Technological Innovation, Intangible Capital, and Asset Prices

IF 5 3区 经济学 Q1 BUSINESS, FINANCE
L. Kogan, D. Papanikolaou
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引用次数: 7

Abstract

We review research on the asset pricing implications of models with innovation and intangible capital. In these models, technological innovation shocks propagate differently than standard total factor productivity shocks—and therefore have qualitatively distinct asset pricing implications. We discuss recent approaches to measuring intangible capital and innovation, many of which rely on the prices of financial securities. Last, we review models that explore the economic differences between intangible and innovation relative to other forms of investments—focusing on the role of human capital and cash-flow appropriability.
技术创新、无形资本与资产价格
我们回顾了创新和无形资本模型对资产定价的影响。在这些模型中,技术创新冲击的传播方式不同于标准的全要素生产率冲击,因此对资产定价的影响在质量上是不同的。我们讨论了衡量无形资本和创新的最新方法,其中许多方法依赖于金融证券的价格。最后,我们回顾了探讨无形投资和创新投资相对于其他形式投资之间经济差异的模型,重点关注人力资本和现金流可占用性的作用。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
5.00
自引率
0.00%
发文量
26
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