In Europe and in Japan, patent applications are publicly disclosed after 18 months from the filing date regardless of whether a patent has been or will be registered. In the U.S. in contrast, patent applications are publicly disclosed only when a patent is granted. In this paper we examine the...

We develop an OLG economy with accumulation in human capital. Heterogenity among individuals in each generation results mainly from the (random) innate ability assigned to each individual. We analyze how better information, which allows better 'screening' during the 'youth' period when the...

We do not intent here to explore the choice of nominal anchors in the context of major inflation-stabilization programmes, as this topics has been covered, to a large extent, in proceding literature. Instead, we focus on cases of moderate inflation, such as Chile, Colombia, Israel and Mexico. In...

We have argued that convertible debt can be better than a simple mixture of debt and equity in stage financing situations. When the venture capitalist retains the option to abandon the project if in the medium term he receives a negative signal, the entrepreneur has an incentive to engage in...

This paper provides evidence on the unit root hypothesis and long-term growth by allowing for two structural breaks. We reject unit root hypothesis for three-quarters of the countries - approximately 50% more rejections than in models that allow for only one break.

This paper builts on earlier evidence showing that, while most countries exhibit little evidence of unconditional income convergence, countries that trade heavily with another tend to exhibit a muchhigher incidence of convergence.

In most cases, the premature announcement of a future product cannot be anti-competitive. When there are network effects, however, firms may have incentives to strategically prenannounce products; such preannouncements are often referred to as "vaporware." Anticompetitive vaporware allegations...