The DOI matches its Crossref record; 40 of the 40 references it cites were found in a registry or an index.
Technological Revolutions and Stock Prices
Abstract
We develop a general equilibrium model in which stock prices of innovative firms exhibit “bubbles” during technological revolutions. In the model, the average productivity of a new technology is uncertain and subject to learning. During technological revolutions, the nature of this uncertainty changes from idiosyncratic to systematic. The resulting bubbles in stock prices are observable ex post but unpredictable ex ante, and they are most pronounced for technologies characterized by high uncertainty and fast adoption. We find empirical support for the model's predictions in 1830–1861 and 1992–2005 when the railroad and Internet technologies spread in the United States. (JEL G12, L86, L92, N21, N22, N71, N72)
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Citations
Cites
Endogenous Technological Change
Romer, P. M. (1990) · Journal of Political Economy · doi:10.1086/261725 · Cited by 17,711
Endogenous Technological Change
Romer, P. (1989) · National Bureau of Economic Research · doi:10.3386/w3210 · Cited by 13,303
(2019) · AEA Papers and Proceedings · doi:10.1257/pandp.109.612 · Cited by 10,902
“A Model of Growth: Through Creative Destruction”
Aghion, P., & Howitt, P. (1992) · Econometrica · doi:10.2307/2951599 · Cited by 7,529
The Economic Implications of Learning by Doing
Arrow, K. J. (1971) · Readings in the Theory of Growth · doi:10.1007/978-1-349-15430-2_11 · Cited by 6,605
A Model of Growth Through Creative Destruction
Aghion, P., & Howitt, P. (1990) · National Bureau of Economic Research · doi:10.3386/w3223 · Cited by 5,634
Selection and the Evolution of Industry
Jovanovic, B. (1982) · Econometrica · doi:10.2307/1912606 · Cited by 4,515
The lever of riches: technological creativity and economic progress
(1990) · Choice Reviews Online · doi:10.5860/choice.28-1056 · Cited by 1,884
A Random Walk Down Wall Street
Malkiel, B. G. (1973) · Medical Entomology and Zoology · Cited by 1,751
Financial development and innovation: Cross-country evidence
Hsu, P.-H., Tian, X., & Xu, Y. (2014) · Journal of Financial Economics · doi:10.1016/j.jfineco.2013.12.002 · Cited by 1,702
Cited by
Tokenomics: Dynamic adoption and valuation
Cong, L. W., Li, Y., & Wang, N. (2021) · The Review of Financial Studies · doi:10.1093/rfs/hhaa089 · Cited by 58
Metadata
- Authors
- Pástor, Ľ., & Veronesi, P.
- Venue
- American Economic Review
- Publisher
- American Economic Association
- Published
- 2009-08-01
- Volume
- 99
- Issue
- 4
- Pages
- 1451-1483
- ISSN
- 0002-8282 (ISSN-L)
- OpenAlex
- W3121865372
- Cited by
- 533
- References
- 40
- FWCI
- 56.95
- Type
- journal article
- Language
- en
- Open access
- closed
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
