditional representative-agent asset pricing models to account for cross-sectional differences in risk premia. |
| 主题 | Macroeconomics ; Consumption and Investment ; Business Cycles ; Financial Economics ; Financial Markets ; Portfolio Selection and Asset Pricing |
| URL | https://www.nber.org/papers/w18671 |
| 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/576345 |
| 推荐引用方式 GB/T 7714 | Leonid Kogan,Dimitris Papanikolaou,Noah Stoffman. Winners and Losers: Creative Destruction and the Stock Market. 2013. |
| 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 | ||
| w18671.pdf（1096KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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