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Innovation, Future Earnings, and Market Efficiency
16 references·16 citing·40 second hopsampled
Innovation, Future Earnings, and Market Efficiency (2005)Innovation, Future Earnings, and Market E…The University of Chicago Law Review (2017)The University of Chicago Law…The Stock Market Valuation of Research and Development Expenditures (2001)The Stock Market Valuation of…The NBER Patent Citation Data File: Lessons, Insights and Methodological Tools (2001)The NBER Patent Citation Data…Intangibles: Management, Measurement, and Reporting (2001)Intangibles: Management, Meas…Intangibles: Management, Measurement, and Reporting (2001)Intangibles: Management, Meas…Are Nonfinancial Measures Leading Indicators of Financial Performance? An Analysis of Customer Satisfaction (1998)Are Nonfinancial Measures Lea…The capitalization, amortization, and value-relevance of R&D (1996)The capitalization, amortizat…Corporate Disclosure Policy and Analyst Behavior. (1996)Corporate Disclosure Policy a…Handbook of the economics of innovation and technological change (1995)Handbook of the economics of …The Cross-Section of Expected Stock Returns (1992)The Cross-Section of Expected…Evidence that stock prices do not fully reflect the implications of current earnings for future earnings (1990)Evidence that stock prices do…Endogenous Technological Change (1990)Endogenous Technological Chan…A Penny for Your Quotes: Patent Citations and the Value of Innovations (1990)A Penny for Your Quotes: Pate…First-mover advantages (1988)First-mover advantagesRisk, Return, and Equilibrium: Empirical Tests (1973)Risk, Return, and Equilibrium…An Empirical Investigation of Self-Attitudes (1954)An Empirical Investigation of…Value creation during fourth industrial revolution: Use of intellectual capital by most innovative companies of the world (2020)Value creation during fourth …Innovation Search Strategy and Predictable Returns (2020)Innovation Search Strategy an…Accounting Comparability and Corporate Innovative Efficiency (2019)Accounting Comparability and …Top Management Human Capital, Inventor Mobility, and Corporate Innovation (2018)Top Management Human Capital,…Small Innovators: No Risk, No Return (2018)Small Innovators: No Risk, No…Technological Links and Predictable Returns (2017)Technological Links and Predi…Innovative Originality, Profitability, and Stock Returns (2017)Innovative Originality, Profi…Environmental Uncertainty and Tax Avoidance (2017)Environmental Uncertainty and…What explains the dynamics of 100 anomalies? (2015)What explains the dynamics of…The Real Effects of Real Earnings Management: Evidence from Innovation (2014)The Real Effects of Real Earn…Innovation efficiency, global diversification, and firm value (2014)Innovation efficiency, global…Bank loan spread and private information: pending approval patents (2014)Bank loan spread and private …. . . and the Cross-Section of Expected Returns (2014). . . and the Cross-Section o…The Effect of Research and Development (R&D) Inputs and Outputs on the Relation between the Uncertainty of Future Operating Performance and R&D Expenditures (2011)The Effect of Research and De…Scale effects of R&D as reflected in earnings and returns (2011)Scale effects of R&D as refle…Earnings Announcements are Full of Surprises (2006)Earnings Announcements are Fu…Structural Inertia and Organizational Change (1984)Profiting from technological innovation: Implications for integration, collaboration, licensing and public policy (1986)First-Mover Advantage: A Synthesis, Conceptual Framework, and Research Propositions (1992)The Theory of Economic Development (2003)It's All about Me: Narcissistic Chief Executive Officers and Their Effects on Company Strategy and Performance (2007)Is innovation always beneficial? A meta-analysis of the relationship between innovation and performance in SMEs (2010)Editor's Choice Digesting Anomalies: An Investment ApproachMean reversion in stock prices (1988)Post-Earnings-Announcement Drift: Delayed Price Response or Risk Premium? (1989)Market efficiency, long-term returns, and behavioral finance1The comments of Brad Barber, David Hirshleifer, S.P. Kothari, Owen Lamont, Mark Mitchell, Hersh Shefrin, Robert Shiller, Rex Sinquefield, Richard Thaler, Theo Vermaelen, Robert Vishny, Ivo Welch, and a referee have been helpful. Kenneth French and Jay Ritter get special thanks.1 (1998)Investor Psychology and Asset Pricing (2001)Specification Tests in Econometrics (1978)Cross-Sectional Determinants of Analyst Ratings of Corporate Disclosures (1993)Why Firms Voluntarily Disclose Bad News (1994)Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature (2001)The economic implications of corporate financial reporting (2005)Voluntary Nonfinancial Disclosure and the Cost of Equity Capital: The Initiation of Corporate Social Responsibility Reporting (2010)CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)The Behavior of Stock-Market Prices (1965)THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)Common risk factors in the returns on stocks and bonds (1993)On Persistence in Mutual Fund Performance (1997)Patent Statistics as Economic Indicators: A Survey (1990)Geographic Localization of Knowledge Spillovers as Evidenced by Patent Citations (1993)The Knowledge Economy (2004)Market value and patent citations (2005)Identifying Technology Spillovers and Product Market Rivalry (2013)The Valuation of Risk Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets (1965)Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency (1993)Illiquidity and stock returns: cross-section and time-series effects (2002)The Increasing Dominance of Teams in Production of Knowledge (2007)Dynamic capabilities and strategic management (1997)Understanding earnings quality: A review of the proxies, their determinants and their consequences (2010)Corporate social responsibility and access to finance (2013)How does foreign direct investment affect economic growth? (1998)Why do Some Countries Produce So Much More Output Per Worker than Others? (1999)A new data set of educational attainment in the world, 1950–2010 (2012)The Economics of Privacy (2016)Weaponized Interdependence: How Global Economic Networks Shape State Coercion (2019)When data is capital: Datafication, accumulation, and extraction (2019)
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References

  • 1990Endogenous Technological Change17,695 cited
  • 1992The Cross-Section of Expected Stock Returns17,251 cited
  • 1973Risk, Return, and Equilibrium: Empirical Tests14,248 cited
  • 1988First-mover advantages3,656 cited
  • 2001The NBER Patent Citation Data File: Lessons, Insights and Methodological Tools3,537 cited
  • 1990A Penny for Your Quotes: Patent Citations and the Value of Innovations2,963 cited
  • 1996Corporate Disclosure Policy and Analyst Behavior.2,743 cited
  • 1990Evidence that stock prices do not fully reflect the implications of current earnings for future earnings2,010 cited
  • 2017The University of Chicago Law Review2,003 cited
  • 1996The capitalization, amortization, and value-relevance of R&D1,947 cited
  • 2001Intangibles: Management, Measurement, and Reporting1,832 cited
  • 2001The Stock Market Valuation of Research and Development Expenditures1,734 cited
  • 1954An Empirical Investigation of Self-Attitudes1,690 cited
  • 1995Handbook of the economics of innovation and technological change1,615 cited
  • 1998Are Nonfinancial Measures Leading Indicators of Financial Performance? An Analysis of Customer Satisfaction1,609 cited

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  • 2001Intangibles: Management, Measurement, and Reporting1,482 cited
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    • 2017Innovative Originality, Profitability, and Stock Returns255 cited
    • 2017Technological Links and Predictable Returns237 cited
    • 2018Top Management Human Capital, Inventor Mobility, and Corporate Innovation233 cited
    • 2011The Effect of Research and Development (R&D) Inputs and Outputs on the Relation between the Uncertainty of Future Operating Performance and R&D Expenditures209 cited
    • 2015What explains the dynamics of 100 anomalies?168 cited
    • 2014Innovation efficiency, global diversification, and firm value162 cited
    • 2014The Real Effects of Real Earnings Management: Evidence from Innovation158 cited
    • 2011Scale effects of R&D as reflected in earnings and returns158 cited
    • 2014. . . and the Cross-Section of Expected Returns140 cited
    • 2020Innovation Search Strategy and Predictable Returns137 cited
    • 2019Accounting Comparability and Corporate Innovative Efficiency127 cited
    • 2018Small Innovators: No Risk, No Return103 cited
    • 2006Earnings Announcements are Full of Surprises97 cited
    • 2020Value creation during fourth industrial revolution: Use of intellectual capital by most innovative companies of the world88 cited
    • 2014Bank loan spread and private information: pending approval patents81 cited
    • 2017Environmental Uncertainty and Tax Avoidance71 cited