Categories in Evaluation of Innovative Activities of Competing Firms
I examine how the stock market evaluation of a firm’s innovative activities is influenced by the categorization of the firm and its rivals. I find that innovations that blur the industry boundaries cause negative evaluation bias, but the competing innovations by outside industry firms cause positive...
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| Format: | text |
| Language: | English |
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Institutional Knowledge at Singapore Management University
2009
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| Online Access: | https://ink.library.smu.edu.sg/lkcsb_research/1754 https://ink.library.smu.edu.sg/context/lkcsb_research/article/2753/viewcontent/616_974_1_PB.pdf |
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| Institution: | Singapore Management University |
| Language: | English |
| Summary: | I examine how the stock market evaluation of a firm’s innovative activities is influenced by the categorization of the firm and its rivals. I find that innovations that blur the industry boundaries cause negative evaluation bias, but the competing innovations by outside industry firms cause positive evaluation bias in firm valuation. |
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