A growing literature argues that the Information Technology rev- olution caused the stock market crash of 1973-1974, its subsequent stagnation and eventual recovery. This paper employs general equi- librium theory to test whether this good news hypothesis is consistent with the behavior of US...

Although the empirical pattern of industry shakeout has been documented for many manufacturing industries, we know little about the processes by which market structure evolves in non-manufacturing service industries. This paper establishes detailed empirical observations about the consolidation...

Since the late 1970s, pharmaceutical R&D has grown at a rapid rate relative to sales and other variables. In this paper, we examine the determinants of pharmaceutical R&D using a pooled data sample of 11 major drug firms over the period 1974 to 1994. We find that expected returns and cash flows...

Many technology studies have conceptualized transitions between technological generations as a series of S-curve performance improvements over time. Surprisingly, the interregnum between successive technological generations has received little attention. To understand what happens in the...

Secondary markets have adopted a number of quality signaling mechanisms such as certification to reduce information asymmetries between buyers and sellers in these markets. However the importance and value of these signals depends on the nature and extent of information asymmetries. With the...

In this paper, we relate the differential development of market and planning systems to the creation and destruction of contacts. In our general equilibrium model, a greater stock of relational capital (business contacts) increases the sold output of a representative firm. Besides this direct...

One can assist to significant changes in the organisation of manufacturing systems during the last years. Lean production, network enterprise or the virtual enterprises are reference concepts of the re-organisation of manufacturing systems. Some authors mention a new enterprise paradigm, of...

In 1982, at the 21st German Congress of Sociology the discussion was around a new topic: the crisis of the labour economy. Since then the conditions changed and the informatisation and technology development of work environments took place. Here are presented some of the new trends in terms of...

The paper will present the central discourse of the knowledge-based society. Already in the 1960s the debate of the industrial society already raised the question whether there can be considered a paradigm shift towards a knowledge-based society. Some prominent authors already foreseen...

Public sector R&D in India has recorded a negative growth since 1991. Although there has been an increase in private sector investment in R and D, this cannot completely arrest the impact of the withdrawal of public investment and will result in a weaking of India's competitive strength in a...