부산대학교 도서관

To purchase or authenticate to the full-text of this article, please visit this link: http://dx.doi.org/10.1111/j.1468-0106.2008.00421.x Byline: Jakob B. Madsen (1), Martin Barner (2), Christian Faro (3) Keywords: G120; L190 Abstract: Abstract. Theories of endogenous growth suggest that technological progress is driven by firms' own R&D effort and knowledge spillovers. Using panel data for US firms over the period from 1990 to 1999 this paper tests the influence on stock prices of technological spillovers through firms' purchase of intermediate products from other firms. The empirical results show that stock prices are significantly positively affected by knowledge spillovers through the input of intermediate products. Author Affiliation: (1)Department of Economics, Monash University (2)McKinsey Consulting (3)Economic Research Department, Bank of Jutland Article note: (*) Address for correspondence: Jakob Madsen, Clayton Campus, Room E872, Building 11, Monash University Vic 3800. Email: Jakob.Madsen@Buseco.Monash.edu.au.