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

Author

Listed:
  • Olivier Bruno

    (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis (1965 - 2019) - CNRS - Centre National de la Recherche Scientifique)

  • 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)

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.

Suggested Citation

  • Olivier Bruno & Muriel Dal-Pont Legrand, 2004. "Dynamique des Opinions et Marché de Capitaux : Impact sur le Financement des Activités Innovantes," Post-Print halshs-00454548, HAL.
    • Handle: RePEc:hal:journl:halshs-00454548
    as

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