Risk, Variety and Volatility in the Early Auto and PC Industry

Mariana Mazzucato

No 41, Open Discussion Papers in Economics from The Open University, Faculty of Social Sciences, Department of Economics

Abstract: The paper studies the co-evolution of industrial turbulence and financial volatility in the early phase of the US automobile industry (1900-1930) and the early phase of the US PC industry (1970-2000). In both industries, stock prices were the most volatile and idiosyncratic (compared to the general market) during the periods in which entry/exit rates, market share instability, and technological change were the strongest. Given the similarities between the early stages in the two industries, the patterns that have characterized the late evolution of automobiles provide some insights on the possible future of the PC industry.

Pages: 48 pages
Date: 2003-03
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Journal Article: Risk, variety and volatility: growth, innovation and stock prices in early industry evolution (2003)
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Persistent link: https://EconPapers.repec.org/RePEc:opn:wpaper:41

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