Prior research suggests that accounting information is not useful when valuing firms with large amount of intangibles (Amir and Lev (1996)). However, using R from regression of earnings and book values on prices, Collins et al. (1997) (hereafter CMW) find that value-relevance for intangible-intensive industries is as high as not intangibleintensive. An explanation for the discrepancy between Am...

This paper examines the effects of technology spillover from FDI based on panel data analysis of Chinese large-scale domestic manufacturing industries. We use the panel data of 27 Chinese manufacturing industries from 2001 to 2007. We estimate technology spillover effects by two steps. First, we estimate the total factor productivity of domestic firms’ and foreign firms’ by Cobb-Douglas Product...

We analyze a panel of 230 Canadian manufacturing industries to investigate whether trade liberalization promotes e ciency through increased scale. During the six years following the Free Trade Agreement with the United States, Canadian manufacturing exhibited substantial rationalization|a decline in the number of plants accompanied by increases in output per plant. We nd that the bilateral tari...