Innovative Originality, Profitability, and Stock Returns
研究发现企业的创新原创性越高，其盈利能力越强、越持久且波动越小，同时能带来更高的超额股票收益，且这种效应在估值不确定性高、投资者关注度低的企业中更显著。
We propose that innovative originality is a valuable organizational resource and that owing to limited investor attention and skepticism of complexity, greater innovative originality may be undervalued. We find that firms’ innovative originality strongly predicts higher, more persistent, and less volatile profitability and higher abnormal stock returns, findings that are robust to extensive controls. The return predictive power of innovative originality is stronger for firms with higher valuation uncertainty, lower investor attention, and greater sensitivity of future profitability to innovative originality. This evidence suggests that innovative originality acts as a “competitive moat” and is undervalued by the market. Received November 5, 2015; editorial decision June 12, 2017 by Editor Andrew Karolyi.