PDF (Not Set)
- Requires a PDF viewer such as GSview, Xpdf or Adobe Acrobat Reader
|DOI (Digital Object Identifier) Link:||https://doi.org/10.1006/redy.2002.0164|
|Google Scholar:||Look up in Google Scholar|
The paper studies the co-evolution of industrial turbulence and financial volatility in the early phase of the life-cycle of an old high-tech industry and a new high-tech industry: the U.S. auto industry from 1899–1929 and the U.S. PC industry from 1974–2000. In both industries, the first three decades were characterized by industrial turbulence: radical technological change, high entry and exit rates, and rapidly falling prices. However, unlike in the auto industry, in the PC industry technological change and new entry did not lead to strong instability of market shares–at the core of the monopoly-destroying effect of Schumpeterian creative destruction–until the 1990s, when the lead of the incumbents from the pre-existing mainframe and minicomputer industries was undermined. In both industries, stock prices were the most volatile and idiosyncratic during those years in which technological change disrupted market shares the most (Autos: 1918–1928; PCs: 1990–2000).
|Item Type:||Journal Article|
|Keywords:||industry life-cycle; new economy; technological change; risk; stock price volatility|
|Academic Unit/School:||Faculty of Arts and Social Sciences (FASS) > Politics, Philosophy, Economics, Development, Geography
Faculty of Arts and Social Sciences (FASS)
|Depositing User:||Users 13 not found.|
|Date Deposited:||28 Jun 2006|
|Last Modified:||22 Mar 2017 16:20|
|Share this page:|
Download history for this item
These details should be considered as only a guide to the number of downloads performed manually. Algorithmic methods have been applied in an attempt to remove automated downloads from the displayed statistics but no guarantee can be made as to the accuracy of the figures.