Technological proximity and co-movements of stock returns

King Fai Fung

doi:10.1016/S0165-1765(02)00297-5

Technological proximity and co-movements of stock returns

King Fai Fung

Research output: Journal article publication › Journal article › Academic research › peer-review

20 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 language	English
Pages (from-to)	131-136
Number of pages	6
Journal	Economics Letters
Volume	79
Issue number	1
DOIs	https://doi.org/10.1016/S0165-1765(02)00297-5
Publication status	Published - 1 Apr 2003

Keywords

Asset pricing
Innovation
Patent

ASJC Scopus subject areas

Finance
Economics and Econometrics

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10.1016/S0165-1765(02)00297-5

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Technological proximity and co-movements of stock returns

Abstract

Keywords

ASJC Scopus subject areas

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