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Technological Change, Entry and Stock Market Dynamics: An Analysis of Transition in a Monopolistic Economy

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Author Info
Datta, Bipasa
Dixon, Huw

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Abstract

This paper explores an equilibrium model for industry entry dynamics and technological change. We focus on the share valuation of firms in the transition as technology changes, and whether or not share prices are always increasing when technology improves. We find that there can be a U-shaped transition dynamic, so that an initial boom in share price is followed by a temporary fall in share price even though the underlying technology is improving.

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Publisher Info
Paper provided by CESifo Group Munich in its series CESifo Working Paper Series with number CESifo Working Paper No. 641.

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Date of creation: 2002
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Handle: RePEc:ces:ceswps:_641

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Related research
Keywords: technology; share-price; entry; industry; dynamic.;

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Find related papers by JEL classification:
D40 - Microeconomics - - Market Structure and Pricing - - - General
D92 - Microeconomics - - Intertemporal Choice and Growth - - - Intertemporal Firm Choice and Growth, Investment, or Financing
L10 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - General
O30 - Economic Development, Technological Change, and Growth - - Technological Change - - - General

References listed on IDEAS
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  1. Marta Aloi & Huw Dixon, . "Entry Dynamics, Capacity Utilisation and Productivity in a Dynamic Open Economy," Discussion Papers 02/05, Department of Economics, University of York. [Downloadable!]
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Cited by:
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  1. Pedro Rui Mazeda Gil & Paulo Brito & Óscar Afonso, 2008. "A Model of Quality Ladders with Horizontal Entry," FEP Working Papers 296, Universidade do Porto, Faculdade de Economia do Porto. [Downloadable!]
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This page was last updated on 2009-12-14.

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