This paper examines the role of innovation in firm performance by drawing empirical evidence from the capital market. The current study analyzes risk premiums and risk-adjusted excess returns of a portfolio of the mos...This paper examines the role of innovation in firm performance by drawing empirical evidence from the capital market. The current study analyzes risk premiums and risk-adjusted excess returns of a portfolio of the most innovative firms in the US from 2006 to 2010. The results show that average risk premiums of an equal-weighted portfolio of the most innovative finns in the US are economically larger than the CRSP2 value-weighted index risk premiums four years in a row from 2006 to 2009 and are economically greater than the standard and poor （S＆P） 500 index risk premiums from 2006 to 2010. The portfolio exhibits average statistically significant and positive risk-adjusted excess returns for the 3-year and 5-year holding period intervals. The findings serve as evidence of the favorable role of innovation in firm performance.展开更多
The present paper offers an opportunity to explore Keynes＇ contribution to our understanding of crisis by returning to him seminal contribution in the theory of the effective demand. The analysis contrasts this appro...The present paper offers an opportunity to explore Keynes＇ contribution to our understanding of crisis by returning to him seminal contribution in the theory of the effective demand. The analysis contrasts this approach with the neoclassical orthodoxy regarding the theory of the interest rate and the relation between saving and investment. The author poses the fundamental question： Can a policy of stimulating saving promote investment？ By using the ＂Saving Paradox＂ presented in chapter sixteen, as a framework for interpreting Bernanke＇s description of the saving glut and the current account deficit of the U.S. economy, the author offers an answer that is useful for understanding the current situation. The author also shows how moral hazard plays a significant role in the current crisis.展开更多
The agricultural high-teeh investment project （AHIP） is eharaeterized by technology-intensive, high risk and great profit. This article analyzes essential factors of the risks of the agricultural high-tech investmen...The agricultural high-teeh investment project （AHIP） is eharaeterized by technology-intensive, high risk and great profit. This article analyzes essential factors of the risks of the agricultural high-tech investment projects and the traditional risk evaluation method of agrtcultral projects. We think that the applications of the sensitivity, analysis and probability ore defer. Therefore; this article introduces a structural model to evaluate the risks of the agricultural high-tech investment projects and the system of the concrete evaluation indexes.展开更多
文摘This paper examines the role of innovation in firm performance by drawing empirical evidence from the capital market. The current study analyzes risk premiums and risk-adjusted excess returns of a portfolio of the most innovative firms in the US from 2006 to 2010. The results show that average risk premiums of an equal-weighted portfolio of the most innovative finns in the US are economically larger than the CRSP2 value-weighted index risk premiums four years in a row from 2006 to 2009 and are economically greater than the standard and poor （S＆P） 500 index risk premiums from 2006 to 2010. The portfolio exhibits average statistically significant and positive risk-adjusted excess returns for the 3-year and 5-year holding period intervals. The findings serve as evidence of the favorable role of innovation in firm performance.
文摘The present paper offers an opportunity to explore Keynes＇ contribution to our understanding of crisis by returning to him seminal contribution in the theory of the effective demand. The analysis contrasts this approach with the neoclassical orthodoxy regarding the theory of the interest rate and the relation between saving and investment. The author poses the fundamental question： Can a policy of stimulating saving promote investment？ By using the ＂Saving Paradox＂ presented in chapter sixteen, as a framework for interpreting Bernanke＇s description of the saving glut and the current account deficit of the U.S. economy, the author offers an answer that is useful for understanding the current situation. The author also shows how moral hazard plays a significant role in the current crisis.
文摘The agricultural high-teeh investment project （AHIP） is eharaeterized by technology-intensive, high risk and great profit. This article analyzes essential factors of the risks of the agricultural high-tech investment projects and the traditional risk evaluation method of agrtcultral projects. We think that the applications of the sensitivity, analysis and probability ore defer. Therefore; this article introduces a structural model to evaluate the risks of the agricultural high-tech investment projects and the system of the concrete evaluation indexes.
