This paper exploits public announcements of corruption allegations amongst Nigerian political figures to estimate the impact of political connections on firm value. Specifically, I draw results from market reactions to 27 events to determine whether politically connected firms suffer more from financial malpractice amongst government officials. This paper finds heterogeneous impacts of corrupti...

This paper analyzes the dynamic interaction between selfish and reciprocity firms in the market of homogeneous product. The decisions of both types of firms in respect of their output strategies are investigated under naive, adaptive and generalized expectations. The standard postulate for competitive firms’ model has been extended by the assumption that there is a share of reciprocity firms wh...

The distribution of firms' growth and firms' sizes is a topic under intense scrutiny. In this paper, we show that a thermodynamic model based on the maximum entropy principle, with dynamical prior information, can be constructed that adequately describes the dynamics and distribution of firms' growth. Our theoretical framework is tested against a comprehensive database of Spanish firms, which c...

Elizabeth Weber Handwerker, Mina M. Kim, and Lowell Mason The Bureau of Economic Analysis (BEA) collects data on multinational companies based in the United States—firms that have full or partial ownership of affiliate companies in foreign countries. However, BEA data offer little detail on the characteristics of these firms’ U.S. employment. Identifying such firms in BLS data can show the geog...

The study investigates the innovation, investment and international trade performance of the russian firms, based on the questionnaire survey data. The data were collected from 150 enterprises of the st. Petersburg area (northwest russia). Half of the firms represented in the survey are de novo and another half consists of stateowned and privatized firms. The study’s hypothesis is that the firm...

The Indian pharmaceutical industry represents a successful case of indigenous self-reliant development. Over the last three decades the Indian industry, working under weak patent laws, used reverse engineering skills to develop capabilities in process R&D and generics drug development. With the signing of the TRIPS agreement Indian firms faced a stronger regulatory environment which restricted ...

The Effects of Disclosure Regulation on Innovative Firms: Private Values* by Jos Jansen Firms in an R&D race actively manage rivals’ beliefs by disclosing and concealing information on their cost of investment. The firms’ disclosure strategies affect their incentives to invest in R&D, and to acquire information. We compare equilibria under voluntary disclosure with those under mandatory disclos...

Three dimensions of the performance of firms in Ghana’s manufacturing sector are investigated in this paper: their technology and the importance of technical and allocative efficiency. We show that the diversity of factor choices in not due to a non-homothetic technology. Observable skills are not quantitatively important as determinants of productivity. Technical inefficiency is not lower in f...

We have used data on patents and publications, and from an Internet-based survey, to analyse corporate technological activities in Automatic Speech Recognition (ASR) and Natural Language Processing (NLP) technologies. Two distinct clusters of firms exist: large firms mainly in telecommunications, desktop computing, and consumer electronics; and small firms specialising in speech technologies. T...