Why Are U.S. Stocks More Volatile?
研究发现美国股票波动更大主要源于“好波动”，即与投资者保护、股市发展、专利和研发投资相关的波动，这些因素有助于企业抓住增长机会。
ABSTRACT U.S. stocks are more volatile than stocks of similar foreign firms. A firm's stock return volatility can be higher for reasons that contribute positively (good volatility) or negatively (bad volatility) to shareholder wealth and economic growth. We find that the volatility of U.S. firms is higher mostly because of good volatility. Specifically, stock volatility is higher in the United States because it increases with investor protection, stock market development, new patents, and firm‐level investment in R&D. Each of these factors is related to better growth opportunities for firms and better ability to take advantage of these opportunities.