Topic
Spillover effect
About: Spillover effect is a research topic. Over the lifetime, 7869 publications have been published within this topic receiving 167367 citations.
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TL;DR: In this article, the authors investigated the impact of returnee entrepreneurs and their knowledge spillovers on innovation in high-tech firms in China and found that the spillover effect is positively moderated by the non-returnee firms' absorptive capacity approximated by the skill level of employees.
214 citations
TL;DR: In this article, the authors find that the dynamics of daily correlation and covariance, estimated using two non-synchroneity adjustment procedures, are substantially different from their synchronous counterparts and that the increase in daily correlation is prominent only under extremely adverse conditions when a large negative return has been registered.
Abstract: The use of close-to-close returns underestimates returns correlation because international stock markets have different trading hours. With the availability of 16:00 (London time) stock market series, we find dynamics of daily correlation and covariance, estimated using two non-synchroneity adjustment procedures, to be substantially different from their synchronous counterparts. Conditional correlation may have different signs depending on the model and data type used. Other findings include volatility spillover from the US to the UK (and France), and a reverse spillover which is not documented before. Also, unlike previous findings, we found the increase in daily correlation is prominent only under extremely adverse conditions when a large negative return has been registered.
213 citations
TL;DR: This article showed that knowledge spillovers are primarily intranational rather than international in scope, providing empirical confirmation of a crucial assumption in much of the theoretical literature and the public debate on policy.
Abstract: In a number of theoretical models, it has been shown that technological externalities can generate multiple equilibria in the global pattern of specialization and trade, with different consequences for the relative welfare of the trading countries. In such models, temporary government policies can have lasting effects by pushing the global economy into a particular equilibrium. However, the prediction of multiple equilibria generally hinges on the assumption that the technological externalities are intranational rather than international in scope. In this paper, I point out important shortcomings in previous attempts to estimate the effects of intranational and international knowledge spillovers. Then, I provide new estimates of the relative impact of intranational and international knowledge spillovers on innovation and productivity at the firm level, using previously unexploited panel data from the U.S. and Japan which provide a rich description of the firms' technological activities and allow for potentially much more accurate measurement of spillover effects. My estimates indicate that knowledge spillovers are primarily intranational in scope, providing empirical confirmation of a crucial assumption in much of the theoretical literature. This finding has important implications for the theoretical literature and the public debate on policy.
210 citations
TL;DR: The results of Systematic Generalized Method of Moments (SYS-GMM) show that command-and-control regulation (CER) and informal regulation (IER) have significant "Porter's effect" on green innovation while market-based regulation (MER) negatively affects green innovation in China.
209 citations
TL;DR: A thorough generalization of previous results on the comparative performance of noncooperative and cooperative R&D, dispensing in particular with ex-post firm symmetry and linear demand assumptions is provided.
207 citations