New products and financial risk changes
研究发现约50%的新产品公告伴随显著的财务风险变化，导致公司资本成本被高估或低估17%至18%，且风险变化与公司规模及创新活动正相关。
The historic focus of new products research has been on the ability of new products to enhance the profitability and competitive position of the innovating firm. In this article, Timothy Devinney shows that there exists an overlooked and potentially significant side effect associated with new product innovations: financial risk changes. He reports that significant financial risk changes occurred in approximately 50% of the new product announcements he examined. The magnitude of these financial risk changes translates into overestimates or underestimates of the firm's cost of capital by 17% to 18% and is strongly and positively related to the size of the firm and the firm's new product innovation activity.