We review research on the asset pricing implications of models with innovation and intangible capital. The rapid rise in CEO pay over the past 30 years has sparked an intense debate about the nature of the pay-setting process.

Last, we review models that explore the economic differences between intangible and innovation relative to other forms of investments—focusing on the role of human capital and cash-flow appropriability.Behavioral finance studies the application of psychology to finance, with a focus on individual-level cognitive biases. In these models, technological innovation shocks propagate differently than standard total factor productivity shocks—and therefore have qualitatively distinct asset pricing implications. Total industrial output for the state sector [state-owned enterprises (SOEs)] and listed sector (publicly listed and traded firms) combined an...Figure 8: Foreign reserves and foreign exchange rate.

221–242. The sample consists of firms in the annual Compustat file over the period 1974–2009, excluding utility and financial firms, government entities, and firms wi...This review surveys technological disruption in banking, examining its impact on competition and its potential to increase efficiency and customer welfare. Last, we review models that explore the economic differences between intangible and innovation relative to other forms of investments¤mdash¤focusing on the role of human capital and cash-flow appropriability.T1 - Technological Innovation, Intangible Capital, and Asset Prices.N2 - We review research on the asset pricing implications of models with innovation and intangible capital. @article{5033e49b316e45b397f734ec51ff2dd3.title = "Technological Innovation, Intangible Capital, and Asset Prices".abstract = "We review research on the asset pricing implications of models with innovation and intangible capital. In these models, technological innovation shocks propagate differently than standard total factor productivity shocks¤mdash¤and therefore have qualitatively distinct asset pricing implications. By continuing you agree to the. In these models, technological innovation shocks propagate differently than standard total factor productivity shocks¤mdash¤and therefore have qualitatively distinct asset pricing implications.

Last, we review models that explore the economic differences between intangible and innovation relative to other forms of investments¤mdash¤focusing on the role of human capital and cash-flow appropriability.UR - http://www.scopus.com/inward/record.url?scp=85077433130&partnerID=8YFLogxK,UR - http://www.scopus.com/inward/citedby.url?scp=85077433130&partnerID=8YFLogxK,U2 - 10.1146/annurev-financial-110118-123049,DO - 10.1146/annurev-financial-110118-123049,JO - Annual Review of Financial Economics,JF - Annual Review of Financial Economics,"We use cookies to help provide and enhance our service and tailor content.

We discuss recent approaches to measuring intangible capital and innovation, many of which rely on the prices of financial securities. Last, we review models that explore the economic differences between intangible and innovation relative to other forms of investments¤mdash¤focusing on the role of human capital and cash-flow appropriability.AB - We review research on the asset pricing implications of models with innovation and intangible capital. Vol. Together they form a unique fingerprint.Technological Innovation, Intangible Capital, and Asset Prices. Title: Technological Growth and Asset Pricing Created Date: 7/26/2012 11:22:43 AM The formal sectors of the financial system, which include a fast-growing stock market and are dominated by a banking sector with large state-owned ...Figure 1: Overview of China's financial system. The sample consists of firms in the annual Compustat file over the period 1974–2009, excluding utility and financial firms, g...Figure 2: Leverage variation through time. (a) The structure of CEO compensation from 1936 to 2005. We examine the asset pricing implications of a production economy whose long-term growth prospects are endoge-nously determined by innovation and R&D. The Jensen-Murphy statistic i...This article reviews empirical capital structure research, concentrating on papers published since 2005. Source: People's Bank of China. We summarize how ...Figure 1: Firm characteristics across leverage (book debt/assets) deciles. 11, 2019, pp. 11:221-242 (Volume publication date December 2019).We review research on the asset pricing implications of models with innovation and intangible capital. We begin by documenting three dimensions of capital structure variation: cross firm, cross industry, and within firm through time. Abbreviations: FDI, foreign direct investment; HKSE, Hong Kong Stock Exchange; PE, private equity; RCC, rural credit cooperative; SSE, Shanghai Stock Ex...Figure 2: Recent growth of banks’ wealth management products, 2009–2016. In these models, technological innovation shocks propagate differently than standard total factor productivity shocks¤mdash¤and therefore have qualitatively distinct asset pricing implications. Source: CEIC database (https://www.ceicdata.com).Figure 5: Comparison of the growth of housing prices and disposable household income for (a) the whole nation, (b) Shanghai, (c) Beijing, and (d) Shenzhen. We discuss recent approaches to measuring intangible capital and innovation, many of which rely on the prices of financial securities. (b) Enlargement of red shaded area in panel a. Innovation, Growth and Asset Prices Howard Kung Lukas Schmidy April 2012z Abstract Asset prices re ect anticipations of future growth. Leonid Kogan and Dimitris Papanikolaou Vol. The diagram shows the median level and the average composition of CEO pay in the 50 largest firms ...Figure 3: CEO incentives in S&P 500 firms from 1992 to 2005.