Innovation, Future Earnings, and Market Efficiency
نویسندگان
چکیده
منابع مشابه
Innovation, Future Earnings, and Market Efficiency
This study examines whether patent citation impact, a leading indicator of technology firms’ innovation capabilities, is associated with future earnings and whether this association is appropriately reflected in stock prices and analysts’ earnings forecasts of patent-rich companies. The results indicate that change of patent citation impact is positively associated with future earnings, particu...
متن کاملFuture Earnings , and Market Efficiency
This study examines whether patent citation impact, a leading indicator of technology firms’ innovation capabilities, is associated with future earnings and whether this association is appropriately reflected in stock prices and analysts’ earnings forecasts of patent-rich companies. The results indicate that change of patent citation impact is positively associated with future earnings, particu...
متن کاملInformation Diffusion and the Boundary of Market Efficiency: Empirical Evidence from Earnings Announcements
This paper tests the implications of an information diffusion model (Lu, 2003) in the quarterly earnings announcement setting. Post-announcement-drift is documented only for earnings announcements that have high information uncertainty, measured by high abnormal trading volume and return volatility surrounding the announcement. The results are robust after controlling for the magnitude of earni...
متن کاملFirm Market Power and the Earnings Distribution
Firm Market Power and the Earnings Distribution Using linked employer-employee data, I compute firm-level measures of the labor supply elasticity facing each private non-farm firm in the US. I provide the first direct evidence of the positive relationship between a firm's labor supply elasticity and the earnings of its workers. I also contrast the dynamic model method employed by this paper wit...
متن کاملInnovation and Market Design
Market design plays an essential role in promoting innovation. I examine emission allowance auctions, airport slot auctions, spectrum auctions, and electricity markets, and demonstrate how the market design can encourage innovation. Improved pricing information is one source of innovation. Enhancing competition is another driver of innovation seen in all of the applications. Market design foste...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Journal of Accounting, Auditing & Finance
سال: 2005
ISSN: 0148-558X,2160-4061
DOI: 10.1177/0148558x0502000405