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dc.contributor.authorMazzucato, Marianaen_US
dc.contributor.authorTancioni, Massimilianoen_US
dc.description.abstractRecent studies find that idiosyncratic risk (IR) has increased since the 1960's and attribute this to economy wide factors such as the role of the IT revolution. To gain further insights into why IR has increased over time, our paper uses industry level data and firm level data to study if industries considered very innovative and R&D intensive firms are characterized by higher IR due to how innovation activity affects the uncertainty of expected future profits. While the industry level results prove inconclusive, the firm level results are encouraging: a clear relationship is found between a firm's R&D intensity and the volatility of its returns.en_US
dc.publisherEconomics Department, Faculty of Social Sciences, the Open Univ. Milton Keynesen_US
dc.relation.ispartofseriesOpen Discussion Papers in Economics, The Open University 50en_US
dc.subject.keywordIdiosyncratic Risken_US
dc.subject.keywordTechnological Changeen_US
dc.subject.keywordIndustry Life Cycleen_US
dc.titleInnovation and idiosyncratic risk: An industry and firm level analysisen_US
dc.typeWorking Paperen_US
Appears in Collections:Open Discussion Papers in Economics, The Open University

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