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Author : Johanna Vesterinen
Publisher :
ISBN 13 : 9789524883276
Total Pages : 192 pages
Book Rating : 4.8/5 (832 download)
Download or read book Equity Markets and Firm Innovation in Interaction written by Johanna Vesterinen and published by . This book was released on 2009 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Siddharth Sharma
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 33 pages
Book Rating : 4./5 ( download)
Download or read book financial development and innovation in small firms written by Siddharth Sharma and published by World Bank Publications. This book was released on 2012 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper uses firm level data from a cross-section of 57 countries to study how financial development affects innovation in small firms. The analysis finds that relative to large firms in the same industry, spending on research and development by small firms is more likely and sizable in countries at higher levels of financial development. The estimates imply that among firms doing research and development in a country like Romania, which is at the 20th percentile of financial development, a 1 standard deviation decrease in firm size is associated with a decrease of 0.7 standard deviations in research and development spending. In contrast, this decrease is only 0.2 standard deviations in a country like South Africa, which is at the 80th percentile of the distribution of financial development. Small firms also report producing more innovations per unit of research and development spending than large firms, and this gap is narrower in countries at higher levels of financial development. As a robustness check, the author shows that these patterns are stronger in industries inherently more reliant on external finance.
Author : Hui He
Publisher : International Monetary Fund
ISBN 13 : 1484303725
Total Pages : 56 pages
Book Rating : 4.4/5 (843 download)
Download or read book Does the Stock Market Boost Firm Innovation? written by Hui He and published by International Monetary Fund. This book was released on 2017-06-30 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper analyses the effect of the stock market on firm innovation through the lens of initial public offering (IPO) using uniquely matched Chinese firm-level data. We find that IPOs lead to an increase in both the quantity and quality of firm innovation activity. In addition, IPOs expand a firm’s scope of innovation beyond its core business. The impact of IPOs on firm innovation varies across financial constraints, corporate governance, and ownership structures. Our results further illustrate that IPOs induce a firm to increase the number of inventors and enable better retention of existing inventors after the IPO. Finally, we show that the enhanced innovation activity resulting from IPOs increases a firm’s Tobin’s Q in the long run.
Author : Zoltan Matolcsy
Publisher :
ISBN 13 :
Total Pages : 56 pages
Book Rating : 4.:/5 (129 download)
Download or read book The Association between Technological Conditions and the Market Value of Equity written by Zoltan Matolcsy and published by . This book was released on 2015 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: The objective of this study is to provide evidence on how technological innovation conditions underlying the firm's investments drive earnings growth, and hence market value of equity. Technologies develop and flourish or die out through the combined investment decisions of those firms doing the inventing, and those firms that adopt those inventions, and thereby help to spread (or diffuse) the innovations into wider use. Hence, technology is important for the investment decisions of all firms whether or not they patent. We focus on three aggregate measures of technological innovation conditions: the success rate of past technological investments, technology complexity, and the technology development period. We use the interactions between each of these three conditions with earnings to capture the combined effect on market value of a firm's technological innovation environment. Our sample comprises 12,594 US firm years for the period 1990-2000 including firms actively producing new technologies and firms that adopt technologies for their processes and products. Our primary and additional tests suggest that the interactions capture value relevant information not reflected in commonly used variables including industry, research and development, sales, general and administration expenses, risk, and growth. We also triangulate our results by providing evidence that aggregate technological innovation conditions predict future earnings and are, hence, instrumental in the earnings generation process. This paper extends the valuation literature by (i) developing a generalizable framework that explains how technological innovation conditions link to future earnings and therefore map into the market value of equity; (ii) developing aggregate measures of technological innovation conditions that are relevant for estimating future earnings and value for all firms; and (iii) providing detailed empirical evidence on the relation between these aggregate measures and the market value of equity and earnings for all firms not just those that patent.
Author : Mariana Mazzucato
Publisher : Edward Elgar Publishing
ISBN 13 : 9781781952818
Total Pages : 168 pages
Book Rating : 4.9/5 (528 download)
Download or read book Firm Size, Innovation, and Market Structure written by Mariana Mazzucato and published by Edward Elgar Publishing. This book was released on 2000-01-01 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book begins by reviewing the connection between firm size, innovation and market structure from a theoretical and an empirical point of view, with emphasis on the 'complexity' that defines this relationship. It then goes on to build an evolutionary model which explores different Schumpeterian propositions regarding the positive and negative feedback between firm size and innovation as well as the role of idiosyncratic random events on industry market structure. The concluding chapter uses 100 years in the history of the US automobile industry to explore the relationship between market share instability and stock price volatility and the degree to which this relationship is connected to industry specific factors. This innovative new book will prove invaluable to researchers, lecturers and scholars of industrial organisation, technology and market structure.
Author : Ashish Arora
Publisher : MIT Press
ISBN 13 : 0262261367
Total Pages : 351 pages
Book Rating : 4.2/5 (622 download)
Download or read book Markets for Technology written by Ashish Arora and published by MIT Press. This book was released on 2004-01-30 with total page 351 pages. Available in PDF, EPUB and Kindle. Book excerpt: The past two decades have seen a gradual but noticeable change in the economic organization of innovative activity. Most firms used to integrate research and development with activities such as production, marketing, and distribution. Today firms are forming joint ventures, research and development alliances, licensing deals, and a variety of other outsourcing arrangements with universities, technology-based start-ups, and other established firms. In many industries, a division of innovative labor is emerging, with a substantial increase in the licensing of existing and prospective technologies. In short, technology and knowledge are becoming definable and tradable commodities. Although researchers have made significant advances in understanding the determinants and consequences of innovation, until recently they have paid little attention to how innovation functions as an economic process. This book examines the nature and workings of markets for intermediate technological inputs. It looks first at how industry structure, the nature of knowledge, and intellectual property rights facilitate the development of technology markets. It then examines the impacts of these markets on firm boundaries, the division of labor within the economy, industry structure, and economic growth. Finally, it examines the implications of this framework for public policy and corporate strategy. Combining theoretical perspectives from economics and management with empirical analysis, the book also draws on historical evidence and case studies to flesh out its research results.
Author : Glenn Yago
Publisher : Oxford University Press
ISBN 13 : 0198034032
Total Pages : 314 pages
Book Rating : 4.1/5 (98 download)
Download or read book Beyond Junk Bonds written by Glenn Yago and published by Oxford University Press. This book was released on 2003-03-27 with total page 314 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since financial myths exploded in the 1980s, the perspective of time creates a unique opportunity to update and expand the analysis begun in Glenn Yago's 1991 book, Junk Bonds: How High Yield Securities Restructured Corporate America (Oxford University Press). At the time of its publication, Junk Bonds drew controversial responses from the Federal Reserve and government agencies. In retrospect, the evidence clearly casts favorable light on the role of high yield securities. The research presented here demonstrates how financial innovations enabled capital access for industrial restructuring, capital and labor productivity gains, and improved global competitiveness. Enough time has now passed to allow this dispassionate empirical analysis to shear away the hype and hysteria that surrounded the Wall Street scandals, Washington controversies, and media frenzy of the time. Beyond Junk Bonds provides a one-stop data, reference and case study presentation of the firms and securities in the contemporary high yield market and the financial innovations that spurred growth in the nineties and will continue to finance the future. The high yield market incubated successive waves of financial technologies that now proliferate beyond junk bonds to all the dimensions and dynamics of global debt and equity capital markets. It charts the recovery of the market in the 1990s, the recent wave of fallen angels, distressed credits and defaults, and suggests how the high yield market will be recreated in the global market of the 21st century. It explicates the linkages between the high yield market, and other credit and equity markets in managing a firm's capital structure to execute its business strategy. The weakening of the U. S. economy in 2001 and the huge shock to Wall Street from the terrorist attacks of September 11 witnessed a historic increase in the yield to maturity of high yield bonds. Despite the volatility in the flow of funds to high yield mutual funds and occasionally sharp increases in non-investment grade debt yields, the asset class has been one of the best performing fixed income investments of the past decades. In fact, high yield bonds offer an attractive risk-reward ratio competitive with more traditional asset classes. Anyone active in corporate finance, financial institutions and capital markets will find this book a must read for interpreting and understanding the recent history both of the high yield marketplace and its interaction with private equity, public equity, and fixed income markets.
Author : Ms.Genevieve Verdier
Publisher : International Monetary Fund
ISBN 13 : 1451963254
Total Pages : 37 pages
Book Rating : 4.4/5 (519 download)
Download or read book Firm Productivity, innovation and Financial Development written by Ms.Genevieve Verdier and published by International Monetary Fund. This book was released on 2010-02-01 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: How do firm-specific actions-in particular, innovation-affect firm productivity? And what is the role of the financial sector in facilitating higher productivity? Using a rich firm-level dataset, we find that innovation is crucial for firm performance as it directly and measurably increases productivity. Moreover, its effects on productivity are mediated through the financial sector; firms reap the maximum benefits from innovation in countries with well-developed financial sectors. This effect is particularly important for firms in high-tech sectors, which typically have higher external financing needs.
Author : Franklin Allen
Publisher : Pearson Prentice Hall
ISBN 13 : 0137083319
Total Pages : 262 pages
Book Rating : 4.1/5 (37 download)
Download or read book Financing the Future written by Franklin Allen and published by Pearson Prentice Hall. This book was released on 2010-03-23 with total page 262 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial innovation can drive social, economic, and environmental change, transforming ideas into new technologies, industries, and jobs. But when it is misunderstood or mismanaged, the consequences can be severe. In this practical, accessible book, two leading experts explain how sophisticated capital structures can enable companies and individuals to raise funding in larger amounts for longer terms and at lower cost—accomplishing tasks that would otherwise be impossible. The authors recount the history and basic principles of financial innovation, showing how new instruments have evolved, and how they have been used and misused. They thoroughly demystify complex capital structures, offering a practical toolbox for entrepreneurs, corporate executives, and policymakers. Financing the Future presents clear, thorough discussions of the current role of financial innovation in capitalizing businesses, industries, breakthrough technologies, housing solutions, medical treatments, and environmental projects. It also presents a full chapter of lessons learned: essential insights for stabilizing the economy and avoiding pitfalls. Distinguishing genuine innovation from dangerous copycats Crafting sustainable financial innovations that add value and manage risk The best tools for the job: choosing them, customizing them, using them Selecting the right instruments and structures, and making the most of them Financial innovations for business, housing, and medical research Finding new and better ways to promote entrepreneurship and advance social goals Innovating to save the planet and help humanity The power of finance to protect natural resources and alleviate global poverty This is the first in a new series of books on financial innovation, published through a collaboration between Wharton School Publishing and the Milken Institute. Future titles will focus on specific policy areas such as housing and medical research. The Milken Institute is an independent economic think tank whose mission is to improve the lives and economic conditions of diverse populations in the United States and around the world by helping business and public policy leaders identify and implement innovative ideas for creating broad-based prosperity. It puts research to work with the goal of revitalizing regions and finding new ways to generate capital for people with original ideas.
Author : Dawid Szutowski
Publisher : Helion
ISBN 13 : 8380852478
Total Pages : 267 pages
Book Rating : 4.3/5 (88 download)
Download or read book Innovation and Market Value. The Case of Tourism Enterprises written by Dawid Szutowski and published by Helion. This book was released on 2017-03-18 with total page 267 pages. Available in PDF, EPUB and Kindle. Book excerpt: In contemporary economics only one thing is constant – constant change [Gunday et al., 2011]. The notion of change relates directly to innovation. The very nature of innovation constitutes combining existing factors in a new, changed way. Since the early stage of the scientific investigation of innovation research has focused mainly on the solutions actually implemented [Schumpeter 1939]. Yet it is only through implementation that the benefits of innovation may materialise. The task is not simple. The process of obtaining the gains is complex as innovation may pass through different stages. Thus for almost half-century the scientific community has considered innovation to be a complex process and not just a simple occurrence [Myers and Marquis 1969]. Innovation pushes progress forward. Thus previous scientific investigation limited the concept of innovation to implementations which generate positive effects [Nelson and Winter 1982]. The above scientific considerations still hold today [Moss Kanter 2006]. Innovation is of crucial importance for tourism companies, which cover accommodation for visitors, food and beverage serving activities, passenger transportation, travel agencies and other reservation activities, cultural activities, sports and recreational activities and retail trade of country-specific tourism characteristic goods [UNWTO 2010]. It provides them with competitive advantage and hence the firms with market power gain more from innovation [Tirole 1995]. A firm’s innovation interacts with the environment. It delivers diverse benefits to the consumers in the form of new products and lower prices which in turn impact positively on the company [Shiller 2006]. In the context of tourism the ongoing scientific discussion on innovation seems not to have achieved any definite conclusions yet. The implementation of innovation in tourism enterprises leads to the achievement of diverse ends. From this point of view the measurement of the effects of innovation is of vital importance. There are a number of financial measures covering substantially different fields. The most comprehensive amongst them is a company’s value. It covers all the aspects of a company’s activity [Bodie and Merton 2000]. However due to its importance and complexity numerous approaches to company value were created. The basic distinction covers book and market value based approaches. The proponents of book value assume that the balance sheet yields a reliable estimate of the value of assets and equities. However numerous shortcomings emerge: the static character, dealing with historical figures, failing to include intangibles and treating all classes of accounts as having equal importance [Nunes 2003]. The market value based approach stands for the price that assets would fetch in the marketplace [Fabrozi and Drake 2009]. The main objective of the research is to measure the short- and long-term impact of innovation announcements on the market value of equity of tourism enterprises.
Author : Christine Greenhalgh
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book The Value of Innovation written by Christine Greenhalgh and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Investigates the stock market valuation of the research anddevelopment (R&D) and intellectual property (IP) activities of quotedcompanies in the United Kingdom. Unlike previous studies, this analysisconsiders the extent to which the stock market's valuation of firm-levelinnovation varies across firms by sector. The classification system proposed byKeith Pavitt is used to define these sectors. Data spanning the period between 1989 and 2002 are used to analyze themarket value of innovative UK firms. Analysis of the data reveals that themarket valuation of R&D, patents and trademarks do vary significantlyacross Pavitt sectors. Further, the stock market appears to place littlevaluation on firms obtaining UK patents, although there is a positive premiumfor patents from the European Patent Office. Several attempts are made toaccount for variations across sectors in market valuations. An analysis usingprofit persistence as a measure of competitive pressure reveals that morecompetitive sectors have a lower R&D market valuation. In the highlycompetitive information-intensive and science-based sectors, higher marketshare raises the valuation of R&D. (SAA).
Author : OECD
Publisher : OECD Publishing
ISBN 13 : 9264852395
Total Pages : 94 pages
Book Rating : 4.2/5 (648 download)
Download or read book OECD Sovereign Borrowing Outlook 2021 written by OECD and published by OECD Publishing. This book was released on 2021-05-20 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt: This edition of the OECD Sovereign Borrowing Outlook reviews developments in response to the COVID-19 pandemic for government borrowing needs, funding conditions and funding strategies in the OECD area.
Author : Amitrajeet A. Batabyal
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)
Download or read book The Impact of Innovation on a Polluting Firm's Regulation Driven Decision to Upgrade its Capital Stock written by Amitrajeet A. Batabyal and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The extant literature has paid scant theoretical attention to the tripartite interaction between increasing environmental regulations, the resulting decision by a polluting firm to upgrade its capital stock, and the impact of innovation on this capital stock improvement decision. Hence, we theoretically analyze this tripartite interaction when the polluting firm faces adjustment costs to upgrade its capital stock. First, we construct a dynamic model of regulation driven investment by a polluting firm. Second, we specify the conditions characterizing efficient investment. Third, we study the impact of an unanticipated increase in innovation on the polluting firm's steady state capital stock. Fourth, we analyze the impact of an anticipated increase in innovation on the polluting firm's steady state capital stock. Finally, we discuss the relationship between the polluting firm's internal shadow price of capital and the stock market value of a unit of this firm's capital.
Author : Iván Blanco
Publisher : Ed. Universidad de Cantabria
ISBN 13 : 8481028770
Total Pages : 90 pages
Book Rating : 4.4/5 (81 download)
Download or read book Three Essays in Financial Markets. The Bright Side of Financial Derivatives: Options Trading and Firm Innovation written by Iván Blanco and published by Ed. Universidad de Cantabria. This book was released on 2019-02-15 with total page 90 pages. Available in PDF, EPUB and Kindle. Book excerpt: Do financial derivatives enhance or impede innovation? We aim to answer this question by examining the relationship between equity options markets and standard measures of firm innovation. Our baseline results show that firms with more options trading activity generate more patents and patent citations per dollar of R&D invested. We then investigate how more active options markets affect firms' innovation strategy. Our results suggest that firms with greater trading activity pursue a more creative, diverse and risky innovation strategy. We discuss potential underlying mechanisms and show that options appear to mitigate managerial career concerns that would induce managers to take actions that boost short-term performance measures. Finally, using several econometric specifications that try to account for the potential endogeneity of options trading, we argue that the positive effect of options trading on firm innovation is causal.
Author : Peter N. Golder
Publisher : Edward Elgar Publishing
ISBN 13 : 1784718157
Total Pages : 469 pages
Book Rating : 4.7/5 (847 download)
Download or read book Handbook of Research on New Product Development written by Peter N. Golder and published by Edward Elgar Publishing. This book was released on 2018 with total page 469 pages. Available in PDF, EPUB and Kindle. Book excerpt: New products are the major driver of revenue growth in today's dynamic business environment. In this Handbook, the world's foremost experts on new product development bring together the latest thinking on this vitally important topic. These thought-leading authors organize knowledge into useful and insightful frameworks covering all aspects of new product development: companies, collaborators, customers, context, markets, and performance. Managers will benefit from the handbook by expanding their knowledge of new product development and researchers will learn about opportunities to continue expanding on this body of knowledge.
Author : Dimitri Uzunidis
Publisher : John Wiley & Sons
ISBN 13 : 1119832489
Total Pages : 466 pages
Book Rating : 4.1/5 (198 download)
Download or read book Innovation Economics, Engineering and Management Handbook 1 written by Dimitri Uzunidis and published by John Wiley & Sons. This book was released on 2021-06-08 with total page 466 pages. Available in PDF, EPUB and Kindle. Book excerpt: Innovation, in economic activity, in managerial concepts and in engineering design, results from creative activities, entrepreneurial strategies and the business climate. Innovation leads to technological, organizational and commercial changes, due to the relationships between enterprises, public institutions and civil society organizations. These innovation networks create new knowledge and contribute to the dissemination of new socio-economic and technological models, through new production and marketing methods. Innovation Economics, Engineering and Management Handbook 1 is the first of the two volumes that comprise this book. The main objectives across both volumes are to study the innovation processes in todays information and knowledge society; to analyze how links between research and business have intensified; and to discuss the methods by which innovation emerges and is managed by firms, not only from a local perspective but also a global one. The studies presented in these two volumes contribute toward an understanding of the systemic nature of innovations and enable reflection on their potential applications, in order to think about the meaning of growth and prosperity.
Author : Jean-Luc Gaffard
Publisher : Edward Elgar Publishing
ISBN 13 :
Total Pages : 272 pages
Book Rating : 4.3/5 (555 download)
Download or read book Innovation, Economic Growth and the Firm written by Jean-Luc Gaffard and published by Edward Elgar Publishing. This book was released on 2010 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'Gaffard and Salies have brought together an outstanding collection of papers that connects two fields of research usually only considered in isolation: the entrepreneurial restructuring of firms and markets and the growth process of the firm. Recognizing the interaction between the two is crucial for understanding how economic progress comes about today. What leading scholars from each of the fields have to say in this book on the connection makes for a most stimulating and illuminating reading with great relevance for policy making in Europe and America.'-Ulrich Witt, Max Planck Institute of Economics and University of Jena, Germany --
