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Innovation Search Strategy and Predictable Returns
16 references·16 citing·30 second hopsampled
Innovation Search Strategy and Predictable Returns (2020)Innovation Search Strategy and Predictabl…Technological Innovation, Resource Allocation, and Growth* (2017)Technological Innovation, Res…A five-factor asset pricing model (2014)A five-factor asset pricing m…In Search of Attention (2011)In Search of AttentionAll That Glitters: The Effect of Attention and News on the Buying Behavior of Individual and Institutional Investors (2007)All That Glitters: The Effect…Liquidity Risk and Expected Stock Returns (2003)Liquidity Risk and Expected S…Illiquidity and stock returns: cross-section and time-series effects (2002)Illiquidity and stock returns…On Persistence in Mutual Fund Performance (1997)On Persistence in Mutual Fund…Industry costs of equity (1997)Industry costs of equityContrarian Investment, Extrapolation, and Risk (1994)Contrarian Investment, Extrap…The myopia of learning (1993)The myopia of learningThe Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems (1993)The Modern Industrial Revolut…Common risk factors in the returns on stocks and bonds (1993)Common risk factors in the re…The Cross-Section of Expected Stock Returns (1992)The Cross-Section of Expected…Exploration and Exploitation in Organizational Learning (1991)Exploration and Exploitation …Efficient Capital Markets, Inefficient Firms: A Model of Myopic Corporate Behavior (1989)Efficient Capital Markets, In…Risk, Return, and Equilibrium: Empirical Tests (1973)Risk, Return, and Equilibrium…The role of human capital: Evidence from corporate innovation (2023)The role of human capital: Ev…Technological peer pressure and skill specificity of job postings (2023)Technological peer pressure a…Firm's perception of economic policy uncertainty and corporate innovation efficiency (2023)Firm's perception of economic…Asymmetric Information and R&D Disclosure: Evidence from Scientific Publications (2023)Asymmetric Information and R&…Patent quality, firm value, and investor underreaction: Evidence from patent examiner busyness (2022)Patent quality, firm value, a…Learning from the Joneses: Technology spillover, innovation externality, and stock returns (2022)Learning from the Joneses: Te…Independent directors and firm innovation: the moderating role of gender and nationality diversity (2022)Independent directors and fir…Going Digital: Implications for Firm Value and Performance (2022)Going Digital: Implications f…Dual‐class share structure and innovation (2022)Dual‐class share structure an…Does Digital Finance Induce Improved Financing for Green Technological Innovation in China? (2022)Does Digital Finance Induce I…The Novelty of Innovation: Competition, Disruption, and Antitrust Policy (2021)The Novelty of Innovation: Co…The effects of performance shortfalls on firms’ exploitation and exploration R&D internationalization decisions: Does industry environmental matter? (2021)The effects of performance sh…Population ageing, labour market rigidity and corporate innovation: Evidence from China (2021)Population ageing, labour mar…Competition, profitability, and discount rates (2021)Competition, profitability, a…A Bird in the Hand is Worth Two in the Bush: Technology Search Strategies and Competition Due to Import Penetration (2021)A Bird in the Hand is Worth T…Adapting to Radical Change: The Benefits of Short-Horizon Investors (2020)Adapting to Radical Change: T…The Structure of Scientific Revolutions (1963)On the mechanics of economic development (1988)Absorptive Capacity: A New Perspective on Learning and Innovation (1990)Dynamic capabilities and strategic management (1997)International Norm Dynamics and Political Change (1998)Deliberate Learning and the Evolution of Dynamic Capabilities (2002)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)A BEHAVIORAL MODEL OF RATIONAL CHOICE (1955)Prospect theory: An analysis of decision under risk (1988)Toward a knowledge‐based theory of the firm (1996)Absorptive Capacity: A Review, Reconceptualization, and Extension (2002)The Theory of Economic Development (2003)Explicating dynamic capabilities: the nature and microfoundations of (sustainable) enterprise performance (2007)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)Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers (1986)Performance Pay and Top-Management Incentives (1990)Agency costs of free cash flow, corporate finance, and takeovers (1996)Higher market valuation of companies with a small board of directors (1996)A Survey of Corporate Governance (1997)Corporate governance, chief executive officer compensation, and firm performance (1999)Multifactor Explanations of Asset Pricing Anomalies (1996)Measuring Mutual Fund Performance with Characteristic‐Based Benchmarks (1997)Conditional Skewness in Asset Pricing Tests (2000)Editor's Choice Digesting Anomalies: An Investment ApproachAsset pricing with liquidity risk (2005)Do Shareholders Benefit from Green Bonds? (2018)Empirical Asset Pricing via Machine Learning (2020)
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References

  • 1993Common risk factors in the returns on stocks and bonds26,615 cited
  • 1991Exploration and Exploitation in Organizational Learning21,910 cited
  • 1997On Persistence in Mutual Fund Performance17,267 cited
  • 1992The Cross-Section of Expected Stock Returns17,251 cited
  • 1973Risk, Return, and Equilibrium: Empirical Tests14,248 cited
  • 2002Illiquidity and stock returns: cross-section and time-series effects10,008 cited
  • 1993The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems8,544 cited
  • 2014A five-factor asset pricing model7,841 cited
  • 1993The myopia of learning7,467 cited
  • 1997Industry costs of equity5,793 cited
  • 2003Liquidity Risk and Expected Stock Returns5,362 cited
  • 2007All That Glitters: The Effect of Attention and News on the Buying Behavior of Individual and Institutional Investors4,550 cited
  • 1994Contrarian Investment, Extrapolation, and Risk4,198 cited
  • 2011In Search of Attention3,088 cited
  • 1989Efficient Capital Markets, Inefficient Firms: A Model of Myopic Corporate Behavior2,585 cited
  • 2017Technological Innovation, Resource Allocation, and Growth*

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2,445 cited

Cited by

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  • 2021Population ageing, labour market rigidity and corporate innovation: Evidence from China113 cited
  • 2021The Novelty of Innovation: Competition, Disruption, and Antitrust Policy76 cited
  • 2021Competition, profitability, and discount rates71 cited
  • 2021A Bird in the Hand is Worth Two in the Bush: Technology Search Strategies and Competition Due to Import Penetration68 cited
  • 2023Firm's perception of economic policy uncertainty and corporate innovation efficiency64 cited
  • 2022Learning from the Joneses: Technology spillover, innovation externality, and stock returns59 cited
  • 2020Adapting to Radical Change: The Benefits of Short-Horizon Investors58 cited
  • 2022Patent quality, firm value, and investor underreaction: Evidence from patent examiner busyness56 cited
  • 2021The effects of performance shortfalls on firms’ exploitation and exploration R&D internationalization decisions: Does industry environmental matter?56 cited
  • 2023Asymmetric Information and R&D Disclosure: Evidence from Scientific Publications54 cited
  • 2022Does Digital Finance Induce Improved Financing for Green Technological Innovation in China?53 cited
  • 2022Independent directors and firm innovation: the moderating role of gender and nationality diversity47 cited
  • 2023Technological peer pressure and skill specificity of job postings46 cited
  • 2023The role of human capital: Evidence from corporate innovation42 cited
  • 2022Dual‐class share structure and innovation36 cited