haku: @indexterm risk premium / yhteensä: 33
viite: 3 / 33
| Tekijä: | Hsu, P-H. |
| Otsikko: | Technological innovations and aggregate risk premiums |
| Lehti: | Journal of Financial Economics
2009 : NOV, VOL 94:2, p. 214-232 |
| Asiasana: | patents R&D technological innovation risk premium USA |
| Kieli: | eng |
| Tiivistelmä: | It is argued in the article that expected stock returns and premiums are increased by technological innovations. In order to demonstrate this relationship, technological innovations in the United States are measured using aggregate patent data as well as research and development data. The results show that shocks in patents and research and development have positive effect on market returns and premiums in the U.S. markets. The phenomenon can be found in international data as well: other G7 countries, China and India, also seem to exhibit similar patterns in their markets. |
SCIMA