"2021/05/13雷印如研究：创新价值误判"

&D) expenditures of firms are crucial to their long-term success and competitive advantage. • However, there is a tendency among investors to misvalue innovation, leading to mispricing of stocks. Research Question • This study aims to investigate whether investors properly value innovation when making stock pricing decisions. Methodology • The researchers analyzed a large dataset of U.S. firms from 1980 to 2010. • They used various measures of innovation, such as patents, R&D intensity, and citation-weighted patents, to assess the level of innovation. • The researchers then examined how stock prices were affected by these measures of innovation. Key Findings • The study found that investors tend to undervalue firms with high levels of innovation, leading to mispricing of their stocks. • Firms with a high level of innovation were found to have lower stock returns compared to firms with lower levels of innovation. • This misvaluation of innovation was more pronounced for firms with higher levels of intangible assets. Implications • The findings of this study have important implications for investors and policymakers. • Investors should be aware of the tendency to misvalue innovation and adjust their stock pricing decisions accordingly. • Policymakers should consider the impact of misvaluation of innovation on firm investment decisions and economic growth. Conclusion • In conclusion, this study highlights the importance of properly valuing innovation in stock pricing decisions. • Investors and policymakers should take into account the impact of innovation on firm performance and adjust their strategies accordingly.