Don't hide your light under a bushel.

نویسنده

  • Tom Pollard
چکیده

We hypothesize that owing to limited investor attention and skepticism of complexity, innovative diversity (ID) of a firm's patent portfolio will be undervalued. ID strongly predicts stock returns after controlling for firm characteristics and risk. High ID portfolios provide Carhart alphas of 56-81 basis points per month and stronger and less volatile operating performance. The Diversified Minus Concentrated (DMC) portfolio earns a high Sharpe ratio relative to well-known factors, and has high weight in the tangency portfolio in competition with standard factors and the innovative efficiency factor. Further tests suggest that limited investor attention contributes to the ID effect.

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عنوان ژورنال:
  • British journal of community nursing

دوره 7 6  شماره 

صفحات  -

تاریخ انتشار 2002