| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w23432 |
| 来源ID | Working Paper 23432 |
| Innovative Originality, Profitability, and Stock Returns | |
| David Hirshleifer; Po-Hsuan Hsu; Dongmei Li | |
| 发表日期 | 2017-05-29 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | We propose that innovative originality (InnOrig) is a valuable organizational resource, and that owing to limited investor attention and skepticism of complexity, firms with greater InnOrig are undervalued. We find that firms’ InnOrig strongly predicts higher, more persistent, and less volatile profitability; and higher abnormal stock returns—findings that are robust to extensive controls. The return predictive power of InnOrig is stronger for firms with higher valuation uncertainty, lower investor attention, and greater sensitivity of future profitability to InnOrig. This evidence suggests that innovative originality acts as a ‘competitive moat,’ and that the market undervalues InnOrig. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Markets ; Corporate Finance |
| URL | https://www.nber.org/papers/w23432 |
| 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/581111 |
| 推荐引用方式 GB/T 7714 | David Hirshleifer,Po-Hsuan Hsu,Dongmei Li. Innovative Originality, Profitability, and Stock Returns. 2017. |
| 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 | ||
| w23432.pdf（527KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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