General Purpose Technologies as Systematic Risk in Global Stock Markets
研究发现通用目的技术（GPT）是国际股票市场中不可分散的风险来源，基于专利数据构建的GPT因子能解释全球股票收益的横截面变化，且技术扩散可能是金融市场一体化的重要机制。
Abstract General purpose technologies (GPTs)—a class of technologies with pervasive impacts on the economy and spillover across countries—are a source of nondiversifiable risk in international equity markets. An empirical GPT factor from patent data can explain a substantial fraction of the cross‐sectional variation of global stock returns using the new econometric methodology developed by Kan, Robotti, and Shanken (2013). Moreover, the GPT factor is distinct from total factor productivity and other macrofactors in our tests. Our results suggest that a considerable degree of financial market integration may be attributable to technology diffusion as an underlying mechanism.