R&D, Technology Spillovers and Stock Prices

12 Pages Posted: 17 Jan 2009

See all articles by Jakob B. Madsen

Jakob B. Madsen

University of Copenhagen - Department of Economics

Martin Barner

University of Copenhagen - Department of Economics; California Institute of Technology - Division of the Humanities and Social Sciences

Christian Farø

affiliation not provided to SSRN

Abstract

Theories of endogenous growth suggest that technological progress is driven by firms own R&D effort and knowledge spillovers. Using panel data for US firms over the period from 1990 to 1999 this paper tests the influence on stock prices of technological spillovers through firms purchase of intermediate products from other firms. The empirical results show that stock prices are significantly positively affected by knowledge spillovers through the input of intermediate products.

Suggested Citation

Madsen, Jakob Bruechner and Barner, Martin and Farø, Christian, R&D, Technology Spillovers and Stock Prices. Pacific Economic Review, Vol. 13, Issue 5, pp. 620-631, December 2008, Available at SSRN: https://ssrn.com/abstract=1327451 or http://dx.doi.org/10.1111/j.1468-0106.2008.00421.x

Jakob Bruechner Madsen (Contact Author)

University of Copenhagen - Department of Economics ( email )

Øster Farimagsgade 5
Bygning 26
1353 Copenhagen K.
Denmark

Martin Barner

University of Copenhagen - Department of Economics

Øster Farimagsgade 5
Bygning 26
1353 Copenhagen K.
Denmark

California Institute of Technology - Division of the Humanities and Social Sciences

1200 East California Blvd.
Pasadena, CA 91125
United States

Christian Farø

affiliation not provided to SSRN

Do you have a job opening that you would like to promote on SSRN?

Paper statistics

Downloads
2
Abstract Views
527
PlumX Metrics