NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Winners and Losers: Creative Destruction and the Stock Market

Leonid Kogan, Dimitris Papanikolaou, Noah Stoffman

NBER Working Paper No. 18671
Issued in January 2013

---- Acknowledgements -----

An earlier version of this paper circulated under the title "Technological Innovation: Winners and Losers." We thank Hengjie Ai, Jaroslav Borovička, Kent Daniel, Andrea Eisfeldt, Carola Frydman, Lars Hansen, Erik Loualiche, Deborah Lucas, Stavros Panageas, Jonathan Parker, Monika Piazzesi, Amit Seru, Costis Skiadas, Annette Vissing- Jorgensen, Amir Yaron, and seminar participants at Boston University, Chicago Booth, CITE, Columbia GSB, Copenhagen Business School, Emory, Erasmus University, Georgetown University, Jackson Hole Finance Conference, LBS, LSE, Magill University, MIT Sloan, NBER Asset Pricing meetings, New York Federal Reserve Bank, Northwestern University, Rice University, Society of Economic Dynamics, Stockholm School of Economics, UC Berkeley, Universidad de San Andres, University of Connecticut, University of Geneva, University of Indiana, University of Lausanne, University of Lugano, University of New South Whales, University of Rochester, University of Sydney, University of Technology Sydney, University of Washington, USC, Washington University, WFA, and Wharton for valuable discussions and comments. Dimitris Papanikolaou thanks Amazon (AWS in Education Grant award), the Zell Center for Risk and the Jerome Kenney Fund for research support. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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