Seminar WiP Seminar: Fabio Franceschini
7 April 2022
Title: "Risky Innovation".
- 01:00 PM - 02:00 PM
- In person : Seminar Room - Piazza Scaravilli, 2 + Microsoft Teams Meeting
- In Italian and English
Program
Abstract
Cointegration between aggregate US R&D investment and Total Factor Productivity (TFP) provides an R&D intensity measure that allows to study the aggregate R&D risk-reward frontier. This measure proves being a relevant state variable to financial markets, showing forecasting power with respect to the US market excess return and the equity term premium.