We introduce knowledge spillovers as an externality in the production function of competitive firms operating in a finite spatial domain under adjustment costs. Spillovers are spatial as productive knowledge flows more easily among firms located nearby. When knowledge spillovers are not internalized by firms spatial agglomerations may emerge endogenously in a competitive equilibrium, however, t...

The paper analyses the effect of R&D and technology import on firm performance in Shanghai. We consider R&D and technology spill-over to be heterogeneous treatments, and using econometric matching, we account for possible selection bias. Our results suggest that, when compared to companies without any treatment, firms that receive either or both of our treatments yield positive effects. Technol...

Purpose – The effects of social learning and network externalities in the diffusion of a new product imply that there should be local spillovers from existing owners to new adopters in a closely-related community. Using the 1999 durable consumption survey data in rural China, this paper examines the importance of local spillovers in the diffusion of two major durable goods, washing machine and ...

return and volatility spillovers are important for portfolio selection, asset valuation and market efficiency investigation. using a var-bekk framework model, this paper investigates return and volatility spillover effects between three size-sorted equity indices in tehran stock exchange (tse). although daily return of large stocks leads small stocks (lead-lag effect), there wasn’t any spillove...