| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w29917 |
| 来源ID | Working Paper 29917 |
| Bubbles and the Value of Innovation | |
| Valentin Haddad; Paul Ho; Erik Loualiche | |
| 发表日期 | 2022-04-11 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | Booming innovation often coincides with intense speculation in financial markets. Using over a million patents, we document two ways the market valuation of innovation and its economic impact become disconnected during bubbles. Specifically, an innovation raises the stock price of its creator by 40% more than is justified by future outcomes. In contrast, competitors’ stock prices move little despite their profits suffering. We develop a theory of investor disagreement about which firms will succeed that reconciles both the facts, unlike existing models of bubbles. Optimal innovation policy during bubbles must account for the disconnect. |
| 主题 | Financial Economics ; Behavioral Finance ; Development and Growth ; Innovation and R& ; D |
| URL | https://www.nber.org/papers/w29917 |
| 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/587590 |
| 推荐引用方式 GB/T 7714 | Valentin Haddad,Paul Ho,Erik Loualiche. Bubbles and the Value of Innovation. 2022. |
| 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 | ||
| w29917.pdf（445KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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