The paper investigates the pace of technology adoption in telecom technology post liberalization and its effect on stock returns using a new global panel data set. The results are twofold. First, the evidence points to the complementarity between telecom liberalization and regulatory...

Market-oriented reforms of infrastructure in developing countries tend to focus primarily on commercially viable services in urban areas. Nevertheless, an increasing number of countries are beginning to experiment with extending the market paradigm to infrastructure services in rural areas that...