This paper explores the role of Standard Essential Patents (SEPs) in shaping technological development and regional innovation in Europe's telecommunications sector. Results reveal strong geographic concentration, particularly in Helsinki and Stockholm, which account for one-third of...

We derive and test a consumption-based intertemporal asset pricing model in which an asset earns a risk premium if it performs poorly when expected future consumption growth deteriorates. The predictability of consumption growth combined with the recursive preference delivers news about future...