International R&amp;D spillovers and asset prices

Gavazzoni, Federico; Santacreu, Ana María

doi:10.1016/j.jfineco.2019.09.009

Cited by 17 publications

(28 citation statements)

References 68 publications

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“…Similar to them, we also allow households to fully share risks by imposing a complete international capital markets structure. Differently from our economy and Croce et al (2015), the model developed by Gavazzoni and Santacreu (2020) does not have a government sector. Therefore, international differences in fiscal policy and potential spillover effects from those are not studied.…”

Section: Background and Motivationmentioning

confidence: 95%

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Technology trade with asymmetric tax regimes and heterogeneous labour markets: Implications for macro quantities and asset prices

2020

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The international diffusion of technology plays a key role in stimulating global growth and explaining co-movements of international equity returns. Existing empirical evidence suggests that countries are heterogeneous in their attitude towards innovation: Some countries rely more on technology adoption while other countries rely more on internal technology production. European countries that rely more on adoption are also typically characterized by lower fiscal policy flexibility and higher labour market rigidity. We develop a two-country model, in which both countries rely on R&D and adoption, to study the shortand long-run effects of aggregate technology and adoption probability shocks on economic growth in the presence of the aforementioned asymmetries. Our framework suggests that an increase in the ability to adopt technology from abroad stimulates future economic growth in the country that benefits from higher adoption rates but the beneficial effects also spread to the foreign country. Moreover, heterogeneity helps to explain the differences in macro quantities and equity returns observed in the international data.

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Section: Background and Motivationmentioning

confidence: 95%

“…Our theoretical framework is closely related to that of Croce et al (2015) and Gavazzoni and Santacreu (2020). However, we differ from them in several important respects.…”

Section: Background and Motivationmentioning

confidence: 99%

Technology trade with asymmetric tax regimes and heterogeneous labour markets: Implications for macro quantities and asset prices

2020

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“…On the other hand, incentives are being created to improve professional skills of employees and to create products with a higher level of additional value [1]. Researches come to conclusion that innovations, unparticular, creative innovation, significantly increase the competitiveness of traditional institutions and create a multiplier effect in the economy [2,3]. Therefore, the public is interested in investing in the development of innovation activities.…”

Section: Introductionmentioning

confidence: 99%

Impact of the funding structure on R&D in cases of European Union and Russian Federation

2021

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Research background: Many contemporary empirical studies and theories of economic growth have revealed the dependence of innovative development of countries on the adequacy of funding for innovation. However, much of the empirical literature has discussed the issue of innovativeness without assessing the impact of the structure of funding sources on the success of the innovation process. Purpose of the article: The aim of this paper is to prove the hypothesis of the inefficiency of innovative systems in which the proportion of public investment is high compared to private investment. In Russia, the share of public R&D funding is 67%, and the EU average is 33%. Methods: Based on the empirical research, we have compared the EU Horizon 2020 program with Russian VEB Ventures programs, conversion and digitalization programs of the Industrial Development Fund and found out how the structure of funding sources for these programs affects the success of their implementation. Findings & Value added: The results of our research show that a large share of public funding is not the cause, but the result of low private innovation activity and a lack of private investment. Significant reasons for their shortage were identified: the economic feasibility of purchasing ready-made solutions on the global market instead of funding research; cheap labour; adverse business climate. Thus, a high share of public financing of innovations in a country can serve as an indicator of the existence of serious reasons for restraining innovative development.

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“…Moreover, the free boundary problem (12) cannot obtain any closed-form solution so we give some numerical examples in section 4 . Now, we solve the optimal release problem (6). With the method of dynamic programming, the value function J(x, y) is the solution of the following VI…”

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confidence: 99%

“…In Table 1, the value for the investment cost of the R&D project parameters such as β, I * , V are set in the spirit of the investment of R&D project with technical uncertainty literature (see, e.g, [11], [13] and [17]). The parameters relating to the price of the similar product such as σ, α and r are set similarly to [6] and [12]. Moreover, we set the market value parameters δ 1 and δ 2 according to the example in [7].…”

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confidence: 99%

Optimal product release time for a new high-tech startup firm under technical uncertainty

Wang

Huang

O’Regan

2023

JIMO

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<p style='text-indent:20px;'>Decision makers of new high-tech startup firms always want to choose an optimal time to launch their products which are under research and development (R&D) to obtain the maximum net income of these firms. However, existing models fail to consider the optimal release time of products for these new high-tech startup firms. In this paper, the optimal time to launch the product of the R&D project is assumed to be the first time when the product of the R&D project is released to the market. Based on this assumption, we develop a continuous-time model to find the optimal time at which the startup firm launches its product of the R&D project by considering the price of the similar product. Employing the methods of dynamic programming and variational inequalities, we also provide a closed form solution to our model. We also find that these high-tech startup firms prefer to delay their product release time when the price of the similar product is at a phase of rapid growth or the price has considerable uncertainty. Moreover, some numerical examples are provided to investigate the properties of our model.</p>

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International R&D spillovers and asset prices

Cited by 17 publications

References 68 publications

Technology trade with asymmetric tax regimes and heterogeneous labour markets: Implications for macro quantities and asset prices

Technology trade with asymmetric tax regimes and heterogeneous labour markets: Implications for macro quantities and asset prices

Impact of the funding structure on R&D in cases of European Union and Russian Federation

Optimal product release time for a new high-tech startup firm under technical uncertainty

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