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Innovation and stock prices: a review of some recent work

By Mariana Mazzucato


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

Year: 2006
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Provided by: Open Research Online

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