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Business and Economics > Investments: Stocks

You are looking at 1 - 5 of 5 items for :

  • Type: Journal Issue x
  • Technological Change: Choices and Consequences; Diffusion Processes x
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Cover IMF Working Papers
Knowledge Diffusion Through FDI: Worldwide Firm-Level Evidence
JaeBin Ahn
,
Chan Kim
,
Nan Li
, and
Andrea Manera
This paper examines the impact of Foreign Direct Investment (FDI) on knowledge diffusion by analyzing the effect of firm-level FDI activities on cross-border patent citations. We construct a novel firm-level panel dataset that combines worldwide utility patent and citations data with project-level greenfield FDI and crossborder mergers and acquisitions (M&A) data over the past two decades, covering firms across 60 countries. Applying a new local projection difference-indifferences methodology, our analysis reveals that FDI significantly enhances knowledge flows both from and to the investing firms. Citation flows between investing firms and host countries increase by up to around 10.6% to 13% in five years after the initial investment. These effects are stronger when host countries have higher innovation capacities or are technologically more similar to the investing firm. We also uncover knowledge spillovers beyond targeted firms and industries in host countries, which are particularly more pronounced for sectors closely connected in the technology space.
Keywords:
Greenfield FDI; Brownfield FDI; cross-border M&A; Inward FDI; Outward FDI; Knowledge spillover; Patent citation; LP-DiD; investing firm; FDI activity; FDI measure; impacts of FDI; Foreign direct investment; Spillovers; Absorptive capacity; Stocks; Global
Cover IMF Working Papers
China’s Rising IQ (Innovation Quotient) and Growth: Firm-level Evidence
Hui He
,
Ms. Nan Li
, and
Jing Fang
This paper examines whether the rapid growing firm patenting activity in China is associated with real economic outcome by building a unique dataset uniting detailed firm balance sheet information with firm patent data for the period of 1998-2007. We find strong evidence that within-firm increases in patent stock are associated with increases in firm size, exports, and more interestingly, total factor productivity and new product revenue share. Event studies using first-time patentees as the treatment group and non-patenting firms selected based on Propensity-Score Matching method as the control group also demonstrate similar effects following initial patent application. We also find that although state-owned enterprises (SOEs) on average have lower level of productivity and are less innovative compared to their non-state-owned peers, increases in patent stock tend to be associated with higher productivity growth among SOEs, especially for patents with lower innovative content. The latter could reflect the preferential government policies enjoyed by SOEs.
Keywords:
WP; state-owned enterprise; patenting firm; patent stock; Innovation; Growth; Patent; R&D; Productivity; SOE Reforms; China; production performance; leverage ratio; patent scope; ownership status; data combination; Total factor productivity; Stocks; Capital productivity; Public enterprises
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
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
Cover IMF Working Papers
Automating the Price Discovery Process: Some International Comparisons and Regulatory Implications
Mr. Ian Domowitz
Automated trade execution systems are examined with respect to the degree to which they automate the price discovery process. Seven levels of automation of price discovery are identified, and 47 systems are classified according to these criteria. Systems operating at various levels of automation are compared with respect to age, geographical location, and type of securities traded. Information provided to market participants, and asymmetries of information between traders with direct access to the automated market and outside investors also are examined. It is found, for example, that the degree of asymmetric information increases with the level of automation of price discovery. The potential for trading abuses related to prearranged trading, noncompetitive execution, and trading ahead of customers is analyzed for each level of automation. Certain levels of automation widen the opportunities for trading abuses in some respects, but may narrow them in others.
Keywords:
WP; price discovery process; market condition; options market; limit order; market efficiency; market liquidity; price discovery mechanism; telephone market; trading market mechanism; Automation; Options; Stocks; Futures; Trade systems; North America