Our contribution to the expanding literature on the globalization of research andinnovation is to investigate the extent to which sector-specific developments in anemerging technology (such as increasing interdisciplinarity and complexity) affectinventive activities developed abroad. We look at...

Pecuniary externalities are crucial in shaping the strategies to value the distinctivecompetences and the economic success of innovative firms. The analysis of conditions forlocalized knowledge appropriation and exploitation makes it possible to identify idiosyncratic production factors....

This paper investigates whether ICTs hardware and services play a complementary role inboosting economic growth. The main argument is that investments in ICTs fixed capital are anecessary but not sufficient condition leading to productivity gains, above all in late adoptercountries. Their...

Globalisation is ambivalent. On the one hand, it brings prosperity, comfort and convenience in the formof economic growth, technological advancement, more open and democratic governance, and so forth.On the other hand, there are vast amounts of casualties from its progress, which only benefits...

We consider an industry where one firm with a superior technology competes for market shares with several rivals. The owner of the superior technology (the dominant firm) can license or transfer the source of its dominance to a subset of rivals. Allowing the non-license takers to remain active...

We systematically examine the comparative predictive performance of a number of alternativelinear and non-linear models for stock and bond returns in the G7 countries. Besides Markovswitching, threshold autoregressive (TAR), and smooth transition autoregressive (STAR) regimeswitching...

I show that ownership by blockholding and board composition is an important determinant ofcorporate debt maturity structure. Using GMM methodology to control for the potential endogeneityof all regressors, I find a statistically and economically significant negative relation between...

In this essay I compare two different theoretical frameworks in economics for orientinganalysis of issues in technology policy. One is a neoclassical framework that sees appropriatepolicies as dealing with “market failures”. The other framework is provided by an evolutionaryand institutional...

This article uncovers the role of financial clustering in creating competitive advantage forincumbents in the Singapore Financial Centre. The revelatory case of the underresearchedSingapore cluster reveals (a) how clustering conditions have influenced thedevelopment of the City as a financial...

Rhodes-Kropf and Viswanathan (2004) suggest an adverse selection role of corporate cashreserve. Specifically, if investors know a bidder does not have to issue to invest, an attempt to doso sends a strong pessimistic signal of overvaluation. Despite its intuitiveness, this notion has notbeen...