Finance and Economics Discussion Series: Accessible versions of figures for 2015-067

Innovation, investor sentiment, and firm-level experimentation

Accessible version of figures


Figure 1: Sentiment, patent changes, and the business cycle control.

year extended sentiment index sentiment index changes in extended sent. index changes in sent. Index granted patents vertical line business cycle control
1950 -0.7019            
1951 1.0146   1.7165   0.0295    
1952 -0.2736   -1.2882   -0.0161   0.1146
1953 -1.6556   -1.3820   -0.0749   -0.1051
1954 -0.9408   0.7148   -0.1798   0.0228
1955 -0.1661   0.7747   -0.1052   0.0441
1956 0.2946   0.4606   0.4307   0.0089
1957 -0.3791   -0.6736   -0.0910   -0.0589
1958 0.3056   0.6847   0.1228   -0.0206
1959 0.4059   0.1003   0.0810   0.0172
1960 -0.8752   -1.2812   -0.1053   -0.0295
1961 1.0918   1.9670   0.0251   0.0444
1962 0.8911   -0.2007   0.1410   0.0152
1963 -0.2014   -1.0924   -0.1982   0.0054
1964 -0.2342   -0.0328   0.0365   0.0546
1965 -0.4373 -1.6356 -0.2031   0.2828   0.0900
1966 -0.0699 -1.1929 0.3674 0.4427 0.0846   -0.0147
1967 0.6426 -0.1913 0.7126 1.0016 -0.0411   0.0484
1968 2.4511 1.9681 1.8085 2.1594 -0.1051   0.0672
1969 2.3622 2.6915 -0.0889 0.7234 0.1337   -0.0193
1970 0.6637 0.7908 -1.6985 -1.9006 -0.0474   -0.0383
1971 -0.4939 -1.2104 -1.1577 -2.0012 0.1952   0.0459
1972 -0.2554 -0.4765 0.2385 0.7339 -0.0458   0.0575
1973 0.4880 -0.8261 0.7434 -0.3496 -0.0090   -0.0319
1974 0.0613 -1.6583 -0.4266 -0.8322 0.0284   -0.0804
1975 -1.4214 -2.2374 -1.4827 -0.5792 -0.0577   0.0502
1976 -1.3295 -1.9857 0.0919 0.2517 -0.0249   0.0045
1977 -0.8613 -1.4401 0.4682 0.5457 -0.0732   0.0413
1978 -1.8137 -1.0602 -0.9524 0.3799 0.0127   0.0878
1979 -0.3235 0.1666 1.4901 1.2268 -0.3024 yes -0.0627
1980 0.4475 0.8517 0.7710 0.6851 0.2354 yes -0.0181
1981 1.1006 1.7725 0.6530 0.9208 0.0620   -0.0136
1982 1.3421 1.4876 0.2415 -0.2849 -0.1277   -0.0742
1983 1.3383 1.3100 -0.0038 -0.1776 -0.0179   0.0703
1984 0.6977 1.2314 -0.6406 -0.0786 0.1671   -0.0010
1985 0.2152 0.6823 -0.4825 -0.5491 0.0643   0.0051
1986 0.4813 0.4422 0.2661 -0.2401 -0.0112   -0.0072
1987 -0.2320 0.0574 -0.7132 -0.3848 0.1576   -0.0111
1988 -0.0871 0.0633 0.1449 0.0059 -0.0625   0.0535
1989 -0.5545 -0.2978 -0.4674 -0.3610 0.2038   -0.0290
1990 -0.4131 -0.5909 0.1414 -0.2932 -0.0557   -0.0584
1991 0.2150 -0.2550 0.6281 0.3359 0.0658   -0.0178
1992 -0.2100 0.0077 -0.4250 0.2627 0.0096   0.0388
1993 -0.1967 -0.1198 0.0133 -0.1275 0.0092   -0.0244
1994 -0.0869 -0.0558 0.1098 0.0640 0.0333   0.0458
1995 -0.0782 -0.0131 0.0087 0.0427 -0.0025   0.0045
1996 0.5745 0.4516 0.6527 0.4647 0.0780   0.0400
1997 0.6564 0.2037 0.0819 -0.2479 0.0211   0.0433
1998 0.1810 -0.0401 -0.4755 -0.2439 0.2756   0.0477
1999 0.5458 0.3825 0.3649 0.4227 0.0397   0.0115
2000 0.7649 1.7880 0.2190 1.4054 0.0258   -0.0620
2001 1.0344 0.8480 0.2696 -0.9400 0.0528   -0.0726
2002 0.9258 -0.5827 -0.1086 -1.4307 0.0078   -0.0546
2003 0.8627 -0.5627 -0.0631 0.0200 0.0101   -0.0078
2004 0.4844 0.0152 -0.3782 0.5779 -0.0284   -0.0308
2005 0.1486 -0.0229 -0.3358 -0.0381 -0.1332   -0.0164
2006   0.1066   0.1295 0.1893   0.0017
2007   0.0345   -0.0721 -0.0997   -0.0241
2008   -0.2125   -0.2471 0.0031   -0.1767
2009   -0.0171   0.1954 0.0589   -0.0142
2010   -0.1177   -0.1006 0.2718   -0.0068

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Figure 2: Interaction between innovation and sentiment changes.

year Interaction, changes in extended sent. index Interaction, changes in sent index
1951 0.0506  
1952 0.0208  
1953 0.1036  
1954 -0.1285  
1955 -0.0815  
1956 0.1984  
1957 0.0613  
1958 0.0841  
1959 0.0081  
1960 0.1349  
1961 0.0494  
1962 -0.0283  
1963 0.2165  
1964 -0.0012  
1965 -0.0574  
1966 0.0311 0.0374
1967 -0.0293 -0.0411
1968 -0.1900 -0.2269
1969 -0.0119 0.0967
1970 0.0806 0.0902
1971 -0.2260 -0.3906
1972 -0.0109 -0.0336
1973 -0.0067 0.0031
1974 -0.0121 -0.0236
1975 0.0856 0.0334
1976 -0.0023 -0.0063
1977 -0.0343 -0.0399
1978 -0.0121 0.0048
1979 -0.1352 -0.1113
1980 0.0544 0.0484
1981 0.0405 0.0571
1982 -0.0308 0.0364
1983 0.0001 0.0032
1984 -0.1070 -0.0131
1985 -0.0310 -0.0353
1986 -0.0030 0.0027
1987 -0.1124 -0.0606
1988 -0.0091 -0.0004
1989 -0.0952 -0.0736
1990 -0.0079 0.0163
1991 0.0413 0.0221
1992 -0.0041 0.0025
1993 0.0001 -0.0012
1994 0.0037 0.0021
1995 -0.0000 -0.0001
1996 0.0509 0.0362
1997 0.0017 -0.0052
1998 -0.1310 -0.0672
1999 0.0145 0.0168
2000 0.0056 0.0362
2001 0.0142 -0.0496
2002 -0.0008 -0.0111
2003 -0.0006 0.0002
2004 0.0107 -0.0164
2005 0.0447 0.0051
2006   0.0245
2007   0.0072
2008   -0.0008
2009   0.0115
2010   -0.0273

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