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R&D, TECHNOLOGY SPILLOVERS AND STOCK PRICES †
Author(s) -
Madsen Jakob B.,
Barner Martin,
Farø Christian
Publication year - 2008
Publication title -
pacific economic review
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.34
H-Index - 33
eISSN - 1468-0106
pISSN - 1361-374X
DOI - 10.1111/j.1468-0106.2008.00421.x
Subject(s) - stock (firearms) , economics , panel data , monetary economics , econometrics , mechanical engineering , engineering
. 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.