Narrow Your Choices

Refine By Countries

Refine By Series

Refine By Language

Refine By Date

—

Refine By IMF Taxonomy

Refine By JEL Taxonomy

Refine by LOC Taxonomy

Refine By THEMA Taxonomy

  • Print
  • Save

Business and Economics > Investments: Stocks

You are looking at 1 - 7 of 7 items for :

  • Type: Journal Issue x
  • Innovation; Research and Development; Technological Change; Intellectual Property Rights: General x
Clear All Modify Search
Cover IMF Working Papers
International Technology Sourcing and Knowledge Spillovers: Evidence from OECD Countries
Sophia Chen
and
Estelle Dauchy
How much do firms benefit from foreign R&D and through what channel? We construct a global network of corporate innovation using more than 1.5 million patents granted to firms in OECD countries. We test the “international technology sourcing” hypothesis that foreign innovation activities tap into foreign R&D and improve home productivity through knowledge spillovers. We find that firms with stronger inventor presence in technology frontier countries benefit disproportionately more from their R&D. The strength of knowledge spillovers depends on the direction of technology sourcing. Knowledge externality is larger for firms in technology frontier countries than for firms in non-frontier countries.
Keywords:
WP; frontier country; innovation activity; country control; production function; Knowledge spillovers; Patent; R&D; Network; Firm productivity; OECD country; source country; destination country; Spillovers; Total factor productivity; Stocks; Productivity; Global
Cover IMF Working Papers
Financial Constraints, Intangible Assets, and Firm Dynamics: Theory and Evidence
Sophia Chen
I study whether firms' reliance on intangible assets is an important determinant of financing constraints. I construct new measures of firm-level physical and intangible assets using accounting information on U.S. public firms. I find that firms with a higher share of intangible assets in total assets start smaller, grow faster, and have higher Tobin’s q. Asset tangibility predicts firm dynamics and Tobin’s q up to 30 years but has diminishing predicative power. I develop a model of endogenous financial constraints in which firm size and value are limited by the enforceability of financial contracts. Asset tangibility matters because physical and intangible assets differ in their residual value when the contract is repudiated. This mechanism is qualitatively important to explain stylized facts of firm dynamics and Tobin’s q.
Keywords:
WP; intangible assets; market value; Financial constraints; firm dynamics; Tobin’s q; asset tangibility; production parameter; selling; general; and administrative; entrant firm; share of intangible assets; Aging; Asset valuation; Stocks; Financial frictions
Cover IMF Working Papers
The New Economy and Global Stock Returns
Mr. Luis Catão
and
Mr. Robin Brooks
This paper revisits the relative importance of global versus country-specific factors underlying stock returns. It constructs a new firm level data set covering emerging and developed markets and estimates a simple factor model, which breaks down stock returns into a global business cycle factor, global industry factors, country-specific factors and firm-level effects. The results indicate that the share of variation in stock returns explained by global industry factors has grown sharply since the mid-1990s, at the expense of country-specific factors. Foremost among the global factors is a “new economy” factor, which has become a key determinant of global stock returns.
Keywords:
WP; company; factor; stock markets; portfolio diversification; international financial integration; new economy; industry factor; factor return variance; emerging markets company; industry-affiliation factor rise; factor model; country factor; merger company; only firm; high-tech company; time series; Stocks; Emerging and frontier financial markets; Market capitalization; Global; Africa
Cover IMF Working Papers
Tales From Two Neighbors: Productivity Growth in Canada and the United States
Mr. Martin D. Cerisola
and
Mr. Jorge A Chan-Lau
This paper assesses productivity trends in Canada vis-a-vis the United States from two perspectives. The first one is based on estimates of total factor productivity. The second one decomposes productivity growth into two sources: investment-specific technical change, associated with improvements in the quality of the capital stock, and neutral technical change, associated with the organization of productive activities. The results indicate that investment-specific technical change is the major underlying cause of the pickup in productivity in Canada and the narrowing of the productivity gap with the United States.
Keywords:
WP; productivity growth; TFP growth; Productivity; Equipment Investment; General Equilibrium Model; Canada; United States; productivity slowdown; growth in Canada; productivity trend; productivity recovery; productivity boom; productivity change; levels vis-a-vis; productivity growth in Canada; Total factor productivity; Stocks; Emerging technologies
Cover IMF Working Papers
The Complier Pays Principle: The Limits of Fiscal Approaches toward Sustainable Forest Management
Mr. Luc E. Leruth
,
R. Paris
, and
Mr. I. Ruzicka
This paper examines the role and impact of taxation on sustainable forest management. It is shown that fiscal instruments neither reinforce nor substitute for traditional regulatory approaches. Far from encouraging more sustainable forest management, fiscal instruments such as an inappropriate tax policy can actually undermine it. The paper uses the arguments at the root of the Faustmann solution to draw conclusions on the incentives for sustainable tropical forest exploitation. The paper also proposes a bond mechanism as an alternative market-based instrument to encourage sustainable forest logging while reducing monitoring costs.
Keywords:
WP; forest management; environmental damage; pollution tax
Cover IMF Working Papers
Long-Term International Capital Movements and Technology: A Review
Mr. Harm Zebregs
This paper reviews the theoretical literature on the question of how long-term international capital movements depend on the international distribution of technology. It focuses on long-term investment flows, as these are more affected by international differences in technologies than short-term financial flows. International capital movements are investigated in the context of various technology specifications, ranging from models with only one common technology to those with multiple and endogenous technologies. The paper demonstrates that the theoretical specification of technology is crucial to the prediction of the size and direction of international capital movements.
Keywords:
WP; capital movement; open economy; interest rate; factor price equalization; free trade; perfect competition
Cover IMF Working Papers
Technology and Epidemics
Mr. Alberto Chong
and
Ms. Luisa Zanforlin
Evidence from historical and epidemiological literatures show that epidemics tend to spread in the population according to a logistic pattern. We conjecture that the impact of new technologies on output follows a pattern of spread not unlike that of typical epidemics. After reaching a critical mass, rates of growth will accelerate until the marginal benefits of technology are fully utilized. We estimate spline functions using a GMM dynamic panel methodology for 79 countries. We use imports of machinery and equipment as a fraction of gross domestic product as a proxy for the process of technological adoption. Results confirm our hypothesis.
Keywords:
WP; rate of growth; epidemic pattern; upper bound; growth; epidemics; logistic; technology transfer; machinery and equipment; GMM system estimator method; technology coefficient; high-rate-of contagion interval; Estimation techniques; Imports; Emerging technologies; Stocks; East Asia