| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w29504 |
| 来源ID | Working Paper 29504 |
| Technological Obsolescence | |
| Song Ma | |
| 发表日期 | 2021-11-22 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | This paper proposes a new measure of technological obsolescence using detailed patent data. Using this measure, we present two sets of results. First, firms' technological obsolescence foreshadows substantially lower growth, productivity, and reallocation of capital. This finding applies mainly for obsolescence of core innovation and embodied innovation, and it is stronger in competitive product markets. Second, in stock markets, high-obsolescence firms under-perform low-obsolescence firms by 7 percent annually. Using analyst forecast data, we show this is due to a systematic overestimation of future profits of obsolescent firms. The measure contains incremental information about firm innovation relative to measures focusing on new innovation. |
| 主题 | Financial Economics ; Financial Markets ; Corporate Finance ; Behavioral Finance ; Development and Growth ; Innovation and R& ; D ; Growth and Productivity |
| URL | https://www.nber.org/papers/w29504 |
| 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/587178 |
| 推荐引用方式 GB/T 7714 | Song Ma. Technological Obsolescence. 2021. |
| 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 | ||
| w29504.pdf（1089KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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