Moonshots, Investment Booms, and Selection Bias in the Transmission of Cultural Traits
Author
Abstract
Suggested Citation
Note: CF PR
Download full text from publisher
Other versions of this item:
- David Hirshleifer & Joshua B. Plotkin, 2021. "Moonshots, investment booms, and selection bias in the transmission of cultural traits," Proceedings of the National Academy of Sciences, Proceedings of the National Academy of Sciences, vol. 118(26), pages 2015571118-, June.
References listed on IDEAS
- Michelle Lowry & G. William Schwert, 2002.
"IPO Market Cycles: Bubbles or Sequential Learning?,"
Journal of Finance, American Finance Association, vol. 57(3), pages 1171-1200, June.
- Michelle Lowry & G. William Schwert, 2000. "IPO Market Cycles: Bubbles or Sequential Learning?," NBER Working Papers 7935, National Bureau of Economic Research, Inc.
- Robert S. Chirinko & Huntley Schaller, 2001.
"Business Fixed Investment and "Bubbles": The Japanese Case,"
American Economic Review, American Economic Association, vol. 91(3), pages 663-680, June.
- Huntley Schaller & Robert S. Chirinko, 1995. "Business Fixed Investment and "Bubbles": the Japanese Case," Carleton Economic Papers 95-13, Carleton University, Department of Economics, revised 2001.
- Chirinko, Robert S. & Schaller, Huntley, 1996. "Business Fixed Investment and "Bubbles": The Japanese Case," Economics Series 28, Institute for Advanced Studies.
- Sara B. Moeller & Frederik P. Schlingemann & René M. Stulz, 2005.
"Wealth Destruction on a Massive Scale? A Study of Acquiring‐Firm Returns in the Recent Merger Wave,"
Journal of Finance, American Finance Association, vol. 60(2), pages 757-782, April.
- Sara B. Moeller & Frederik P. Schlingemann & Rene M. Stulz, 2004. "Wealth Destruction on a Massive Scale? A Study of Acquiring-Firm Returns in the Recent Merger Wave," NBER Working Papers 10200, National Bureau of Economic Research, Inc.
- Patrick Bolton & Christopher Harris, 1999. "Strategic Experimentation," Econometrica, Econometric Society, vol. 67(2), pages 349-374, March.
- Gilchrist, Simon & Himmelberg, Charles P. & Huberman, Gur, 2005.
"Do stock price bubbles influence corporate investment?,"
Journal of Monetary Economics, Elsevier, vol. 52(4), pages 805-827, May.
- Gur Huberman & Simon Gilchrist & Charles Himmelberg, 2004. "Do Stock Price Bubbles Influence Corporate Investment?," 2004 Meeting Papers 147, Society for Economic Dynamics.
- Simon Gilchrist & Charles P. Himmelberg & Gur Huberman, 2004. "Do stock price bubbles influence corporate investment?," Staff Reports 177, Federal Reserve Bank of New York.
- Simon Gilchrist & Charles P. Himmelberg & Gur Huberman, 2004. "Do Stock Price Bubbles Influence Corporate Investment?," NBER Working Papers 10537, National Bureau of Economic Research, Inc.
- DeMarzo, Peter & Kaniel, Ron & Kremer, Ilan, 2007. "Technological innovation and real investment booms and busts," Journal of Financial Economics, Elsevier, vol. 85(3), pages 735-754, September.
- Cao, H. Henry & Han, Bing & Hirshleifer, David, 2011.
"Taking the road less traveled by: Does conversation eradicate pernicious cascades?,"
Journal of Economic Theory, Elsevier, vol. 146(4), pages 1418-1436, July.
- Henry Cao & David Hirshleifer, 2004. "Taking the Road Less Traveled: Does Conversation Eradicate Pernicious Cascades?," Game Theory and Information 0412001, University Library of Munich, Germany.
- Schlag, Karl H., 1998. "Why Imitate, and If So, How?, : A Boundedly Rational Approach to Multi-armed Bandits," Journal of Economic Theory, Elsevier, vol. 78(1), pages 130-156, January.
- Tobias J. Moskowitz & Annette Vissing-Jørgensen, 2002.
"The Returns to Entrepreneurial Investment: A Private Equity Premium Puzzle?,"
American Economic Review, American Economic Association, vol. 92(4), pages 745-778, September.
- Tobias J. Moskowitz & Annette Vissing-Jorgensen, 2002. "The Returns to Entrepreneurial Investment: A Private Equity Premium Puzzle?," NBER Working Papers 8876, National Bureau of Economic Research, Inc.
- Ritter, Jay R, 1991. "The Long-run Performance of Initial Public Offerings," Journal of Finance, American Finance Association, vol. 46(1), pages 3-27, March.
- Jerker Denrell, 2003. "Vicarious Learning, Undersampling of Failure, and the Myths of Management," Organization Science, INFORMS, vol. 14(3), pages 227-243, June.
- Christa H. S. Bouwman & Kathleen Fuller & Amrita S. Nain, 2009. "Market Valuation and Acquisition Quality: Empirical Evidence," Review of Financial Studies, Society for Financial Studies, vol. 22(2), pages 633-679, February.
- Rajan, Raghuram & Servaes, Henri, 1997. "Analyst Following of Initial Public Offerings," Journal of Finance, American Finance Association, vol. 52(2), pages 507-529, June.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- Haddad, Valentin & Ho, Paul & Loualiche, Erik, 2022.
"Bubbles and the value of innovation,"
Journal of Financial Economics, Elsevier, vol. 145(1), pages 69-84.
- Valentin Haddad & Paul Ho & Erik Loualiche, 2020. "Bubbles and the Value of Innovation," Working Paper 20-08, Federal Reserve Bank of Richmond.
- Valentin Haddad & Paul Ho & Erik Loualiche, 2022. "Bubbles and the Value of Innovation," NBER Working Papers 29917, National Bureau of Economic Research, Inc.
- Erol Akçay & David Hirshleifer, 2021.
"Social finance as cultural evolution, transmission bias, and market dynamics,"
Proceedings of the National Academy of Sciences, Proceedings of the National Academy of Sciences, vol. 118(26), pages 2015568118-, June.
- Erol Akcay & David Hirshleifer, 2020. "Social Finance: Cultural Evolution, Transmission Bias and Market Dynamics," NBER Working Papers 27745, National Bureau of Economic Research, Inc.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Malcolm Baker & Richard S. Ruback & Jeffrey Wurgler, 2004. "Behavioral Corporate Finance: A Survey," NBER Working Papers 10863, National Bureau of Economic Research, Inc.
- Cho, Jaemin & Lee, Jaeho, 2013. "The venture capital certification role in R&D: Evidence from IPO underpricing in Korea," Pacific-Basin Finance Journal, Elsevier, vol. 23(C), pages 83-108.
- Oehler, Andreas & Rummer, Marco & Smith, Peter N., 2004.
"IPO Pricing and the Relative Importance of Investor Sentiment: Evidence from Germany,"
Discussion Papers
26, University of Bamberg, Chair of Finance.
- Marco Rummer & Andreas Oehler & Peter N. Smith, 2004. "IPO Pricing and the Relative Importance of Investor Sentiment: Evidence from Germany," Money Macro and Finance (MMF) Research Group Conference 2004 62, Money Macro and Finance Research Group.
- Malcolm Baker & C. Fritz Foley & Jeffrey Wurgler, 2004. "The Stock Market and Investment: Evidence from FDI Flows," NBER Working Papers 10559, National Bureau of Economic Research, Inc.
- Alexander Ljungqvist & Vikram Nanda & Rajdeep Singh, 2006.
"Hot Markets, Investor Sentiment, and IPO Pricing,"
The Journal of Business, University of Chicago Press, vol. 79(4), pages 1667-1702, July.
- Ljungqvist, Alexander P. & Nanda, Vikram & Singh, Rajdeep, 2001. "Hot Markets, Investor Sentiment and IPO Pricing," CEPR Discussion Papers 3053, C.E.P.R. Discussion Papers.
- Hirshleifer, David & Teoh, Siew Hong, 2008.
"Thought and Behavior Contagion in Capital Markets,"
MPRA Paper
9142, University Library of Munich, Germany.
- Hirshleifer, David & Teoh, Siew Hong, 2008. "Thought and Behavior Contagion in Capital Markets," MPRA Paper 9164, University Library of Munich, Germany.
- Brailsford, Tim & Heaney, Richard & Shi, Jing, 2004. "Modelling the behaviour of the new issue market," International Review of Financial Analysis, Elsevier, vol. 13(2), pages 119-132.
- Subadar Agathee, Ushad & Brooks, Chris & Sannassee, Raja Vinesh, 2012. "Hot and cold IPO markets: The case of the Stock Exchange of Mauritius," Journal of Multinational Financial Management, Elsevier, vol. 22(4), pages 168-192.
- Lubos Pastor & Pietro Veronesi, 2003.
"Stock Prices and IPO Waves,"
NBER Working Papers
9858, National Bureau of Economic Research, Inc.
- Pástor, Luboš & Veronesi, Pietro, 2003. "Stock Prices and IPO Waves," CEPR Discussion Papers 4002, C.E.P.R. Discussion Papers.
- Fischer, Mario, 2017. "The source of financing in mergers and acquisitions," The Quarterly Review of Economics and Finance, Elsevier, vol. 65(C), pages 227-239.
- Scott Fung & Hoje Jo & Shih-Chuan Tsai, 2009. "Agency problems in stock market-driven acquisitions," Review of Accounting and Finance, Emerald Group Publishing, vol. 8(4), pages 388-430, October.
- Mortal, Sandra & Schill, Michael J., 2015. "The Post-Acquisition Returns of Stock Deals: Evidence of the Pervasiveness of the Asset Growth Effect," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 50(3), pages 477-507, June.
- Nguyen Thanh, Binh, 2020. "Macroeconomic uncertainty, the option to wait and IPO issue cycles," Finance Research Letters, Elsevier, vol. 32(C).
- Alexandridis, G. & Antypas, N. & Travlos, N., 2017. "Value creation from M&As: New evidence," Journal of Corporate Finance, Elsevier, vol. 45(C), pages 632-650.
- Seshadev Sahoo, 2016. "Signalling by IPO grading: an empirical investigation," Afro-Asian Journal of Finance and Accounting, Inderscience Enterprises Ltd, vol. 6(1), pages 68-85.
- F Alexandre & P Bacao, 2006. "Investment and Non-fundamental Movements in Asset Prices: is there a role for monetary policy?," Economic Issues Journal Articles, Economic Issues, vol. 11(1), pages 65-95, March.
- Ying Xiao & Chris Yung, 2015. "Extrapolation Errors in IPOs," Financial Management, Financial Management Association International, vol. 44(4), pages 713-751, October.
- Huang, Qianqian & Jiang, Feng & Lie, Erik & Yang, Ke, 2014. "The role of investment banker directors in M&A," Journal of Financial Economics, Elsevier, vol. 112(2), pages 269-286.
- Bradshaw, Mark T. & Richardson, Scott A. & Sloan, Richard G., 2006. "The relation between corporate financing activities, analysts' forecasts and stock returns," Journal of Accounting and Economics, Elsevier, vol. 42(1-2), pages 53-85, October.
- Vismara, Silvio & Signori, Andrea & Paleari, Stefano, 2015. "Changes in underwriters' selection of comparable firms pre- and post-IPO: Same bank, same company, different peers," Journal of Corporate Finance, Elsevier, vol. 34(C), pages 235-250.
More about this item
JEL classification:
- D03 - Microeconomics - - General - - - Behavioral Microeconomics: Underlying Principles
- D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
- D25 - Microeconomics - - Production and Organizations - - - Intertemporal Firm Choice: Investment, Capacity, and Financing
- D53 - Microeconomics - - General Equilibrium and Disequilibrium - - - Financial Markets
- D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
- D92 - Microeconomics - - Micro-Based Behavioral Economics - - - Intertemporal Firm Choice, Investment, Capacity, and Financing
- G02 - Financial Economics - - General - - - Behavioral Finance: Underlying Principles
- G3 - Financial Economics - - Corporate Finance and Governance
- G4 - Financial Economics - - Behavioral Finance
- G41 - Financial Economics - - Behavioral Finance - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making in Financial Markets
- M2 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics
- O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
- O35 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Social Innovation
NEP fields
This paper has been announced in the following NEP Reports:- NEP-EVO-2020-09-21 (Evolutionary Economics)
- NEP-MIC-2020-09-21 (Microeconomics)
- NEP-SBM-2020-09-21 (Small Business Management)
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:nbr:nberwo:27735. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: . General contact details of provider: https://edirc.repec.org/data/nberrus.html .
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (email available below). General contact details of provider: https://edirc.repec.org/data/nberrus.html .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.