This study focuses on those substantial changes that characterize the shift of Vietnam’s macroeconomic structures and evolution of micro-structural interaction over an important period of 1991-2008. The results show that these events are completely distinct in terms of (i) Economic nature; (ii)...

This paper puts forward new potential determinants of patent value which are mainly related to the identification of institutional sources of knowledge and the geographic scope of patenting strategy. The impact of these new indicators is evaluated through an empirical analysis that focuses on...

As any non-lump-sum tax, corporate income taxation creates distortions in economic choices, reducing its efficiency. This paper reviews some of these domestic and international distortions and their most recent estimates from the economic literature. Distortions originating from income shifting...

The fifteen years following the introduction of the seminal construct of absorptive capacity (AC) by Cohen and Levinthal (1989, 1990) have seen the proliferation of a vast literature citing the AC construct in over 1500 published papers, chapters and books and interpreting it or applying it in...

This paper examines how credit derivatives have changed the construction of an efficient portfolio. Credit derivatives provide a way of gaining exposure to credit risk alone, to the exclusion of interest rate risk. They also permit a relatively easy use of leverage. We examine two types of...

Currency and interest rate swaps are subject to a complex, two-sided default risk. Although several theoretical papers have recently addressed the problem of pricing swap credit risk, the empirical literature is almost non-existent. This is the only study we know of that uses actual transaction...

This paper uses a unique database from a leading microfinance rating agency to assess the impact of management on the functioning of microfinance institutions (MFIs). It focuses on MFIs’ financial performance, and on the level of subsidies received. The results show that the management skills...

This paper presents estimates of the long-term impact of various sources of knowledge (R&D performed by the business sector, the public sector and foreign firms) on multifactor productivity growth of 16 countries from 1980 to 1998. The main results show that the three sources of knowledge are...

The sharp increase in academic patenting over the past 20 years raises important issues regarding the generation and diffusion of academic knowledge. Three key questions may be raised in this respect: What is behind the surge in academic patenting? Does patenting affect the quality and quantity...

We examine the contemporary art market of the 100 best artists as classified by the Kunstkompass 2006 in the German magazine Capital in comparison with price achieved by artworks from the same artists sold through auction sales. Using the hedonic regression method, we test whether and in which...