Technological proximity and co-movements of stock returns

Research output: Journal article publicationJournal articleAcademic researchpeer-review

10 Citations (Scopus)

Abstract

The objective of this study is to validate two measures of technological proximity constructed from patent statistics, namely, knowledge spillovers and research overlap, by examining their relationship with the co-movements of stock returns. A unique data set is compiled from the US patent statistics by tracing the links between patents as established by backward citations. The empirical findings from this study suggest that the two measures of technological proximity are positively related to the co-movements of stock returns.
Original languageEnglish
Pages (from-to)131-136
Number of pages6
JournalEconomics Letters
Volume79
Issue number1
DOIs
Publication statusPublished - 1 Apr 2003

Keywords

  • Asset pricing
  • Innovation
  • Patent

ASJC Scopus subject areas

  • Finance
  • Economics and Econometrics

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