Does Innovation Cause Stock Market Runups? Evidence from the Great Crash
研究1910-1939年间股市对企业专利资产的估值变化，发现1920年代知识资本价值显著上升，创新推动了20年代末的股市暴涨，但大崩盘并未显著改变知识资本相对于实物资本的估值。
This article examines the stock market's changing valuation of corporate patentable assets between 1910 and 1939. It shows that the value of knowledge capital increased significantly during the 1920s compared to the 1910s as investors responded to the quality of technological inventions. Innovation was an important driver of the late 1920s stock market runup, and the Great Crash did not reflect a significant revaluation of knowledge capital relative to physical capital. Although substantial quantities of influential patents were accumulated during the post-crash recovery, high technology firms did not earn significant excess returns over low technology firms for most of the 1930s.