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 language | English |
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Pages (from-to) | 131-136 |
Number of pages | 6 |
Journal | Economics Letters |
Volume | 79 |
Issue number | 1 |
DOIs | |
Publication status | Published - 1 Apr 2003 |
Keywords
- Asset pricing
- Innovation
- Patent
ASJC Scopus subject areas
- Finance
- Economics and Econometrics