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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Paper provided by Department of Economics, University of York in its series Discussion Papers with number
01/18.
Length: Date of creation: Date of revision: Handle: RePEc:yor:yorken:01/18
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