Working Papers

Innovation and the Ratchet Effect: How Firms Trade off Value Creation in Financial and Product Markets

Christine Moorman and Fredrika J. Spencer

Jan 1, 2008

Uses 12 years of data on firm innovations, firm stock returns, and estimated firm returns to examine the stock market and revenue implications of firms ratcheting levels of innovation over time.

By using you agree to our use of cookies as identifiers and for other features of the site as described in our Privacy Policy.