Bubbles and the Value of Innovation

Booming innovation often coincides with intense speculation in financial markets. Using over a million patents, we document two ways the market valuation of innovation and its economic impact become disconnected during bubbles. Specifically, an innovation raises the stock price of its creator by 40%

蓬勃的创新浪潮往往与金融市场的狂热投机相伴相生。我们借助超百万项专利数据，实证揭示了市场泡沫时期，创新的市场估值与其经济影响存在两种脱节路径。具体而言，一项创新可使其创新主体的股价上涨40%。