sharing intellectual property rights an exploratory study of joint patenting amongst companies joint patenting by companies the sharing of property rights on inventions is a relatively unknown phenomenon that is generally seen by patent lawyers and firms alike as a second best option that if possible should be avoided however the number of joint patents has increased during the last couple of decades and despite its impopularity firms frequently engage in co ownership of patents this exploratory study is one of the first contributions that provides insight into relevant international legal complications of joint patenting sectoral trends and patterns and the motivation of companies to enter into these specific patenting agreements

oil and foreign exchange market tail dependence and risk spillovers for mena emerging and developed countries vmd decomposition based copulas abstract this paper examines the short and medium run dependence structures between oil and currency markets for mena other developing and developed countries using a novel multiresolution decomposition method namely the variational mode decomposition vmd along with a battery of time invariant and time varying symmetric and asymmetric copula functions further we assess the downside and upside short and medium run risk spillovers from oil to u s exchange rate returns and vice versa by computing the conditional value at risk covar risk measures before the copula estimations we apply the spillover index of diebold and yilmaz 2012 and network diagrams to identify and select the currencies that are the most significant net contributors or net receivers of returns from to the oil currency markets the copula results show strong evidence of time varying and high average tail dependence between oil returns and the fx markets which are net transmitters to oil for the short and medium time horizons on the other hand we find average and relatively low dynamic dependence between oil and the net receiver currencies regardless of the time horizons moreover there is evidence of up and down risk asymmetric systemic risks from oil to currencies and vice versa for some countries in the short and medium run horizons finally the risk spillovers are asymmetric over time and investment horizons these results have several important implications for hedging strategies and diversification benefits for oil and fx traders and institutional investors

structural breaks dynamic correlations asymmetric volatility transmission and hedging strategies for petroleum prices and usd exchange rate abstract this paper investigates the influence of structural changes on the asymmetry of volatility spillovers asset allocation and portfolio diversification between the usd euro exchange market and each of six major spot petroleum markets including wti europe brent kerosene gasoline and propane using the bivariate dcc egarch model with and without structural change dummies the results provide evidence of significant asymmetric volatility spillovers between the u s dollar exchange rate and the petroleum markets moreover the model with the structural breaks reduces the degree of volatility persistence and leads to more appropriate hedging and asset allocation strategies for all pairs considered thus the findings have important implications for financial risk management

multi scale dependence structure and risk contagion between oil gold and us exchange rate a wavelet based vine copula approach abstract this study makes a systemic analysis of dependence and risk contagion among oil gold and the us dollar foreign exchange us fx markets employing the wavelet method and a time varying tri variate vine copula model compared to previous research our empirical findings not only reveal the impact of co variate instead of pairwise analysis but also reveal the patterns of heterogeneity influence in different time horizons both dynamic average dependence and tail dependence show that the three assets are better integrated in the medium run time scales than the short run time scales whereby us fx connects the three assets in the short term while gold does so in the medium term all three multi variate scenarios show that risk contagion is temporal at different time scales the oil market was found to be more sensitive to the upside and downside risk contagion of the gold market in the short run time scales and vice versa asymmetry also shows that both the us fx and gold market are more sensitive to upside and downside risk contagion in the medium run time scales

user innovators and local information the case of mountain biking in a study of innovations developed by mountain bikers we find that userinnovators almost always utilize local information information already in their possession or generated by themselves both to determine the need for and to develop the solutions for their innovations we argue that this finding fits the economic incentives operating on users local need information will in general be the most relevant to user innovators since the bulk of their innovation related rewards typically come from in house use user innovators will increasingly tend to rely on local solution information as the stickiness of non local solution information rises

why are some independent inventors heroes and others hobbyists the moderating role of technological diversity and specialization abstract despite a substantial body of research investigating the market significance of inventions by independent inventors relatively little attention has been devoted to understanding their technological significance a recent study conducted by dahlin k taylor m fichman m 2004 today s edisons or weekend hobbyists technical impact and success of inventions by independent inventors res policy 33 1167 1183 on the tennis racket industry shows that independent inventors are a heterogeneous group which includes both heroes who contribute substantially to technological progress and hobbyists who make only a marginal contribution what is not asked and therefore not explained is why this distinction arises in this paper we focus on the type of prior technological knowledge in terms of technological specialization and diversity applied by independent inventors and their corporate counterparts as a factor explaining differences in technological impact our empirical setting is the field of medical equipment technology we find that independent inventors are more sensitive to the negative effects of technological diversity than their corporate counterparts furthermore our study reveals that technological specialization pays off more for independent inventors than for their corporate counterparts therefore those independent inventors who apply low degrees of diversity and high degrees of specialization are capable of reaching the same level as or even outperforming their corporate counterparts thus becoming heroes based on our findings we discuss implications for research and corporate practice

user industry spinouts downstream industry knowledge as a source of new firm entry and survival recent scholarship on entrepreneurship suggests that the pre entry know how of start ups embodied in their founders affects not only entry but also performance although prior work focuses on new entrants from the focal industry i e employee spinouts and academic organizations i e university spinoffs this study identifies and examines a hybrid category of start ups from downstream user industries which we call user industry spinouts we draw from the literature on evolutionary theory user innovation and industrial dynamics to propose that given the unique combination of knowledge inherited by these entrants their choices at entry and their ability to survive in the focal industry will differ with respect to other start ups we do this by extending existing work on new firm creation to investigate entry and performance in different product markets our findings based on a dataset of start ups in the semiconductor industry over a 10 year period 1997 2007 show that user industry spinou

the toxic intensity of industrial production global patterns trends and trade policy this paper exploits a newly developed data set to investigate recent changes in the international distribution of industrial pollution in particular the authors examine three issues 1 the relationship between the toxic intensity of industrial production and the level of economic development 2 the impact of oecd environmental regulation on global changes in toxic intensity and 3 the relationship between trade policy and the toxic intensity of industrial production in ldc s 10 refs

modeling systemic risk and dependence structure between oil and stock markets using a variational mode decomposition based copula method abstract this study combines the variational mode decomposition vmd method and static and time varying symmetric and asymmetric copula functions to examine the dependence structure between crude oil prices and major regional developed stock markets s p500 stoxx600 djpi and tsx indexes during bear normal and bull markets under different investment horizons furthermore it analyzes the upside and downside short and long run risk spillovers between oil and stock markets by quantifying three market risk measures namely the value at risk var conditional var covar and the delta covar covar the results show that there is a tail dependence between oil and all stock markets for the raw return series by considering time horizons we show that there is an average dependence between the considered markets for the short run horizons however the tail dependence is also found for the long run horizons between the oil and stock markets with the exception of the s p500 index which exhibits average dependence with the oil market moreover we find strong evidence of up and down risk asymmetric spillovers from oil to stock markets and vice versa in the short and long run horizons finally the market risk spillovers are asymmetric over the time and investment horizons

how effective is green regulatory threat governments use green regulatory threat as an instrument to induce voluntary pollution abatement by firms if threats suffice to induce adequate reductions in emissions they may save considerable implementation and monitoring costs however green regulatory threat can only induce emission reductions when firms find the threat credible and do not free ride on other firms abatement effort the effect of regulatory threat can be backed out from the data by conditioning abatement effort on firm characteristics 1 theory suggests a measure of environmental exposure that combines a firm s 1 composition and toxicity of emissions 2 its size and pollution intensity and 3 its location that determines the size of the population at risk furthermore firms abatement effort is conditioned on whether they meet participation and incentive constraints determined by their unabated pollution intensity and unit abatement cost then firms position relative to other firms their rung on the abatement ladder determines their participation in abatement activity

oil prices and the rise and fall of the us real exchange rate abstract questions of the relative importance of real vs monetary shocks in explaining exchange rate movements still have no widely accepted answer despite their importance both for the research agenda and for policy questions we examine this issue using a variety of empirical techniques for the us effective exchange rate we find that a stable link exists between oil price shocks and the us real effective exchange rate over the post bretton woods period the results suggest that oil prices may have been the dominant source of persistent real exchange rate shocks and that energy prices may have important implications for future work on exchange rate behavior

does sticky information affect the locus of innovation evidence from the japanese convenience store industry abstract scholars have long discussed the locus of innovation and its determinants there is empirical evidence that innovations can be developed by those holding any of a number of functional relationships to them such as manufacturers users or materials suppliers past studies have considered two factors important in predicting the functional locus of innovation one is expected profit of a player involved in the innovation and the other is stickiness of innovation related information although some studies have shown empirically the link between an innovator s expected profits and the locus of innovation no research has yet been conducted to test the hypothesized relationship between stickiness of innovation related information and the locus of innovation in the study reported upon here i explore relationships between these two variables via a study of 24 innovations for the japanese convenience store industry my study shows empirically that stickiness of innovation related information does have the hypothesized relationship to the functional locus of innovation i discuss implications of these findings and some directions for future research

toxic release inventories and green consumerism empirical evidence from canada we investigate the empirical relevance of green consumerism as a reaction to the dissemination of information through toxic relase inventories assuming that consumers cannot attribute pollution to individual products from a multi product firm we identify the effect from green consumerism through intra firminter plant spillover effects in pollution abatement when consumers reduce demand equally across all product lines of the multi product firm we subject the predictions from a simple theoretical model to empirical tests using 1993 98 panel data from canada s national pollutant release inventory npri in conjunction with related census data we adjust our analysis for the toxicity of pollutants the empirical results establish that green consumerism works the dissemination of information through toxic release inventories positively affects pollution abatement activities of firms

demand structure and technological change the case of the european semiconductor industry abstract this article proposes that the structure of demand is one of the major factors that affect the rate and direction of technological change and the evolution of high technology industries both over time and across countries this article presents an analysis of the semiconductor industry in europe the united states and japan although particular emphasis is placed on the european case the decline of the european industry 1960s from a position equal to that of the american industry 1950s can to a large extent be explained by the dominance of electronics consumer goods demand rather than public procurement or computer demand in the structure of demand in these countries the later technological convergence of electronics final markets 1970s played a major role in the commitment of the european semiconductor industry to lsi technology this commitment however came too late to allow the european industry to catch up with its american and japanese counterparts

gold oil dependence dynamics and the role of geopolitical risks evidence from a markov switching time varying copula model abstract this paper examines the dependence structure and dynamics between gold and oil prices specifically we study the hedge and safe haven ability of gold for oil prices using daily gold prices and west texas intermediate institute wti crude oil spot prices to this end we employ time varying markov switching copula models the period of the analysis spans from 2 january 1985 to 30 november 2017 the heterogeneity of market agents is captured by decomposing the raw original series into different multi resolution analysis mra investment horizons d1 s9 furthermore we examine the effect of geopolitical risks on the dynamic dependence between gold and oil we provide evidence of time varying markov tail dependence structure and dynamics between gold and oil while our results show that gold is a good hedge for oil returns and for short and medium term investors it cannot protect long term investors against losses arising from increasing oil prices we also provide evidence in support of the safe haven ability of gold for oil moreover we show that the inclusion of geopolitical risks in a pure gold and oil asset portfolio provides diversification benefits since the former has mostly a negative effect on the dependence structure between gold and oil

real income and wealth of the elderly the recent white house conference on aging graphically demonstrated public concern over the welfare of the growing elderly segment of the u s population how is this group faring economically have they suffered from the stagflation of the last decade or have they been sheltered from economic harm by a combination of government programs and fortuitous asset holdings how vulnerable were they as a group to the inflation of the 1970 s we answer some of these questions by focusing on the economic welfare of the elderly over the last decade we assess the level and composition of real income and wealth of the elderly we compare their incomes to those of the general population and we compute a measure of their vulnerability to unexpected increases in the price level we note however that there are many other important indicators of the welfare of the elderly such as the increasing life expectancy changing living arrangements and housing trends towards earlier retirement and decreasing intergenerational contact we do not consider these issues so our results do not give a complete assessment of the welfare of the elderly we believe our results provide a good assessment of how their economic position changed over the decade

sectoral patterns of technical change towards a taxonomy and a theory abstract the purpose of the paper is to describe and explain sectoral patterns of technical change as revealed by data on about 2000 significant innovations in britain since 1945 most technological knowledge turns out not to be information that is generally applicable and easily reproducible but specific to firms and applications cumulative in development and varied amongst sectors in source and direction innovating firms principally in electronics and chemicals are relatively big and they develop innovations over a wide range of specific product groups within their principal sector but relatively few outside firms principally in mechanical and instrument engineering are relatively small and specialised and they exist in symbiosis with large firms in scale intensive sectors like metal manufacture and vehicles who make a significant contribution to their own process technology in textile firms on the other hand most process innovations come from suppliers these characteristics and variations can be classified in a three part taxonomy based on firms 1 supplier dominated 2 production intensive 3 science based they can be explained by sources of technology requirements of users and possibilities for appropriation this explanation has implications for our understanding of the sources and directions of technical change firms diversification behaviour the dynamic relationship between technology and industrial structure and the formation of technological skills and advantages at the level of the firm the region and the country

oil prices and real exchange rates in this paper we investigate the long run relationship between real oil prices and real exchange rates by using a monthly panel of g7 countries from 1972 1 to 2005 10 we first test whether exchange rates are cointegrated with real oil prices it is shown that real oil prices may have been the dominant source of real exchange rate movements and that there is a link between real oil prices and real exchange rates we then examine the ability of real oil prices to forecast future real exchange returns panel predictive regression estimates suggest that real oil prices have significant forecasting power the out of sample prediction performances demonstrate greater predictability over longer horizons

crude oil prices and exchange rates causality variance decomposition and impulse response abstract this paper examines the short run and long run dynamic relationship between the u s imported crude oil prices and exchange rates the monthly data of the u s crude oil imports from five source countries during january 1996 and december 2009 are examined empirical results indicate that the exchange rates granger caused crude oil prices in the short run while the crude oil prices granger caused the exchange rates in the long run furthermore oil prices were affected by the exchange rate changes at a minimal level however in the medium run and the long run oil price shocks had a significant impact on exchange rate changes exchange rate shock has a significant negative impact on crude oil prices while the impulse response of the exchange rate variable to a crude oil price shock was statistically insignificant finally the impact of extreme price volatility in june 2008 on exchange rates was significant when world oil prices are stabilized currency fluctuations and uncertainty can be minimized

demand as a source of entry and the survival of new semiconductor firms the performance of new companies coming from the demand side of the semiconductor industry is examined and compared with the performance of entrants coming from the semiconductor industry itself and with other types of entrants by using a dataset of more than 1000 start ups founded between 1997 and 2007 around the world the article shows that start ups with a background in application sectors survive longer than spin offs from the semiconductor industry itself or than inexperienced firms founded by people previously active in university or other industries these results point strongly to the major role of demand not just as a source of innovations but also as a major driver of entry into an industry and of successful performance of new firms copyright 2010 the author 2010 published by oxford university press on behalf of associazione icc all rights reserved oxford university press

the acquisition and commercialization of invention in american manufacturing incidence and impact abstract recent accounts suggest the development and commercialization of invention has become more open greater division of labor between inventors and innovators can enhance social welfare through gains from trade and economies of specialization moreover this extensive reliance upon outside sources for invention also suggests that understanding the factors that condition the extramural supply of inventions to innovators is crucial to understanding the determinants of the rate and direction of innovative activity this paper reports on a recent survey of over 5000 american manufacturing sector firms on the extent to which innovators rely upon external sources of invention our results indicate that between 2007 and 2009 16 of manufacturing firms had innovated meaning had introduced a product that was new to the industry of these 49 report that their most important new product had originated from an outside source notably customers suppliers and technology specialists i e universities independent inventors and r d contractors we also compare the contribution of each source to innovation in the us economy although customers are the most common outside source inventions acquired from technology specialists tend to be the more economically significant in term of their gross commercial value as a group external sources of invention make a significant contribution to the overall rate of innovation in the economy innovation policies both public and private should pay careful attention to the external supply of invention and the efficiency of the mechanisms affecting the relationships between inventors and innovators

external technology sourcing through alliances or acquisitions an analysis of the application specific integrated circuits industry in today s turbulent business environment innovation is the result of the interplay between two distinct but related factors endogenous r d efforts and quasi external acquisition of technology and know how given the increasing importance of innovation it is vital to understand more about the alternative mechanisms such as alliances and acquisitions that can be used to enhance the innovative performance of companies most of the literature has dealt with these alternatives as isolated issues companies however are constantly challenged to choose between acquisitions and strategic alliances given the limited resources that can be spent on research and development this paper contributes to the literature because it focuses on the choice between innovation related alliances and acquisitions we focus on the question of how the trade off between strategic alliances and acquisitions is influenced by previous direct and indirect ties between firms in an industry network of interfirm alliances we formulate hypotheses pertaining to the number of direct ties between two companies their proximity in the overall alliance network and their centrality in that network in so doing we distinguish between ties that connect firms from the same and from different industry segments and those that connect firms from the same or from different world regions these hypotheses are tested on a sample of strategic alliances and acquisitions in the application specific integrated circuits asic industry the findings show that a series of strategic alliances between two partners increases the probability that one will ultimately acquire the other whereas previous direct contacts tend to lead to an acquisition this is not true of previous indirect contacts which increase the probability that a link between the companies once it is forged takes the form of a strategic alliance in the case of acquisitions firms that are more centrally located in the network of interfirm alliances tend to be acquirers and firms with a less central position tend to become acquired these findings underscore the importance of taking previously formed interfirm linkages into account when explaining the choice between strategic alliances and acquisitions as these existing links influence the transaction costs associated with both alternatives

the influence of market demand upon innovation a critical review of some recent empirical studies abstract a number of recent empirical studies of technical change at the level of the individual firm have concluded that market demand is the dominant influence upon the innovation process calling forth innovations in market economies the pace of innovation in the private sector heavily influences the growth of national output and productivity and these studies and their conclusions have therefore received much attention having been extensively quoted in discussions of appropriate government policy for the encouragement of innovation this paper reviews a number of these studies and concludes that their findings and the interpretations of their findings in the secondary literature are seriously flawed and in many cases invalid the proposition that market demand governs the innovation process is by no means conclusively demonstrated in these studies and they are therefore inadequate and inappropriate guides for the formulation of policy most of the studies examined employ a working definition of demand factors which is so broad as to embrace a range of possible influences upon innovation which should more properly be classified elsewhere the concept of demand utilized in these studies bears little resemblance to the more restrictive and precise definition of market demand found in economics in addition the phenomena analyzed in these studies are a very heterogeneous lot the studies do not address identical empirical questions and their findings are as a result neither uniform nor unambiguous both demand and supply side influences are crucial to understanding the innovation process and it is the exclusive preoccupation with only one set of these forces which is criticized in this paper some implications of the criticism for government policy toward innovation are discussed in the conclusion

epa s voluntary 33 50 program impact on toxic releases and economic performance of firms abstract this paper examines the motivations for participation in the voluntary 33 50 program and the program s impact on the toxic releases and economic performance of firms in the u s chemical industry it demonstrates that the benefits due to public recognition and the potentially avoided costs of liabilities and compliance under mandatory environmental regulations provide strong incentives for participation after controlling for sample selection bias and the impact of other firm specific characteristics this paper shows that program participation led to a statistically significant decline in toxic releases over the period 1991 93 the program also had a statistically significant negative impact on the current return on investment of firms but its impact on the expected long run profitability of firms was positive and statistically significant

disagreements spinoffs and the evolution of detroit as the capital of the u s automobile industry the agglomeration of the automobile industry around detroit michigan is explained using a theory in which disagreements lead employees of incumbent firms to found spinoffs in the same industry predictions of the theory concerning entry and firm survival are tested using data on the origin location and years of production of every entrant into the industry from 1895 to 1966 the geographic concentration of the industry is attributed to four early successful entrants and the many successful spinoffs they spawned in the detroit area and not to conventional agglomeration economies benefiting co located firms as featured in modern theories of agglomeration implications of the findings regarding firm strategy are discussed

the magnitude of innovation by demand in a sectoral system the role of industrial users in semiconductors abstract how relevant is innovation by demand compared to innovation by other actors in a sector in quantitative terms this is a yet unanswered question the current study fills this major gap in the literature on industry studies by taking a sectoral system perspective this study is able to highlight the magnitude of innovation by intermediate user firms in a high technology sector semiconductors using a combination of different datasets patents co patents r d alliances and new ventures in semiconductors this study proposes a novel quantitative approach to assessing the magnitude of innovative activity by user firms the study reaches several findings first the magnitude of innovation by user firms as measured by patents is high in both absolute and relative terms compared to semiconductor firms and other actors in the sector second the distribution of patents among different demand segments is highly uneven third innovative user firms are highly heterogeneous in terms of size diversification and vertical integration fourth collaboration in r d and co patenting activity in semiconductors take place not just between user firms and semiconductor firms but also among user firms themselves fifth innovative user firms are quite active in entrepreneurial activity in semiconductors and their new ventures on average survive longer than spin offs or other start ups

systemic risk measurement multivariate garch estimation of covar abstract we modify adrian and brunnermeier s 2011 covar the var of the financial system conditional on an institution being in financial distress we change the definition of financial distress from an institution being exactly at its var to being at most at its var this change allows us to consider more severe distress events to backtest covar and to improve its consistency monotonicity with respect to the dependence parameter we define the systemic risk contribution of an institution as the change from its covar in its benchmark state defined as a one standard deviation event to its covar under financial distress we estimate the systemic risk contributions of four financial industry groups consisting of a large number of institutions for the sample period june 2000 to february 2008 and the 12 months prior to the beginning of the crisis we also investigate the link between institutions contributions to systemic risk and their characteristics

measuring financial asset return and volatility spillovers with application to global equity markets we provide a simple and intuitive measure of interdependence of asset returns and or volatilities in particular we formulate and examine precise and separate measures of return spillovers and volatility spillovers our framework facilitates study of both non crisis and crisis episodes including trends and bursts in spillovers and both turn out to be empirically important in particular in an analysis of sixteen global equity markets from the early 1990s to the present we find striking evidence of divergent behavior in the dynamics of return spillovers vs volatility spillovers return spillovers display a gently increasing trend but no bursts whereas volatility spillovers display no trend but clear bursts

dynamic spillovers between oil and stock markets in the gulf cooperation council countries this article exploits a new spillover directional measure proposed by diebold and yilmaz 2009 2012 to investigate the dynamic spillover of return and volatility between oil and equities in the gulf cooperation council countries during the period 2004 to 2012 our results indicate that return and volatility transmissions are bi directional albeit asymmetric in particular the oil market gives other markets more than it receives in terms of both returns and volatilities these trends were more pronounced in the aftermath of the global financial crisis in 2008 as the net contribution of oil has intensified after a burst during the crisis the empirical evidence from the sample is consistent with a system in which oil is playing the dominant role in the information transmission mechanism between oil and equities in the gcc countries

regularities in the growth of high technology industries in regions abstract this paper aims to identify regularities in the growth of high technology industries in regions or synonymously regional high technology abbreviated as rht hereafter re viewing past studies a number of hypotheses as to what affects the growth of rht are presented and examined by various statistical methods a hypothesis on the self reproductive effect is supported most strongly the relationship of the self reproductive effect with the cumulative advantage effect is discussed as policy implications of the analyses it is advised for local governments 1 to base short term rht policies on the present state of rht or more specifically to expand currently forte fields of ht toward the specialisatin among regions instead of the current trend that every region follows the same rht policy and 2 to maintain or improve intellectual potential in the regions for long term rht policies or more specifically to improve middle education and to form a regional cultural policy rather than costly investment for science technical universities or public r d institutes

preemptive patenting and the persistence of monopoly this article takes a different tack and inquires whether institutions such as the patent system create opportunities for firms with monopoly power to maintain their monopoly power the results apply to other situations such as brand identification spatial location and capacity expansion which share the characteristic that early or preemptive actions may lower the returns to potential competitors

the patent paradox revisited an empirical study of patenting in the u s semiconductor industry 1979 1995 we examine the patenting behavior of firms in an industry characterized by rapid technological change and cumulative innovation recent survey evidence suggests that semiconductor firms do not rely heavily on patents to appropriate returns to r d yet the propensity of semiconductor firms to patent has risen dramatically since the mid1980s we explore this apparent paradox by conducting interviews with industry representatives and analyzing the patenting behavior of 95 u s semiconductor firms during 1979 1995 the results suggest that the 1980s strengthening of u s patent rights spawned patent portfolio races among capital intensive firms but it also facilitated entry by specialized design firms

risk dependence of covar and structural change between oil prices and exchange rates a time varying copula model abstract this paper analyses the dynamic dependence between wti crude oil and the exchange rates of the united states and china taking structural changes of dependence into account by using six time varying copula models upside and downside conditional values at risk covars are introduced specifically to measure the upward and downward risk dependences between oil prices and exchange rates the findings indicate a structural break point of dependence exists between daily or weekly crude oil and the us dollar index the dependence between crude oil and the rmb exchange rate is faintly positive with lower tail dependence while the dependence between crude oil and the us dollar index is significantly negative with lower upper and upper lower tail dependence finally the covars results show that there is significant risk spillover from crude oil to chinese and the us exchange rate markets furthermore the spillover effect is significantly asymmetry in chinese exchange rate market in response to rising and falling oil returns while the asymmetry of spillover effect for the us dollar index is not significant

r d spillovers patents and the incentives to innovate in japan and the united states national surveys of r d labs across the manufacturing sectors in the us and japan show that intraindustry r d knowledge flows and spillovers are greater in japan than in the us and the appropriability of rents due to innovation less patents in particular are observed to play a more central role in diffusing information across rivals in japan and appear to be a key reason for greater intraindustry r d spillovers there suggesting that patent policy can importantly affect information flows uses of patents differ between the two nations with strategic uses of patents particularly for negotiations being more common in japan

oil shocks and stock volatility new evidence via a bayesian graph based var approach abstractthis article examines the temporal dependence between three oil shocks and realized volatility in the stock markets of g20 countries between 1994 and 2019 by applying a novel graphical b

systemic risk in european sovereign debt markets a covar copula approach abstract we studied systemic risk in european sovereign debt markets before and after the onset of the greek debt crisis taking the conditional value at risk covar as a systemic risk measure characterized and computed using copulas we found that before the debt crisis sovereign debt markets were all coupled and systemic risk was similar for all countries however with the onset of the greek crisis debt markets decoupled and the systemic risk of the countries in crisis excepting spain for the european debt market as a whole decreased whereas that of the non crisis countries increased to a small degree the systemic risk of the greek debt market for other countries in difficulties increased especially for portugal where systemic risk tripled after the onset of the crisis whereas the systemic impact on the non crisis countries decreased

sectoral systems of innovation and production the concept sectoral system of innovation and production provides a multidimensional integrated and dynamic view of sectors it is proposed that a sectoral system is a set of products and the set of agents carrying out market and non market interactions for the creation production and sale of those products a sectoral systems has a specific knowledge base technologies inputs and demand agents are individuals and organizations at various levels of aggregation they interact through processes of communication exchange co operation competition and command and these interactions are shaped by institutions a sectoral system undergoes change and transformation through the co evolution of its various elements 2002 elsevier science b v all rights reserved

downside and upside risk spillovers between exchange rates and stock prices abstract we examined downside and upside risk spillovers from exchange rates to stock prices and vice versa for a set of emerging economies we characterized the dependence structure between currency and stock returns using copulas and computed downside and upside value at risk and conditional value at risk we documented a positive relationship between stock prices and currency values in emerging economies with respect to the us dollar and the euro with downside and upside spillover risk effects transmitted both ways finally we also documented asymmetries in upside and downside risk spillovers and asymmetric differences in the size of risk spillovers when the domestic currency values against the us dollar and the euro our results consistent with flight to quality phenomena have implications for downside and upside risk management of international investor portfolios in emerging markets

oil prices and exchange rates the quotations show a sharply divergent pattern in the response of the foreign exchange market to announcements of oil price increases during the first oil shock news about oil price rises led to a strengthening of the dollar whereas during the i979 surge of oil prices the reverse was generally true when the news was not so bad as feared the dollar fell back in i974 but rose in i979 in 1980 the pattern shifted once again back to dollar appreciation is there a rational fundamental explanation for the behaviour of the foreign exchange market or is it a matter of traders responding to what other traders arbitrarily think it is difficult to resolve this question but some insight can be provided through an analytical examination of the relationship between oil price increases and exchange rates the paper begins with a theoretical framework for analysing the relation between oil prices and exchange rates and then uses the theory to explain the behaviour of the foreign exchange market

interregional inventor networks as studied by patent coinventorships we study the structure of the interregional inventor networks in sweden by examining the residence of inventors and coinventors involved in swedish patent applications to the european patent office several factors are found to influence the spatial affinity of regions we find that spatial affinity extends beyond the region if it has less own rd if it is close to the other region and if it is relatively small the resources of that other region plays a positive role if in analogue fashion that region has more r d related resources