Risk, Variety and Volatility in the Early Auto and PC Industry

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Risk, Variety and Volatility in the Early Auto and PC Industry

Author Info

Mariana Mazzucato () (Department of Economics, Faculty of Social Sciences, The Open University)

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Mariana Mazzucato

Abstract

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 (1970-2000). In both industries, stock prices were the most volatile and idiosyncratic (compared to the general market) during the periods in which entry/exit rates, market share instability, and technological change were the strongest. Given the similarities between the early stages in the two industries, the patterns that have characterized the late evolution of automobiles provide some insights on the possible future of the PC industry.

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Publisher Info
Paper provided by The Open University, Faculty of Social Sciences, Department of Economics in its series Open Discussion Papers in Economics with number 41.

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Length: 48 pages
Date of creation: Mar 2003
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Handle: RePEc:opn:wpaper:41

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Article
- Mariana Mazzucato, 2003. "Risk, variety and volatility: growth, innovation and stock prices in early industry evolution," Journal of Evolutionary Economics, Springer, vol. 13(5), pages 491-512, December. [Downloadable!] (restricted)

Cited by:
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Jackie Krafft & Jacques-Laurent Ravix, 2008. "Corporate governance and the governance of knowledge: rethinking the relationship in terms of corporate coherence," Post-Print hal-00203550_v1, HAL. [Downloadable!]
Other versions:
- J. Krafft & J. -L. Ravix, 2008. "Corporate Governance And The Governance Of Knowledge: Rethinking The Relationship In Terms Of Corporate Coherence," Economics of Innovation and New Technology, Taylor and Francis Journals, vol. 17(1-2), pages 79-95. [Downloadable!] (restricted)
Jackie Krafft & Jacques-Laurent Ravix, 2005. "The governance of innovative firms: an evolutionary approach," Post-Print hal-00203620_v1, HAL. [Downloadable!]

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