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Paper Information

Journal:   JOURNAL OF FINANCIAL ECONOMICS (FINANCIAL ECONOMICS AND DEVELOPMENT)   winter 2019 , Volume 12 , Number 45 #p00531; Page(s) 27 To 49.

excessive risk-taking,banking System fragility,banking crises,Iran

Author(s):  Abbasi Aghamalaki Hamed*, ABDOLI GHAHRAMAN, SOURI ALI, EBRAHIMI MOHSEN
* kish international campus of university of Tehran
Today, pharmacy is known as a strategic and knowledgeable industry. Stock prices are determined by the growth of future expectations, since innovation is a key to the firm growth so they can be related to each other. Using EGARCH model according to the heterogeneity variance and advantages of panel data model such as higher freedom degree, controlling the effect of removed or unrecognized variables, we are looking at the relationship between innovation and volatility of stock returns during 2011-2016. Results show that independent variables such as innovation, market volatility, exchange rate and liquidity ratio have positive effect but financial leverage has negative effect on stock return volatility as dependent variable.
Keyword(s): innovation,stock return volatility,EGARCH model,panel data
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