Chapter 16: Firm innovation and the stock market
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Innovation is a rich area of investigation that offers interesting theoretical questions with important practical implications. Studying innovation in the context of the stock market reveals an institutional environment that simultaneously rewards innovation and establishes incentives that reduce its likelihood. This chapter examines both how firm innovation affects stock market outcomes and how the stock market affects firm innovation. These dual forces offer novel and potentially powerful theoretical opportunities while also posing important empirical challenges. The authors outline these opportunities and challenges to encourage more researchers into this important and interesting part of the field.

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