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- W4211217473 endingPage "1173" @default.
- W4211217473 startingPage "1141" @default.
- W4211217473 abstract "Abstract General purpose technologies (GPTs)—a class of technologies with pervasive impacts on the economy and spillover across countries—are a source of nondiversifiable risk in international equity markets. An empirical GPT factor from patent data can explain a substantial fraction of the cross‐sectional variation of global stock returns using the new econometric methodology developed by Kan, Robotti, and Shanken (2013). Moreover, the GPT factor is distinct from total factor productivity and other macrofactors in our tests. Our results suggest that a considerable degree of financial market integration may be attributable to technology diffusion as an underlying mechanism." @default.
- W4211217473 created "2022-02-13" @default.
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- W4211217473 creator A5061235391 @default.
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- W4211217473 date "2022-02-08" @default.
- W4211217473 modified "2023-09-27" @default.
- W4211217473 title "General Purpose Technologies as Systematic Risk in Global Stock Markets" @default.
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