Innovation Under Ambiguity and Risk

被引：5

作者：

Coiculescu, Gabriela ^{[1
]}

Izhakian, Yehuda ^{[2
]}

Ravid, S. Abraham ^{[1
]}

机构：

[1] Yeshiva Univ, Sy Syms Sch Business, New York, NY 10033 USA

[2] Baruch Coll, Zicklin Sch Business, New York, NY 10010 USA

来源：

JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS | 2024年 / 59卷 / 07期

关键词：

EXPECTED UTILITY; DECISION WEIGHTS; PROSPECT-THEORY; STOCK RETURNS; MARKET VALUE; INVESTMENT; UNCERTAINTY; COMPETITION; DYNAMICS; OPTIONS;

D O I：

10.1017/S002210902300128X

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We view innovation investments as real options and explore the implications of risk (volatility) as well as a newly defined outcome independent measure of ambiguity (Knightian uncertainty) for innovation decisions. The empirical analysis uses stock returns to compute an implementable measure of ambiguity. We also control for risk and other determinants of innovation. We find a consistently significant negative effect of ambiguity on R&D, patents, and citations, as predicted. The effect of risk on R&D is positive and significant, but the corresponding effect on patents and citations is negative and significant. Ambiguity matters more for high-tech firms, consistent with intuition.

引用

页码：3190 / 3229

页数：40

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