Download or read book Essays in Technological Innovation Financial Economics written by Abhimanyu Mukerji and published by . This book was released on 2022 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis examines the effects of technological innovation, particularly recent developments in machine learning and artificial intelligence (ML/AI), on firm growth, productivity, investment and competitiveness. It has two parts. The first chapter of my dissertation takes a broad view to ask a more fundamental question: do these technologies add value, and how can we quantify this? Academic literature is divided into two broad schools of thought. The first is that ML/AI represent general purpose technologies comparable to electricity or the steam engine, citing the extensive and expanding applications as supporting evidence. The second suggests that the utility of ML/AI is, in reality, more limited, and that the technological landscape is still evaluating added value while in the inflationary phases of a hype cycle. The major challenge associated with this literature is in measuring timing and intensity: what firms use ML/AI, and how extensively is it applied in business functions? The bulk of research in this field has focused on job postings data, which requires subjective feature construction by the researcher. Moreover, jobs data does not provide a precise time series of adoption and utilization intensity. My paper improves upon these approaches by developing a novel methodology based on cutting edge techniques from natural language processing. I adopt deep learning and topic modeling frameworks for unsupervised textual analysis to generate measures superior to more traditional scaled frequency-based approaches. I show that ML/AI utilization is associated with enhanced predictive capabilities and reduced cash flow volatility, with significantly more accurate earnings forecasts by firms. Firms using ML/AI show higher capital and labor productivity, as well as higher sales growth, profitability and market returns. My work helps shed light on the impact of ML/AI in a corporate setting, building on similar work focusing more granularly on labor markets. I show that the evidence is supportive of the general purpose technology hypothesis, and that the widespread adoption of ML/AI is correlated with positive outcomes across a range of industries and markets. Moreover, I show a substitution effect, with firms cutting back on employment and increasing investment in technological innovation. In the second chapter, I work towards understanding the effects of these new technologies on smaller firms. In particular, I study the role of democratized access to ML/AI technologies in encouraging productivity and innovation. Technological innovation has historically been a major driver of economic growth, with Schumpeterian creative destruction and subsequent resource reallocation supporting higher levels of equilibrium output. In recent decades, there has been evidence that suggests that these economic mechanisms may not be working well: increased barriers to entry, reduced business dynamism, asymmetric contributions to technological innovation, a widening gap between small and large firms, and reduced productivity growth. This has led to decreased industry competitiveness and new firm market entry, with risks of predatory pricing, reduced wage growth and consumer surplus, and diminished incentives to innovate. Larger firms have seen greatly increased R&D investment and growth in digital capital holdings, which has fueled high research productivity, product diversification and technological complements. I emphasize the role of open-source ML/AI technologies in reducing this disparity and leveling the playing field for smaller firms: specifically, I study the unexpected public release of TensorFlow. The open-source release of TensorFlow rep- resents an exogenous shock to the cost of ML/AI related digital capital: firms are able to enjoy the benefits of these technologies without prohibitive investments in high skill human capital and technological infrastructure. This natural experiment provides a unique setting to study the effect of open-source technology in supporting small firm growth. My main findings are consistent with the hypothesis that digital capital accumulation positively impacts firm growth. I show that small, TensorFlow user firms have higher ex-post sales growth, market returns, and profitability. These firms are also more likely to innovate, and the evidence is suggestive that a larger share of user firms is associated with subsequent declines in a range of industry concentration measures. My findings support the reasoning that digital capital encourages ML/AI utilization which allows for greater unstructured task automation leading to increased labor productivity. Firms are also able to better forecast demand and reduce volatility of uncertain future cash flows. My research emphasizes asymmetric gains from technological innovation as a driver of productivity slowdown and reduced wage growth. I show that open-source technologies supporting infrastructure may help enhance competition and the scope for future proprietary innovation. Finally, I relate ML/AI capital formation to a broader literature discussing the efficacy and applications of these new technologies, and their effects on labor markets and productivity growth.
Download or read book Innovation Technology and Finance written by Arnold Heertje and published by Wiley-Blackwell. This book was released on 1988-01-01 with total page 211 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seven essays commissioned to mark the 30th anniversary of the European Investment Bank addressing the economics of technological and financial innovation by leading European specialists in these fields. Both the available technology and ways of financing its further development are assessed, and recent innovations in financial markets are scrutinzed. Annotation copyrighted by Book News, Inc., Portland, OR
Download or read book Technology Innovations and Economic Development written by Lakhwinder Singh and published by SAGE Publications Pvt. Limited. This book was released on 2015-07-22 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides a fresh perspective to the ongoing debate on the core themes of development economics. This book, in honour of Robert E. Evenson, brings together diverse, yet interrelated, areas of innovations such as agricultural development, technology and industry while assessing their combined roles in developing an economy. Thematically structured, it covers innovation and economic development; technological progress and agricultural development; and technology transfer, national innovation systems and industrial development. With essays addressing the significant aspects in development economics, it offers a unique contribution in terms of focusing on problems from the perspective of developing economies.
Download or read book Innovation Economic Development and Policy written by Jan Fagerberg and published by Edward Elgar Publishing. This book was released on 2018-04-27 with total page 431 pages. Available in PDF, EPUB and Kindle. Book excerpt: This authoritative and enlightening book focuses on fundamental questions such as what is innovation, who is it relevant for, what are the effects, and what is the role of (innovation) policy in supporting innovation-diffusion? The first two sections present a comprehensive overview of our current knowledge on the phenomenon and analyse how this knowledge (and the scholarly community underpinning it) has evolved towards its present state. The third part explores the role of innovation for growth and development, while section four is concerned with the national innovation system and the role of (innovation) policy in influencing its dynamics and responding to the important challenges facing contemporary societies.
Download or read book Essays in Technology Management and Policy written by David J. Teece and published by World Scientific. This book was released on 2003 with total page 528 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the manner in which successful firms develop, transfer, protect, and capture value from technological innovation. In essence, it is about ?knowledge management?, which lies at the foundation of firm level competitive advantage in today's global economy. The essays contain some of the fundamental contributions to the field of knowledge management by one of its best-known thinkers; they also constitute an immensely practical guide for those managers who wish to look below the surface of what is going on in Silicon Valley and elsewhere.
Download or read book Techno economic Paradigms written by Wolfgang J. M. Drechsler and published by Anthem Press. This book was released on 2009 with total page 443 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'Techno-Economic Paradigms' presents a series of essays discussing one of the most interesting and talked-about socio-economic theories of our times: techno-economic paradigm shifts.
Download or read book Accelerating Green Innovation written by Michael Migendt and published by Springer. This book was released on 2017-02-03 with total page 158 pages. Available in PDF, EPUB and Kindle. Book excerpt: Michael Migendt explains the role of alternative investments in supporting the growth of a sustainable economy and recognizes levers that policy makers, managers and entrepreneurs could use for further accelerating green innovation through finance. He focuses on specific examples of alternative investments into green industries, companies, projects, and infrastructure, covering the developments along the innovation chain. Especially the acceleration of green technologies and the in this context occurring interrelations between the three areas of finance, innovation, and policy are key to this work.
Download or read book Essays on Finance and Economic Growth written by Lai Wei and published by . This book was released on 2017-01-26 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation, "Essays on Finance and Economic Growth: International Capital Markets and Corporate Innovation" by Lai, Wei, 魏錸, was obtained from The University of Hong Kong (Pokfulam, Hong Kong) and is being sold pursuant to Creative Commons: Attribution 3.0 Hong Kong License. The content of this dissertation has not been altered in any way. We have altered the formatting in order to facilitate the ease of printing and reading of the dissertation. All rights not granted by the above license are retained by the author. Abstract: This thesis consists of two essays on finance and economic growth. Using the passage and the enforcement of capital market laws, the essays study whether and how the development of international capital markets can influence corporate innovation, a vital source for long-term economic growth around the world. In the first essay, I study the question: Do legal restrictions on insider trading accelerate or slow technological innovation? Based on over 75,000 industry-country- year observations across 94 economies from 1976 to 2006, I find that enforcing insider trading laws spurs innovation, as measured by patent intensity, scope, impact, generality, and originality. Consistent with theories that insider trading slows innovation by impeding the valuation of innovative activities, the relation between enforcing insider trading laws and innovation is larger in industries that are naturally innovative and opaque, and equity issuances also rise much more in these industries after a country enforces its insider trading laws. In the second essay, I examine the effect of activating M&A markets on the rate of technological innovation, using staggered adoption of international M&A laws. Based on more than 65,000 industry-country-year observations across 46 economies from 1976 to 2006, I find that adopting the M&A laws increases innovation in the high-tech industries of a country, as measured by patent intensity, scope, impact, generality, and originality. The results are consistent with the incentives provided by an active M&A market that amplifies the valuation of and returns to innovation, and boosts exit liquidity for the entrepreneurs and corporate investors. I also find that M&A volume increases in the high-tech industries, and the improvement of innovation is mainly contributed by the private firms. Subjects: Capital market - Law and legislation Technological innovations Economic development
Download or read book Essays on Financial Innovation and Stabilization written by Raúl Labán and published by . This book was released on 1992 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book R D Innovation and Industrial Structure written by Boris Maurer and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 167 pages. Available in PDF, EPUB and Kindle. Book excerpt: The common topic of this collection of studies is the interaction between innova tive activity of firms and industrial structure. I call this interaction technological competition. Firms invest into R&D in order to open up new or enlarge existing profit opportuni ties for the future. A successful R&D-project leads to an innovation. An innovation introduced into the market changes the competitive structure of the industry. At the same time the structure of the industry shapes the incentives to invest into R&D. What matters for these incentives is not so much the existing structure but the expected dynamic evolution of that industry which is again dependent on the innovative choice of firms. Amongst other things, the dynamic of industry evolution is therefore rooted in the dynamics of ongoing innovative activity. Of course, this is not always the whole sto ry. There are (more or less) exogenous factors, like knowledge spillovers from other sectors of the economy, technological breakthroughs in basic research that directly influence the state of competition in an industry by providing additional profit op portunities, etc. The same is true for exogenous changes in upstream markets or demand conditions. My main interest here is not primarily to understand these exogenous forces, but to develop a theory of how the process of firms' innovative activity is shaped by competition and in turn shapes future competition between firms in an industry.
Download or read book Essays in Honor of Edwin Mansfield written by Albert N. Link and published by Springer Science & Business Media. This book was released on 2005-07-01 with total page 330 pages. Available in PDF, EPUB and Kindle. Book excerpt: Edwin Mansfield was a research pioneer into the economics of R and D and technological change. As appreciation and remembrance for his scholarly contributions, eminent scholars have contributed original papers for this edited volume. The authors have followed the "Mansfieldian” approach of emphasizing economic insight and intuition over mathematical rigor and as a result are very accessable. Essays in Honor of Edwin Mansfield has the potential to serve as a reader in all advanced undergraduate and graduate classes/seminars in the economics of R and D and technological change. This edited volume will be the definitive work in the field.
Download or read book Technology and the New Economy written by Chong-En Bai and published by MIT Press. This book was released on 2002 with total page 324 pages. Available in PDF, EPUB and Kindle. Book excerpt: Essays on the effects of information technology on the economy.
Download or read book Of Synthetic Finance written by Benjamin Lozano and published by Routledge. This book was released on 2014-09-19 with total page 188 pages. Available in PDF, EPUB and Kindle. Book excerpt: Synthetic finance revolutionizes materialism such that we can now create wealth in the process of universally distributing it. While financial innovation in global capitalism provided the conditions for the 2008 financial crisis, it has also engineered a set of financial technologies with universal distributive potential. This book explains this possibility and demonstrates how it can be achieved through a rigorous ontological exposition of the radical, nomadic, distributive power of synthetic finance. It also illustrates that Gilles Deleuze is the heterodox political economist who best reveals its profound material capacities. This book articulates an innovative method for the study of finance, fundamentally revaluates political economy as a discipline and practice, and inaugurates a research project from which derivative methodologies and approaches to critical finance can evolve. Of Synthetic Finance actualizes a new kind of heterodox political economy called speculative materialism, and advocates a radical project of speculative materialist financial engineering. Both of these are predicated on the deployment of the latent, nomadic, monstrous capacities of synthetic finance to create and universally distribute risk and cash flow. This book is a must read for anyone interested in critical finance, the financial crisis and the future of political economy.
Download or read book Innovation Organization and Economic Dynamics written by Giovanni Dosi and published by Edward Elgar Publishing. This book was released on 2000 with total page 730 pages. Available in PDF, EPUB and Kindle. Book excerpt: Most reproduced from their original publication between 1982 and 1999 in a wide range of type styles, including double spaced, the 23 essays cover technological paradigms and innovation diffusion; economic behavior and learning; organizational structures and behavior in a changing environment; corporate finance and innovation; industrial dynamics; evolutionary theories in economics; and institutions, technical change, and economic growth. Dosi (economics, Saint Anna School of Advanced Studies, Pisa, Italy) includes an autobiographical introduction in which he discusses some of the main ideas that unify the essays. He does not provide a subject index. Annotation copyrighted by Book News, Inc., Portland, OR
Download or read book The Diminishing Returns of Technology written by Orio Giarini and published by Pergamon. This book was released on 1978 with total page 140 pages. Available in PDF, EPUB and Kindle. Book excerpt: Monograph on the internal limits and trends of economic growth deriving from the diminishing investment returns of technology - following an outline of historical links between economic growth and technological change (esp. In times of economic recession), examines the production function and other aspects of economic theory (incl. Productivity and efficiency) regarding innovations in technology, and includes considerations on the future of postindustrial society. Bibliography after each chapter, diagrams, graphs and statistical tables.
Download or read book Essays in Financial Economics written by Yupeng Wang (Scientist in business management) and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation contains three essays in financial economics, with a focus on the effects of new technologies on traditional financial markets including venture capital market and mortgage market.
Download or read book Three Essays on Economics of Online Community and Financial Technology written by Gen Li and published by . This book was released on 2020 with total page 106 pages. Available in PDF, EPUB and Kindle. Book excerpt:
