Dynamique des Opinions et Marché de Capitaux: Impact sur le Financement des Activités Innovantes

Olivier Bruno and Muriel Dal-Pont Legrand ()
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Muriel Dal-Pont Legrand: GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis (1965 - 2019) - CNRS - Centre National de la Recherche Scientifique
Authors registered in the RePEc Author Service: Muriel DAL PONT LEGRAND

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Abstract: This paper aims at analyzing the impact of capital markets dynamics on the financing of technological change. This approach is based on the existence of beliefs dynamics caused by a contagion process. We develop a model focusing on agents' heterogeneity considering that there is a diversity of a priori individual opinions on the future returns of innovating activity. The model generates an original dynamics which is the source of under- or over-investment processes in innovating activities. We show that theses waves of overinvestment can lead to a greater economic instability. Those elements seem to be confirmed by empirical observations of the recent evolution of investment in ITC activities.

Keywords: heterogeneity; innovative activities; over-investment; Contagion; hétérogénéité; opinions; activités innovantes; surinvestissement. (search for similar items in EconPapers)
Date: 2004-09-01
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Published in Revue d'économie industrielle , 2004, 3eme trimestre (?), pp.195-213

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Journal Article: Dynamique des opinions et marchés de capitaux: impact sur le financement des activités innovantes (2004)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-00454548

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