Finance in a Time of Disruptive Growth
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https://www.nber.org/papers/w32184
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We propose a unified theory of asset price determination encompassing both conventional and alternative asset classes (private equity, real estate, etc.). The model features disruption of old by young firms and skewness in the distribution of innovative rents among the young innovators. The relative
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美国国家经济研究局创建时间：
2024-03-01
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