【Brownbag】Innovative Human Capital and Expected Stock Returns: A Global Perspective
2026/11/06
研討會日期 : 2026-11-06
時間 : 12:10
主講人 : Professor Po-Hsuan Hsu (許博炫)
地點 : Conference Room B110
演講者簡介 : Dr. Po-Hsuan Hsu received his Ph.D. in Finance from Columbia University in 2007. He is currently the Tsing Hua Distinguished Chair Professor at National Tsing Hua University. His research interests lie in the interaction between technological innovations and financial markets, entrepreneurship, and financial econometrics.
演講摘要 : We analyze the asset pricing implications of innovative human capital (i.e., scientists and engineers) from both theoretical and empirical perspectives. Our model features a separation of R&D staff from regular manpower in the production of knowledge and the final good, and predicts expected stock returns to increase with firms' investment in innovative human capital. Additionally, labor market frictions for talent strengthen the predictability of stock returns. We collect international firms’ patent records and show that firms with higher inventor-to-employee ratios subsequently experience higher stock returns. Moreover, such a relation is stronger in countries with stronger patent protection that prohibits inventor mobility and increases corresponding adjustment costs.
