fundamental value of the innovation: is it strong or fragile? Second, it is difficult to monitor managers, which creates moral … hazard. Because of moral hazard, managers earn agency rents in equilibrium. As time goes by and profits are observed, beliefs … increasingly confident managers end up requesting very large rents, which curb the growth of the speculative sector. If rents …

innovation is that we also have direct data on the sources of learning (in this case about new technologies). Controlling for … they learnt from buyers (relative to learning from other sources). Second, firms who had learned from buyers (more than … for the learning-by-exporting hypothesis. …

also encompasses both undergraduate and postgraduate education, as well as lifelong learning. The interactions no longer …