| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w24142 |
| 来源ID | Working Paper 24142 |
| Misvaluation and Corporate Inventiveness | |
| Ming Dong; David Hirshleifer; Siew Hong Teoh | |
| 发表日期 | 2017-12-25 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | We test how market overvaluation affects corporate innovation. Estimated stock overvaluation is very strongly associated with measures of innovative inventiveness (novelty, originality, and scope), as well as R&D and innovative output (patent and citation counts). Misvaluation affects R&D more via a non-equity channel than via equity issuance. The sensitivity of innovative inventiveness to misvaluation is increasing with share turnover and overvaluation. The frequency of exceptionally high innovative inputs/outputs increases with overvaluation. This evidence suggests that market overvaluation may generate social value by increasing innovative output and by encouraging firms to engage in highly inventive innovation. |
| 主题 | Microeconomics ; Households and Firms ; Financial Economics ; Financial Markets ; Corporate Finance ; Behavioral Finance ; Development and Growth ; Innovation and R& ; D |
| URL | https://www.nber.org/papers/w24142 |
| 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/581816 |
| 推荐引用方式 GB/T 7714 | Ming Dong,David Hirshleifer,Siew Hong Teoh. Misvaluation and Corporate Inventiveness. 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 | ||
| w24142.pdf（893KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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