Innovation and stock prices: a review of some recent work

Mazzucato, Mariana (2006). Innovation and stock prices: a review of some recent work. Revue de L'Observatoire Francais de Conjonctures Economiques, Specia

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Abstract

The paper reviews work which draws a link between the dynamics of innovation and the dynamics
of stock prices. One of the key findings is the relationship between innovation intensity (e.g. radical
innovation) and the volatility of firm level stock returns. By connecting the analysis of risk and
uncertainty' often left in the finance literature to explanations related to 'animal spirits' and other
stochastic factors' to changes in real production conditions at the firm and industry level, the paper
provides the foundation for a Schumpetarian analysis of time varying risk.

Item Type:	Journal Article
Extra Information:	ISBN:2724630661
Academic Unit/Department:	Social Sciences > Economics
Item ID:	9470
Depositing User:	Christopher Biggs
Date Deposited:	27 Sep 2007
Last Modified:	20 Jan 2011 17:16
URI:	http://oro.open.ac.uk/id/eprint/9470
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