财务与金融系学术讲座系列2021年第2讲

主 题：已过时的公司

主讲人: 马松（耶鲁大学助理教授）

协调人: 陈俊

时 间：2021-04-23 09:00

地 点：Zoom会议室

语 言：英文

讲座地点：Zoom 会议室

https://zoom.com.cn/j/61998196178?pwd=U21yMWVTbUdpVFY0Skx6SlYyOWxwZz09

会议 ID：619 9819 6178

密码：697322

讲座摘要:

Technology obsolescence is a key factor in endogenous growth theories featuring creative destruction, and has important implications for firms, asset prices, and aggregate growth. However, empirical analysis on technology obsolescence is scarce due the lack of a direct measure. This paper first proposes a new measure of technology obsolescence at the firm-year level using detailed annual patent holding and citation data. Armed with this measure, we perform three sets of tests. First, for firms, technology obsolescence foreshadows substantially lower growth, productivity, and reallocation. This applies mainly for obsolescence of core innovation and embodied innovation; and is stronger when product markets are competitive. Second, for asset prices, technology obsolescence strongly predicts stock returns of firms, and a long-short portfolio strategy that buys low-obsolescence and shorts high-obsolescence firms earns an abnormal return of 7-8% annually. At last, for the economy, aggregating the measure into an economy-wide index of technology obsolescence provides additional sources of variations to explain economic growth, fluctuations, and productivity. Importantly, the measure contains additional and largely independent information relative to existing measures of new innovation.

主讲人简介:

Song Ma is an assistant professor of finance at the Yale School of Management in Yale University. His primary research interests lie in the fields of corporate finance, entrepreneurial finance, innovation and big data. He also has interests in behavioral finance, education, law and economics, and antitrust. In these areas, he has published many papers in top economics and finance journals including Journal of Political Economy, Journal of Finance, Journal of Financial Economics, Review of Financial Studies, and Management Science.