| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w19017 |
| 来源ID | Working Paper 19017 |
| R-squared and the Economy | |
| Randall Morck; Bernard Yeung; Wayne Yu | |
| 发表日期 | 2013-05-02 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | Many seemingly discordant results are reconciled if firm-specific return volatility is characterized as the intensity with which firm-specific events occur. A functionally efficient stock market allocates capital to its highest value uses, which often amounts to financing Schumpeterian creative destruction, wherein creative winner firms outpace destroyed losers, who can be last year's winners. This elevation in firm-specific fundamentals volatility elevates firm-specific return volatility in a sufficiently informationally efficient stock market. These linkages are interconnected feedback loops, rather than unidirectional chains of causality. |
| 主题 | International Economics ; International Finance ; Financial Economics ; Financial Markets ; Corporate Finance ; History ; Financial History ; Development and Growth ; Development ; Innovation and R& ; D |
| URL | https://www.nber.org/papers/w19017 |
| 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/576690 |
| 推荐引用方式 GB/T 7714 | Randall Morck,Bernard Yeung,Wayne Yu. R-squared and the Economy. 2013. |
| 条目包含的文件 | 条目无相关文件。 | |||||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
