| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w19462 |
| 来源ID | Working Paper 19462 |
| Productivity Growth and Stock Returns: Firm- and Aggregate-Level Analyses | |
| Hyunbae Chun; Jung-Wook Kim; Randall Morck | |
| 发表日期 | 2013-09-19 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | Technological innovation is not a blessing for all firms, or for investors holding the market. In the late 20th century US, individual firms' stock returns correlate positively with their own productivity growth, yet the market return correlates negatively with aggregate productivity growth, yet. This seeming fallacy of composition reflects Schumpeterian creative destruction: a few technology winners' stocks rise with their rising productivity while many technology losers' stocks fall with their declining productivity. Thus, most individual firms' stock returns correlate negatively with aggregate productivity growth. Analogous reasoning explains prior findings that the market return correlates negatively with aggregate earnings. |
| 主题 | Financial Economics ; Financial Markets ; Corporate Finance ; Development and Growth ; Innovation and R& ; D |
| URL | https://www.nber.org/papers/w19462 |
| 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/577136 |
| 推荐引用方式 GB/T 7714 | Hyunbae Chun,Jung-Wook Kim,Randall Morck. Productivity Growth and Stock Returns: Firm- and Aggregate-Level Analyses. 2013. |
| 条目包含的文件 | 条目无相关文件。 | |||||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
