ERC Advanced Grant · 2023
The Shrinking Stock Market, Investibility, and Creative Destruction
There are ever fewer listed firms in the U.S. and Europe, and listed firms produce an ever shrinking share of innovation. Over the past 25 years, the number of firms listed on a stock exchange has dropped by 41% in the U.S. and 55% in Europe. At the same time, listed firms account for a shrinking share of the highly disruptive inventions that have the most potential to boost productivity and growth. In the U.S., for example, listed firms account for only 8% of the most ground-breaking patents today, down from a peak of 34% in 1969. These two mega trends combine to make an ever increasing share of innovation “uninvestible” for most individuals who, owing to investor-protection rules, are…
From the public funding record at EU CORDIS. Describes the funded project, not the reviews below.