Innovation and stock prices: a review of some recent work (2006)
The paper reviews work which draws a link between the dynamics of innovation and the dynamics of stock prices. One of the key findings is the relationship between innovation intensity (e.g. radical...
Knowledge accumulation and industry evolution: the case of Pharma-Biotech (2006)
Mazzucato, Mariana, Dosi, Giovanni
Written by internationally acclaimed experts in the economics of innovation, this volume examines how the biotechnology and pharmaceutical sector is affected by the dynamics of innovation,...
Indices that capture creative destruction: questions and implications (2005)
Mazzucato, Mariana, Tancioni, Massimiliano
The paper argues that micro and macro economists interested in the dynamics of creative destruction can gain important insights by using indices that capture the effect of innovation on the relative...
Risk, variety and volatility: growth, innovation and stock prices in early industry evolution (2003)
The paper studies the patterns of volatility in firm growth rates and stock prices during the early phase of the life-cycle of an old economy industry, the US automobile industry from 1900-1930, and...
Learning and the sources of corporate growth (2002)
Geroski, Paul, Mazzucato, Mariana
This paper explores the link between learning and corporate growth by developing different models of learning and showing that they produce observably different models of corporate growth. Using data...
The PC Industry: new economy or early life-cycle? (2002)
The paper studies the co-evolution of industrial turbulence and financial volatility in the early phase of the life-cycle of an old high-tech industry and a new high-tech industry: the U.S. auto...
Innovation and Idiosyncratic Risk
Mariana Mazzucato, Massimiliano Tancioni
The paper studies whether “idiosyncratic riskâ€, i.e. the degree to which firm and industry specific returns are more volatile than aggregate market returns, is higher in innovative...
Modelling the Dynamics of Industry Populations
Mariana Mazzucato, Paul A Geroski
This paper examines four models which might be used to account for variations in the number of producers who operate in a particular market over the lifetime of that market. Two of these are standard...
Learning and the Sources of Corporate Growth
Mariana Mazzucato, Paul A Geroski
This paper explores the link between learning and corporate growth by developing different models of learning and showing that they produce observably different models of corporate growth. Using data...
Entry, Competence-Destroying Innovations, volatility and growth: Lessons from different industries
Periods of Schumpetarian creative destruction are well captured by indicators of turbulence that highlight changes in inter-firm variety, such as the market share instability index and relative...
The Determinants of Stock Price Volatility: An Industry Study
Mariana Mazzucato, Willi Semmler
This paper focuses on a single simple stylized fact which stands out from the post-war history of the US Car industry, namely that industry concentration fell just at the same time as industry...
Risk, Variety and Volatility in the Early Auto and PC Industry
The paper studies the co-evolution of industrial turbulence and financial volatility in the early phase of the US automobile industry (1900-1930) and the early phase of the US PC industry...
Innovation and Idiosyncratic Risk: an Industry & Firm Level Analysis
Mariana Mazzucato, Massimiliano Tancioni
Recent studies find that idiosyncratic risk (IR) has increased since the 1960's and attribute this to economy wide factors such as the role of the IT revolution. To gain further insights into why IR...
Stock Price Volatility and Patent Citation Dynamics: the case of the pharmaceutical industry
Mariana Mazzucato, Massimiliano Tancioni
Recent finance literature highlights the role of technological change in increasing firm specific and aggregate stock price volatility (Campbell et al. 2001, Shiller 2000, Pastor and Veronesi 2006)....
Firm Growth Dynamics Under Different Knowledge Regimes: the case of the pharmaceutical industry
Mariana Mazzucato, Pelin Demirel
The paper studies the dynamics of firm growth and firm size distributions in the pharmaceutical industry from 1950 to 2003 and in the biotechnology industry from the early 1980's to 2003. Growth...
The PC Industry: New Economy or Early Life-Cycle?
The paper studies the co-evolution of industrial turbulence and financial volatility in the early phase of the life-cycle of an old high-tech industry and a new high-tech industry: the U.S. auto...
Modelling the Dynamics of Industry Populations
Geroski, Paul A, Mazzucato, Mariana
This Paper examines four models that might be used to account for variations in the number of producers who operate in a particular market over the lifetime of that market. Two of these are standard...
Advertising and the Evolution of Market Structure in the US Car Industry
Geroski, Paul A, Mazzucato, Mariana
This Paper focuses on a single simple stylized fact which stands out from the post-war history of the US Car industry, namely that industry concentration fell just at the same time as industry...
Learning and the sources of corporate growth
Paul Geroski, Mariana Mazzucato
This paper explores the link between learning and corporate growth by developing different models of learning and showing that they produce observably different models of corporate growth. Using data...
Innovation and idiosyncratic risk: an industry- and firm-level analysis
Mariana Mazzucato, Massimiliano Tancioni
Recent studies find that idiosyncratic risk (IR)—the degree to which firm-specific returns are more volatile than aggregate market returns—has increased since the 1960s and attribute this to...
Risk, variety and volatility: growth, innovation and stock prices in early industry evolution
The paper studies the patterns of volatility in firm growth rates and stock prices during the early phase of the life-cycle of an old economy industry, the US automobile industry from 1900-1930, and...
Mariana Mazzucato, Willi Semmler
Market share instability, during certain stages of the industry life-cycle, has become a stylized fact in the industrial organization literature. In the finance literature, volatility in the form of...
A Computational Model of Economies of Scale and Market Share Instability
Replicator dynamics and computer simulation techniques are used to construct a reduced form model which explores negative and positive feedback processes between firm costs and market shares embodied...