Mazzucato, M;
Tancioni, M;
(2008)
Innovation and idiosyncratic risk: an industry- and firm-level analysis.
Industrial and Corporate Change
, 17
(4)
pp. 779-811.
10.1093/icc/dtn024.
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Abstract
Recent studies find that idiosyncratic risk (IR)—the degree to which firm-specific returns are more volatile than aggregate market returns—has increased since the 1960s and attribute this to economy-wide factors such as the role of the IT revolution. Yet no innovation data is used in these studies. To gain further insights into the relationship between technology and IR, our aricle studies whether firms and industries that are more R&D intensive are in fact characterized by higher IR due to how innovation affects the uncertainty of expected future profits. While the industry-level results prove inconclusive, a clear relationship is found between firm-level R&D intensity and firm-level volatility of returns.
| Type: | Article |
|---|---|
| Title: | Innovation and idiosyncratic risk: an industry- and firm-level analysis |
| Open access status: | An open access version is available from UCL Discovery |
| DOI: | 10.1093/icc/dtn024 |
| Publisher version: | http://doi.org/10.1093/icc/dtn024 |
| Language: | English |
| Additional information: | © The Author 2008. Published by Oxford University Press on behalf of Associazione ICC. All rights reserved. This version is the author accepted manuscript. For information on re-use, please refer to the publisher’s terms and conditions. |
| UCL classification: | UCL UCL > Provost and Vice Provost Offices > UCL BEAMS UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment > Inst for Innovation and Public Purpose |
| URI: | https://discovery.ucl.ac.uk/id/eprint/1553092 |
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