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X-WR-CALNAME:Finance Seminars and Conferences at UVA
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DTSTART:20230101T000000
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DTSTART;TZID=UTC:20241018T100000
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SUMMARY:Gordon Phillips - Tuck School of Business (Dartmouth)
DESCRIPTION:New Technology Sectoral Disruptions\n Abstract \nWe construct a novel measure of technology sectoral disruptions (TSDs) using a dynamic text-based spatial model of patents based on the extent to which innovation is suddenly highly correlated across multiple industries. We identify multiple TSDs occurring over a 70-year period of time. Abnormal stock returns and insider trading indicate that TSDs are largely unexpected and generate positive and long-lasting value gains. Impacted small firms initially increase equity issuance\, reduce equity payouts\, and increase both R&D and asset growth and experience increased valuations consistent with Schumpeter’s 1912 theory of creative destruction. Large firms\, on average\, reduce R&D and capital expenditures and experience declining valuations and decreased sales growth.
URL:https://finance.darden.virginia.edu/event/gordon-phillips-tuck-school-of-business-dartmouth/
LOCATION:Darden
CATEGORIES:Darden,Seminar
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