How Risky is R an D? A Financial Approach
结合资本资产定价模型与产业组织模型，分析市场结构如何影响研发风险，发现研发资产具有系统性风险溢价，但企业规模和市场集中度可部分抵消该风险。
In order to understand the relationship between market structure and the risk of innovation, this paper proposes a synthesis between the capital asset pricing model and simple models of industrial organization. The theoretical section of the paper discusses the real determinants of R&D riskiness, finding that several unique features of R&D assets may influence their systematic risk, including their strategic nature and random arrival as well as the firm's industry context. The empirical results suggest that there is a considerable systematic risk premium associated with R&D that can be partially offset by firm size and market concentration. Copyright 1990 by MIT Press.