Please use this identifier to cite or link to this item: https://doi.org/10.1146/annurev-financial-110112-120936
DC FieldValue
dc.titleR2 and the economy
dc.contributor.authorMorck, R.
dc.contributor.authorYeung, B.
dc.contributor.authorYu, W.
dc.date.accessioned2014-12-12T07:33:52Z
dc.date.available2014-12-12T07:33:52Z
dc.date.issued2013-11
dc.identifier.citationMorck, R., Yeung, B., Yu, W. (2013-11). R2 and the economy. Annual Review of Financial Economics 5 : 143-166. ScholarBank@NUS Repository. https://doi.org/10.1146/annurev-financial-110112-120936
dc.identifier.issn19411367
dc.identifier.urihttp://scholarbank.nus.edu.sg/handle/10635/115898
dc.description.abstractThe characterization of firm-specific return volatility as the intensity with which firm-specific events occur reconciles many seemingly discordant results. A functionally efficient stock market allocates capital to its highest value uses, which often amounts to financing Schumpeterian creative destruction, wherein creative winner firms outpace destroyed losers, who could be the previous year's winners. This rise in firm-specific fundamentals volatility elevates firm-specific return volatility in a sufficiently informationally efficient stock market. These linkages are interconnected feedback loops rather than unidirectional chains of causality. Copyright © 2013 by Annual Reviews. All rights reserved.
dc.description.urihttp://libproxy1.nus.edu.sg/login?url=http://dx.doi.org/10.1146/annurev-financial-110112-120936
dc.sourceScopus
dc.subjectcreative destruction
dc.subjecteconomic development
dc.subjectmarket efficiency
dc.subjectstock returns comovement
dc.subjectsynchronicity
dc.typeArticle
dc.contributor.departmentBUSINESS POLICY
dc.description.doi10.1146/annurev-financial-110112-120936
dc.description.sourcetitleAnnual Review of Financial Economics
dc.description.volume5
dc.description.page143-166
dc.identifier.isiut000329821500008
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