General Purpose Technologies, International Technology Diffusion, and the Cross Section of Stock Returns

摘要: We propose that general purpose technologies (GPTs) — a class of have pervasive impacts on the domestic economy and spill over internationally are source nondiversifiable technology risk in both U.S. world. construct an empirical GPT factor using patent data, find it predicts future growth rates consumption, GDP, industrial production. Using standard asset pricing tests, we show is priced international stock returns, exposure to explains substantial fraction cross-sectional variation returns.