We structurally estimate an investment-based asset pricing model, where firms' exposure to macroeconomic risk is unknown. Bayesian beliefs about this parameter are updated from firms' and industry peers' comovement between their productivity and consumption growth. The model implies that...

This paper provides both theoretical perspectives and empirical evidence on the relationship between mergers and acquisitions (M&As) and corporate innovation. It also identifies relevant policies implemented by countries around the world to encourage corporate innovation activities, and...