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| Author: | Åstebro, T. |
| Title: | The return to independent invention: evidence of unrealistic optimism, risk seeking or skewness loving? |
| Journal: | Economic Journal
2003 : JAN, VOL. 113:484, p. 226-239 |
| Index terms: | Capital investment Return on investment Risk management |
| Language: | eng |
| Abstract: | The author investigates the magnitude and distribution of the pretax internal rate of return (IRR) to inventive activity. The average IRR on a portfolio investment in these inventions is 11,4%. This is higher than the risk-free rate but lower than the long-run return on high-risk securities and the long-run return on early-stage venture capital funds. The portfolio IRR is significantly higher, for some ex ante identifiable classes of inventions. The distribution of retun is skew. |
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