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Dynamics of Innovation and Risk

hal.structure.identifierBiologie du fruit et pathologie [BFP]
dc.contributor.authorBIAIS, B.
hal.structure.identifierMathématiques Appliquées Paris 5 [MAP5 - UMR 8145]
dc.contributor.authorROCHET, J.-C.
dc.contributor.authorWOOLLEY, P.
dc.date.issued2015
dc.identifier.issn0893-9454
dc.description.abstractEnWe study the dynamics of an innovative industry in which agents learn about the likelihood of negative shocks. Managers can exert risk prevention effort to mitigate the consequences of shocks. If no shock occurs, confidence improves, attracting managers to the innovative sector. But, when confidence becomes high, inefficient managers exerting low risk-prevention effort also enter. This stimulates growth, while reducing risk prevention. The longer the boom, the larger the losses if a shock occurs. Although these dynamics arise in the first-best, asymmetric information generates excessive entry of inefficient managers, earning informational rents, inflating the innovative sector, and increasing its vulnerability
dc.language.isoen
dc.publisherOxford University Press (OUP)
dc.subject.enFinance
dc.title.enDynamics of Innovation and Risk
dc.typeArticle de revue
dc.identifier.doi10.1093/rfs/hhv003
dc.subject.halSciences de l'Homme et Société/Gestion et management
bordeaux.journalReview of Financial Studies
bordeaux.page1353 - 1380
bordeaux.volume28
bordeaux.issue5
bordeaux.peerReviewedoui
hal.identifierhalshs-01400249
hal.version1
hal.popularnon
hal.audienceInternationale
hal.origin.linkhttps://hal.archives-ouvertes.fr//halshs-01400249v1
bordeaux.COinSctx_ver=Z39.88-2004&rft_val_fmt=info:ofi/fmt:kev:mtx:journal&rft.jtitle=Review%20of%20Financial%20Studies&rft.date=2015&rft.volume=28&rft.issue=5&rft.spage=1353%20-%201380&rft.epage=1353%20-%201380&rft.eissn=0893-9454&rft.issn=0893-9454&rft.au=BIAIS,%20B.&ROCHET,%20J.-C.&WOOLLEY,%20P.&rft.genre=article


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