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dc.contributor.authorKogan, Leonid
dc.contributor.authorPapanikolaou, Dimitris
dc.contributor.authorStoffman, Noah
dc.date.accessioned2021-04-09T20:01:26Z
dc.date.available2021-04-09T20:01:26Z
dc.date.issued2020-01
dc.identifier.issn0022-3808
dc.identifier.issn1537-534X
dc.identifier.urihttps://hdl.handle.net/1721.1/130433
dc.description.abstractWe develop a general equilibrium model of asset prices in which benefits of technological innovation are distributed asymmetrically. Financial market participants do not capture all economic gains from innovation even when they own shares in innovating firms. Such gains accrue partly to the innovators, who cannot sell claims on proceeds from their future ideas. We show how the resulting inequality among agents can give rise to a high risk premium on the aggregate stock market, return comovement and average return differences among firms, and the failure of traditional representative agent asset pricing models to account for cross-sectional differences in risk premia.en_US
dc.language.isoen
dc.publisherUniversity of Chicago Pressen_US
dc.relation.isversionofhttp://dx.doi.org/10.1086/704619en_US
dc.rightsArticle is made available in accordance with the publisher's policy and may be subject to US copyright law. Please refer to the publisher's site for terms of use.en_US
dc.sourceUniversity of Chicago Pressen_US
dc.titleLeft Behind: Creative Destruction, Inequality, and the Stock Marketen_US
dc.typeArticleen_US
dc.identifier.citationKogan, Leonid et al. "Left Behind: Creative Destruction, Inequality, and the Stock Market." Journal of Political Economy 128, 3 (March 2020): 855-906 © 2020 by The University of Chicagoen_US
dc.contributor.departmentSloan School of Managementen_US
dc.relation.journalJournal of Political Economyen_US
dc.eprint.versionFinal published versionen_US
dc.type.urihttp://purl.org/eprint/type/JournalArticleen_US
eprint.statushttp://purl.org/eprint/status/PeerRevieweden_US
dc.date.updated2021-04-06T18:42:12Z
dspace.orderedauthorsKogan, L; Papanikolaou, D; Stoffman, Nen_US
dspace.date.submission2021-04-06T18:42:13Z
mit.journal.volume128en_US
mit.journal.issue3en_US
mit.licensePUBLISHER_POLICY
mit.metadata.statusAuthority Work and Publication Information Needed


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