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Technological change, entry and stock market dynamics: an analysis of transition in a monopolistic economy

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  • Bipasa Datta
  • Huw Dixon

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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File URL: http://www.york.ac.uk/media/economics/documents/discussionpapers/2001/0118.pdf
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Paper provided by Department of Economics, University of York in its series Discussion Papers with number 01/18.

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Handle: RePEc:yor:yorken:01/18

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Keywords: Technology; share-price; entry; industry; dynamic.;

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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.
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Cited by:
  1. Jakob B. Madsen & E. Philip Davis, 2004. "Equity Prices, Productivity Growth, and the 'New Economy'," EPRU Working Paper Series 04-05, Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics.
  2. Brito, Paulo & Dixon, Huw, 2013. "Fiscal policy, entry and capital accumulation: Hump-shaped responses," Journal of Economic Dynamics and Control, Elsevier, vol. 37(10), pages 2123-2155.
  3. 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.

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