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Creative Destruction and Productive Preemption
Norbäck, Pehr-Johan; Persson, Lars; Svensson, Roger - CESifo - 2013
We develop a theory of innovation for entry and sale into oligopoly, and show that inventions of higher quality are … entrepreneurial effort allocated to high-quality invention projects. Using data on patents granted to small firms and individuals, we …
Persistent link: https://www.econbiz.de/10010877893
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The Role of Human Capital and Innovation in Prussian Economic Development
Cinnirella, Francesco; Streb, Jochen - CESifo - 2013
By merging individual data on valuable patents granted in Prussia in the late nineteenth century with county level … causal effect of human capital on income, net of the innovation channel. …
Persistent link: https://www.econbiz.de/10010693473
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Bank Capital Regulation with an Opportunistic Rating Agency
Efing, Matthias - CESifo - 2013
This paper models the strategic interaction between a rating agency, a bank and a bank regulator who lacks information about bank asset risk. The regulator can either (1) make bank capital requirements contingent on credit ratings; or (2) set rating-independent capital requirements. Truthful...
Persistent link: https://www.econbiz.de/10010667420
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Ranking of VaR and ES Models: Performance in Developed and Emerging Markets
Zikovic, Sasa; Filer, Randall - CESifo - 2012
An inherent problem with comparing and ranking competing Value at Risk (VaR) and Expected shortfall (ES) models is that they measure only a single realization of the underlying data generation process. The question is whether there is any significant statistical difference in the performance of...
Persistent link: https://www.econbiz.de/10010586077
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Pooling, Tranching and Credit Expansion
Bougheas, Spiros - CESifo - 2012
Traditionally banks have used securitization for expanding credit and thus their profitability. It has been well documented that, at least before the 2008 crisis, many banks were keeping a high proportion of the securities that they created on their own balance-sheets. Those securities retained...
Persistent link: https://www.econbiz.de/10010555214
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Hybrid Historical Simulation VaR and ES: Performance in Developed and Emerging Markets
Zikovic, Sasa; Filer, Randall - CESifo - 2009
We introduce a new hybrid approach to joint estimation of Value at Risk (VaR) and Expected Shortfall (ES) for high quantiles of return distributions. We investigate the relative performance of VaR and ES models using daily returns for sixteen stock market indices (eight from developed and eight...
Persistent link: https://www.econbiz.de/10008572519
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The Learning Process and Technological Change in Wind Power: Evidence from China's CDM Wind Projects
Tang, Tian; Popp, David - CESifo - 2014
The Clean Development Mechanism (CDM) is a project-based carbon trade mechanism that subsidizes the users of climate-friendly technologies and encourages technology transfer. The CDM has provided financial support for a large share of Chinese wind projects since 2002. Using pooled...
Persistent link: https://www.econbiz.de/10010752785
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Dynamic Protection of Innovations through Patents and Trade Secrets
Belleflamme, Paul; Bloch, Paul - CESifo - 2013
This paper analyzes the optimal protection strategy for an innovator of a complex innovation who faces the risk of … imitation by a competitor. We suppose that the innovation can be continuously fragmented into sub-innovations. We characterize … fraction of the innovation once. We also study the optimal dynamic patenting policy in a soft novelty regime, when the …
Persistent link: https://www.econbiz.de/10010718533
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Would Global Patent Protection be too Weak without International Coordination?
Lai, Edwin L.-C.; Yan, Isabel K.-M. - CESifo - 2011
This paper analyzes the setting of national patent policies in the global economy. In the standard model with free trade and social-welfare-maximizing governments à la Grossman and Lai (2004), cross-border positive policy externalities induce individual countries to select patent strengths that...
Persistent link: https://www.econbiz.de/10009150655
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International Protection of Intellectual Property
Grossman, Gene M.; Lai, Edwin L.-C. - CESifo - 2002
innovation. We associate the strength of IPR protection with the duration of a country’s patents that are applied with national … a world economy with ongoing innovation in two countries that differ in market size and in their capacities for … are patents longer in the North? We also study international patent agreements by deriving the properties of an efficient …
Persistent link: https://www.econbiz.de/10005416457