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DC Field | Value | Language |
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dc.contributor.author | Madsen, J | - |
dc.contributor.author | Davis, EP | - |
dc.coverage.spatial | 31 | en |
dc.date.accessioned | 2007-07-05T12:01:34Z | - |
dc.date.available | 2007-07-05T12:01:34Z | - |
dc.date.issued | 2003 | - |
dc.identifier.citation | Economics and Finance Working papers, Brunel University, 03-04 | en |
dc.identifier.uri | https://bura.brunel.ac.uk/handle/2438/948 | - |
dc.description.abstract | The increase in equity prices over the 1990s has to a large degree been attributed to permanently higher productivity growth that is derived from the ‘new economy’ and related research and development (R&D) expenditures. This paper establishes a rational expectations model of technology innovations and equity prices, which shows that under plausible assumptions, productivity advances can only have temporary effects on fundamentals of equity prices. Using data on R&D capital and fixed capital productivity for 11 OECD countries, the evidence give strong support for the model by suggesting that technology innovations indeed have only temporary effects on equity returns | en |
dc.format.extent | 299904 bytes | - |
dc.format.mimetype | application/pdf | - |
dc.language.iso | en | - |
dc.publisher | Brunel University | en |
dc.subject | New economy, productivity, economic growth, and equity prices. | en |
dc.title | Equity prices, productivity growth and the "new economy" | en |
dc.type | Research Paper | en |
Appears in Collections: | Economics and Finance Dept of Economics and Finance Research Papers |
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File | Description | Size | Format | |
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FullText.pdf | 292.88 kB | Adobe PDF | View/Open |
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