The quality of ultra-high frequency quotes submitted to an entrant high-tech market (BATS Chi-X Europe – Chi-X) is compared to those of an established national exchange (London Stock Exchange – LSE). There are intraday variations regarding which platform impounds new information about the fundamental value of stocks into their prices fastest such that both markets alternate price leadership over the day and across high and low volume stocks. The variations in price leadership are consistent with the effects of informed trading, liquidity and institutional trading arrangements on both platforms, but inconsistent with the theoretical liquidity-price efficiency link. Dark and algorithmic trading are shown to generally impede price discovery for lower volume stocks on Chi-X, while the effect of algorithmic trading is found to be generally positive for LSE stocks’ price discovery. Despite the variations in intraday price leadership, Chi-X accounts for more share of price discovery than is suggested by its comparatively lower share of transactions; crucially, this strong showing in the price leadership contest is critical to its gaining of market share at the expense of the LSE.
提交给新进入的高科技市场(BATS Chi-X Europe - Chi-X)的超高频报价质量与老牌国家交易所(伦敦证券交易所- LSE)的超高频报价质量进行了比较。关于哪个平台将有关股票基本价值的新信息以最快的速度存入其价格，存在日内变化，以便两个市场在当天以及在高成交量和低成交量的股票中交替进行价格领导。价格领导的变化与两个平台上的知情交易、流动性和机构交易安排的影响是一致的，但与理论上的流动性-价格效率联系不一致。暗交易和算法交易通常阻碍Chi-X上交易量较小的股票的价格发现，而算法交易的影响通常对LSE股票的价格发现是积极的。尽管盘中价格领先的变化，Chi-X占价格发现的份额比其相对较低的交易份额所暗示的更多;至关重要的是，在价格领导地位竞争中的强劲表现，对其以伦敦证交所为代价获得市场份额至关重要。
{"title":"Competition for Order flow and Price Discovery: The Curious case of High-tech Entrants","authors":"Gbenga Ibikunle","doi":"10.2139/ssrn.2440691","DOIUrl":"https://doi.org/10.2139/ssrn.2440691","url":null,"abstract":"The quality of ultra-high frequency quotes submitted to an entrant high-tech market (BATS Chi-X Europe – Chi-X) is compared to those of an established national exchange (London Stock Exchange – LSE). There are intraday variations regarding which platform impounds new information about the fundamental value of stocks into their prices fastest such that both markets alternate price leadership over the day and across high and low volume stocks. The variations in price leadership are consistent with the effects of informed trading, liquidity and institutional trading arrangements on both platforms, but inconsistent with the theoretical liquidity-price efficiency link. Dark and algorithmic trading are shown to generally impede price discovery for lower volume stocks on Chi-X, while the effect of algorithmic trading is found to be generally positive for LSE stocks’ price discovery. Despite the variations in intraday price leadership, Chi-X accounts for more share of price discovery than is suggested by its comparatively lower share of transactions; crucially, this strong showing in the price leadership contest is critical to its gaining of market share at the expense of the LSE.","PeriodicalId":294049,"journal":{"name":"ERN: Other European Economics: Microeconomics & Industrial Organization (Topic)","volume":"95 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-08-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132988024","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Rodrigo Montes, Wilfried Sand-Zantman, T. Valletti
This paper investigates the effects of price discrimination on prices, profits and consumer surplus, when one or more competing firms can use consumers' private information to price discriminate and consumers can pay a privacy cost to avoid it. While a monopolist always benefits from higher privacy costs, this is not true in the competing duopoly case. In this last case, firms' individual profits are decreasing while consumer surplus is increasing in the privacy cost. Finally, under competition, we show that the optimal selling strategy for the owner of consumer data consists in dealing exclusively with one firm in order to create maximal competition between the winner and the loser of data. This brings inefficiencies, and we show that policy makers should concentrate their attention on exclusivity deals rather than making it easier for consumers to protect their privacy.
{"title":"The Value of Personal Information in Markets with Endogenous Privacy","authors":"Rodrigo Montes, Wilfried Sand-Zantman, T. Valletti","doi":"10.2139/ssrn.2640177","DOIUrl":"https://doi.org/10.2139/ssrn.2640177","url":null,"abstract":"This paper investigates the effects of price discrimination on prices, profits and consumer surplus, when one or more competing firms can use consumers' private information to price discriminate and consumers can pay a privacy cost to avoid it. While a monopolist always benefits from higher privacy costs, this is not true in the competing duopoly case. In this last case, firms' individual profits are decreasing while consumer surplus is increasing in the privacy cost. Finally, under competition, we show that the optimal selling strategy for the owner of consumer data consists in dealing exclusively with one firm in order to create maximal competition between the winner and the loser of data. This brings inefficiencies, and we show that policy makers should concentrate their attention on exclusivity deals rather than making it easier for consumers to protect their privacy.","PeriodicalId":294049,"journal":{"name":"ERN: Other European Economics: Microeconomics & Industrial Organization (Topic)","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-08-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114155195","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This is pioneering research in that it makes a comparison of the process of convergence of long-run profits in the manufacturing sector of six European countries (2000-12), differentiating between SMEs and large firms, and by identifying the impact of the crisis on this process. The results obtained by employing the convergence model, known as the Partial Adjustment Model, indicate that the inter-country competitive process, is working better among large companies than among SMEs. The impact of the crisis on this process has been uneven across the countries and the sizes of the firms.
{"title":"Long-Run Profits in Times of Crisis: A Comparison between European SMEs and Large Companies","authors":"Nuria Alcalde-Fradejas, Marisa Ramírez-Alesón","doi":"10.2139/ssrn.2618319","DOIUrl":"https://doi.org/10.2139/ssrn.2618319","url":null,"abstract":"This is pioneering research in that it makes a comparison of the process of convergence of long-run profits in the manufacturing sector of six European countries (2000-12), differentiating between SMEs and large firms, and by identifying the impact of the crisis on this process. The results obtained by employing the convergence model, known as the Partial Adjustment Model, indicate that the inter-country competitive process, is working better among large companies than among SMEs. The impact of the crisis on this process has been uneven across the countries and the sizes of the firms.","PeriodicalId":294049,"journal":{"name":"ERN: Other European Economics: Microeconomics & Industrial Organization (Topic)","volume":"88 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123606547","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
As the results of the study "Eurobarometer in Russia," social capital is one of the main resources that underpin social and economic well-being of Russians. The number of social ties and dictate the intensity of contacts at the micro-level characteristics of the economic behavior of the Russians, their financial strategies, as well as their career path. Meanwhile, it remains unclear how the Russians manage to convert social capital into real economic resources. The text is based on the methodology of the study of practices and strategies of economic behavior of the population, developed on the basis of a pan-European study "Eurobarometer".
{"title":"Микросоциальные Основания Стратегий Экономического Поведения: Анализ Механизмов Конвертации Социального Капитала (Microsocial Foundation Strategies of Economic Behavior: Analysis of the Mechanisms of Conversion of Social Capital)","authors":"P. Stepantsov, P. Jigareva","doi":"10.2139/SSRN.2625987","DOIUrl":"https://doi.org/10.2139/SSRN.2625987","url":null,"abstract":"As the results of the study \"Eurobarometer in Russia,\" social capital is one of the main resources that underpin social and economic well-being of Russians. The number of social ties and dictate the intensity of contacts at the micro-level characteristics of the economic behavior of the Russians, their financial strategies, as well as their career path. Meanwhile, it remains unclear how the Russians manage to convert social capital into real economic resources. The text is based on the methodology of the study of practices and strategies of economic behavior of the population, developed on the basis of a pan-European study \"Eurobarometer\".","PeriodicalId":294049,"journal":{"name":"ERN: Other European Economics: Microeconomics & Industrial Organization (Topic)","volume":"105 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131702364","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
A feature of electronic communication markets is that a consumer's decision to join or use a communications network can generate two effects on other users of the network: a network externality and a call externality. The former effect is defined as the benefit that users receive when a new subscriber joins the network (an expanded customer base can now be reached). The existence and magnitude of this effect is important from both theoretical and policy points of view. As a consequence, its empirical importance in various network markets has been documented in the literature. A call externality is defined as the benefit that a consumer derives when receiving a message (e.g. call) from another user, and it plays a crucial role both in the equilibrium predictions of theories of network competition and in the results of recent empirical work; however, as opposed to the network externality, no attempt has been made to quantify its empirical importance. In this paper I report results of a study designed to elicit and estimate the call externality. The data were generated using a stated-preference choice experiment designed to match theory and several characteristics of the mobile industry in Ecuador. To enhance the external validity of the results, the choice experiment was administered to over 2,500 individuals using 492 different internet-equipped government-run locations throughout the country. I find that call externalities are quite important in this market, but that their intensity depends heavily on the type of call (on-net v. off-net) as well as on the type of user (pre-paid v. post-paid). The call externality parameter for on-net calls is estimated at 0.67, while the significance of the call externality for off-net calls is significantly smaller (economically and statistically). Further, I find that the existence of call externalities in the market are mostly driven by pre-paid users.
{"title":"How Much is an Incoming Message Worth? Estimating the Call Externality","authors":"C. Rojas","doi":"10.2139/ssrn.2575167","DOIUrl":"https://doi.org/10.2139/ssrn.2575167","url":null,"abstract":"A feature of electronic communication markets is that a consumer's decision to join or use a communications network can generate two effects on other users of the network: a network externality and a call externality. The former effect is defined as the benefit that users receive when a new subscriber joins the network (an expanded customer base can now be reached). The existence and magnitude of this effect is important from both theoretical and policy points of view. As a consequence, its empirical importance in various network markets has been documented in the literature. A call externality is defined as the benefit that a consumer derives when receiving a message (e.g. call) from another user, and it plays a crucial role both in the equilibrium predictions of theories of network competition and in the results of recent empirical work; however, as opposed to the network externality, no attempt has been made to quantify its empirical importance. In this paper I report results of a study designed to elicit and estimate the call externality. The data were generated using a stated-preference choice experiment designed to match theory and several characteristics of the mobile industry in Ecuador. To enhance the external validity of the results, the choice experiment was administered to over 2,500 individuals using 492 different internet-equipped government-run locations throughout the country. I find that call externalities are quite important in this market, but that their intensity depends heavily on the type of call (on-net v. off-net) as well as on the type of user (pre-paid v. post-paid). The call externality parameter for on-net calls is estimated at 0.67, while the significance of the call externality for off-net calls is significantly smaller (economically and statistically). Further, I find that the existence of call externalities in the market are mostly driven by pre-paid users.","PeriodicalId":294049,"journal":{"name":"ERN: Other European Economics: Microeconomics & Industrial Organization (Topic)","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-03-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127781217","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Italian Abstract: Downloadable document is inQuesto lavoro presenta in un quadro unitario i risultati delle ricerche di recente svolte in Banca d’Italia sul tema dell’internazionalizzazione del nostro sistema produttivo. L’internazionalizzazione e vista non solo come un investimento all’estero da parte delle imprese italiane, ma anche nell’ottica piu generale degli scambi commerciali e della capacita di attrarre capitali stabili dall’estero. Comunque intesa, l’internazionalizzazione e cresciuta assai rapidamente nell’arco dell’ultimo ventennio, nel mondo come in Italia. Il nostro paese tuttavia si caratterizza per stock e flussi di investimenti esteri, sia in uscita sia in entrata, meno elevati dei maggiori partner europei. Le ricerche presentate discutono le dinamiche recenti di tali flussi, i costi e i benefici dell’investimento estero, l’effetto della crisi, il ruolo degli appalti internazionali, le ragioni del ritardo dell’Italia e, infine, gli assetti assunti nel nostro paese dall’intervento pubblico a sostegno dell’internazionalizzazione.English Abstract: This work presents, in a single framework, the results of several recent studies, carried out by Bank of Italy researchers, on the internationalization of the Italian productive system. The notion of internationalization is considered not only from the perspective of direct investments abroad but also in the context of trade flows and of the capacity to attract foreign direct investments. In any case, internationalization has increased very rapidly in the last twenty years, globally as well as in Italy. However, our country is characterized by lower direct investment flows and stocks, both outgoing and incoming, compared to the other main European countries. The research discusses the recent trends in direct investment flows, the costs and benefits of direct investment, the effects of the crisis, the role of international procurement, the reasons behind Italy’s lag and, finally, the system of public policies and institutions supporting the process of internationalization.
{"title":"L’Internazionalizzazione Del Sistema Produttivo Italiano (The Internationalization of the Italian Productive System)","authors":"Riccardo Cristadoro, S. Federico","doi":"10.2139/SSRN.2595154","DOIUrl":"https://doi.org/10.2139/SSRN.2595154","url":null,"abstract":"Italian Abstract: Downloadable document is inQuesto lavoro presenta in un quadro unitario i risultati delle ricerche di recente svolte in Banca d’Italia sul tema dell’internazionalizzazione del nostro sistema produttivo. L’internazionalizzazione e vista non solo come un investimento all’estero da parte delle imprese italiane, ma anche nell’ottica piu generale degli scambi commerciali e della capacita di attrarre capitali stabili dall’estero. Comunque intesa, l’internazionalizzazione e cresciuta assai rapidamente nell’arco dell’ultimo ventennio, nel mondo come in Italia. Il nostro paese tuttavia si caratterizza per stock e flussi di investimenti esteri, sia in uscita sia in entrata, meno elevati dei maggiori partner europei. Le ricerche presentate discutono le dinamiche recenti di tali flussi, i costi e i benefici dell’investimento estero, l’effetto della crisi, il ruolo degli appalti internazionali, le ragioni del ritardo dell’Italia e, infine, gli assetti assunti nel nostro paese dall’intervento pubblico a sostegno dell’internazionalizzazione.English Abstract: This work presents, in a single framework, the results of several recent studies, carried out by Bank of Italy researchers, on the internationalization of the Italian productive system. The notion of internationalization is considered not only from the perspective of direct investments abroad but also in the context of trade flows and of the capacity to attract foreign direct investments. In any case, internationalization has increased very rapidly in the last twenty years, globally as well as in Italy. However, our country is characterized by lower direct investment flows and stocks, both outgoing and incoming, compared to the other main European countries. The research discusses the recent trends in direct investment flows, the costs and benefits of direct investment, the effects of the crisis, the role of international procurement, the reasons behind Italy’s lag and, finally, the system of public policies and institutions supporting the process of internationalization.","PeriodicalId":294049,"journal":{"name":"ERN: Other European Economics: Microeconomics & Industrial Organization (Topic)","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-01-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127857197","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper presents an empirical study that analyses the effect of applying three Advanced Production Practices (APPs) (Total Quality Management-TQM, Just in TimeJIT, and Total Productive Maintenance-TPM) on business performance measured with financial and non-financial (or operational) indicators. The study was conducted on a sample of Spanish companies in the automotive components, electronics and machinery sectors that took part in the 3rd Round of the High Performance Manufacturing (HPM) Project. The results of an analysis using Partial Least Squares (PLS) show that only two of the nine implementation indicators for the APPs being analyzed (process emphasis in TQM, and JIT delivery by suppliers) are positively related with non-financial performance. No significant relationship was found with financial performance, or between operating and financial performance. However, it should be borne in mind that the small size of the sample used in this study only enables strong relationships to be detected; a larger sample would be required to detect moderate or weak relationships.
{"title":"Advanced Production Practices and Performance: Empirical Evidence from Spanish Plants","authors":"Darkys Luján-García, P. Garrido-Vega, B. Escobar","doi":"10.2139/ssrn.2676609","DOIUrl":"https://doi.org/10.2139/ssrn.2676609","url":null,"abstract":"This paper presents an empirical study that analyses the effect of applying three Advanced Production Practices (APPs) (Total Quality Management-TQM, Just in TimeJIT, and Total Productive Maintenance-TPM) on business performance measured with financial and non-financial (or operational) indicators. The study was conducted on a sample of Spanish companies in the automotive components, electronics and machinery sectors that took part in the 3rd Round of the High Performance Manufacturing (HPM) Project. The results of an analysis using Partial Least Squares (PLS) show that only two of the nine implementation indicators for the APPs being analyzed (process emphasis in TQM, and JIT delivery by suppliers) are positively related with non-financial performance. No significant relationship was found with financial performance, or between operating and financial performance. However, it should be borne in mind that the small size of the sample used in this study only enables strong relationships to be detected; a larger sample would be required to detect moderate or weak relationships.","PeriodicalId":294049,"journal":{"name":"ERN: Other European Economics: Microeconomics & Industrial Organization (Topic)","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-12-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127791218","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Italian Abstract: Il saggio presenta la nuova serie annuale del valore aggiunto dei servizi dal 1861 al 1951, a prezzi correnti. Per ogni settore, dopo aver descritto fonti e metodologia, i risultati vengono confrontati con le precedenti serie Istat (1957). L’attenzione qui prestata al valore della produzione dei singoli comparti ci consente di fare emergere la forte sottovalutazione operata dalle serie precedenti. Dal 1861 al 1911 la nuova stima risulta costantemente superiore: poiche il divario aumenta negli anni del decollo, si puo prospettare una rivalutazione del contributo dei servizi all’industrializzazione del Paese. Tra 1911 e 1938, la nuova serie presenta un andamento piu ciclico, migliore negli anni Venti, peggiore durante la crisi del 1929, ma che vede poi una ripresa piu pronunciata. Infine, le variazioni nell’andamento fra il 1938 e il 1951 sono essenzialmente dovute alla pesante sottovalutazione che dei servizi fece l’Istat per l’anno benchmark 1951.English Abstract: This paper presents the new yearly series of the value-added of services for Italy, from 1861 to 1951, at current prices. For each sector, after discussing sources and methodology, the results are compared with the early Istat (1957) series. By looking at the production value of specific activities, it is possible to reveal the strong underestimation of the early series. From 1861 to 1911, our new estimate is consistently higher: the gap increases while the Italian economy grows strongly, which may lead to a more favourable evaluation of the contribution of services to the industrialization of the country. Between 1911 and 1938, our series is more cyclical, performing better in the twenties, worse during the 1929 crisis, but then again showing faster recovery in the 1930s. Finally, the changes between 1938 and 1951 are essentially due to the heavy underestimation of services found in the early series for 1951.
{"title":"Il Valore Aggiunto Dei Servizi 1861-1951: La Nuova Serie a Prezzi Correnti E Prime Interpretazioni (The Value-Added of Service Industry 1861-1951: The New Series at Current Prices and First Interpretations)","authors":"P. Battilani, Emanuele Felice, V. Zamagni","doi":"10.2139/SSRN.2596487","DOIUrl":"https://doi.org/10.2139/SSRN.2596487","url":null,"abstract":"Italian Abstract: Il saggio presenta la nuova serie annuale del valore aggiunto dei servizi dal 1861 al 1951, a prezzi correnti. Per ogni settore, dopo aver descritto fonti e metodologia, i risultati vengono confrontati con le precedenti serie Istat (1957). L’attenzione qui prestata al valore della produzione dei singoli comparti ci consente di fare emergere la forte sottovalutazione operata dalle serie precedenti. Dal 1861 al 1911 la nuova stima risulta costantemente superiore: poiche il divario aumenta negli anni del decollo, si puo prospettare una rivalutazione del contributo dei servizi all’industrializzazione del Paese. Tra 1911 e 1938, la nuova serie presenta un andamento piu ciclico, migliore negli anni Venti, peggiore durante la crisi del 1929, ma che vede poi una ripresa piu pronunciata. Infine, le variazioni nell’andamento fra il 1938 e il 1951 sono essenzialmente dovute alla pesante sottovalutazione che dei servizi fece l’Istat per l’anno benchmark 1951.English Abstract: This paper presents the new yearly series of the value-added of services for Italy, from 1861 to 1951, at current prices. For each sector, after discussing sources and methodology, the results are compared with the early Istat (1957) series. By looking at the production value of specific activities, it is possible to reveal the strong underestimation of the early series. From 1861 to 1911, our new estimate is consistently higher: the gap increases while the Italian economy grows strongly, which may lead to a more favourable evaluation of the contribution of services to the industrialization of the country. Between 1911 and 1938, our series is more cyclical, performing better in the twenties, worse during the 1929 crisis, but then again showing faster recovery in the 1930s. Finally, the changes between 1938 and 1951 are essentially due to the heavy underestimation of services found in the early series for 1951.","PeriodicalId":294049,"journal":{"name":"ERN: Other European Economics: Microeconomics & Industrial Organization (Topic)","volume":"53 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116331031","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The role of product innovations is growing in the world economy, and the EU and the US are key players here. The analysis presented herein explains product innovations in the EU25 for the period 2006-2012, namely through lagged R&D (relative to GDP), cumulated FDI inflows (relative to the host country capital stock) and cumulated FDI inflows (relative to the host country capital stock), joint internet intensity, broadband intensity and potential competition. For the first time we can offer a broad analysis of product innovation dynamics in Europe which should be the basis for not only better supply-side policy in EU countries and growth policy, respectively, but it also suggests a strong role for international digital communication in relation to product innovation dynamics. Moreover, the approach provides new important arguments in favor of the TTIP negotiations between the US and the EU and it suggests a broader analytical link between trade, FDI, innovation, employment and output growth.
{"title":"European Innovation Dynamics and Us Economic Impact: Theory and Empirical Analysis","authors":"P. Welfens, T. Irawan","doi":"10.2139/ssrn.2505369","DOIUrl":"https://doi.org/10.2139/ssrn.2505369","url":null,"abstract":"The role of product innovations is growing in the world economy, and the EU and the US are key players here. The analysis presented herein explains product innovations in the EU25 for the period 2006-2012, namely through lagged R&D (relative to GDP), cumulated FDI inflows (relative to the host country capital stock) and cumulated FDI inflows (relative to the host country capital stock), joint internet intensity, broadband intensity and potential competition. For the first time we can offer a broad analysis of product innovation dynamics in Europe which should be the basis for not only better supply-side policy in EU countries and growth policy, respectively, but it also suggests a strong role for international digital communication in relation to product innovation dynamics. Moreover, the approach provides new important arguments in favor of the TTIP negotiations between the US and the EU and it suggests a broader analytical link between trade, FDI, innovation, employment and output growth.","PeriodicalId":294049,"journal":{"name":"ERN: Other European Economics: Microeconomics & Industrial Organization (Topic)","volume":"45 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-10-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114678816","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper examines whether information technology (IT) and decentralized work organization are complementary only for large firms or also for smaller firms. Empirical evidence, which suggests complementarity between IT and decentralization, is mainly based on large firms. Using data from a sample of 3292 SMEs and of 598 larger firms from the manufacturing and service sector in Germany, I can observe firms' IT intensity in terms of enterprise software and computer use and whether firms have a decentralized work organization. I find that SMEs with decentralized work practices tend to use IT more intensively. Moreover, for the sample of SMEs, IT and decentralized work organization are individually associated with higher productivity but the combination of IT and decentralization does not yield a productivity premium. Contrarily, for the sample of larger firms, the results show that the productivity of IT depends positively on decentralization. The findings suggest that combining IT and decentralized work organization seems to be a successful strategy only for larger firms.
{"title":"Combining Technology and Work Organization: An Analysis of Complementarity between IT and Decentralization across Firms of Different Size","authors":"Fabienne Rasel","doi":"10.2139/ssrn.2509162","DOIUrl":"https://doi.org/10.2139/ssrn.2509162","url":null,"abstract":"This paper examines whether information technology (IT) and decentralized work organization are complementary only for large firms or also for smaller firms. Empirical evidence, which suggests complementarity between IT and decentralization, is mainly based on large firms. Using data from a sample of 3292 SMEs and of 598 larger firms from the manufacturing and service sector in Germany, I can observe firms' IT intensity in terms of enterprise software and computer use and whether firms have a decentralized work organization. I find that SMEs with decentralized work practices tend to use IT more intensively. Moreover, for the sample of SMEs, IT and decentralized work organization are individually associated with higher productivity but the combination of IT and decentralization does not yield a productivity premium. Contrarily, for the sample of larger firms, the results show that the productivity of IT depends positively on decentralization. The findings suggest that combining IT and decentralized work organization seems to be a successful strategy only for larger firms.","PeriodicalId":294049,"journal":{"name":"ERN: Other European Economics: Microeconomics & Industrial Organization (Topic)","volume":"147 11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-09-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129907697","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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