This paper investigates the importance of robotics usage on firms' implied cost of equity. We find that robotics (both installations and operational stock) has significant negative explanatory power for a firm's cost of equity. More specifically, robotics contribute to firms' operating...

Labor cost has rapidly increased in the past decades. However, little is known about its effect on the firm-level robot adoption, and evidence about the consequences of robot adoption on firm production is limited. Based on a novel dataset of robot adoption at the firm-level, we use geographic...

The development of robotics using artificial intelligence acquires a new scale and new quality, which leads to both socio-economic and legal problems. Particularly relevant in this context is the problem of robots’ legal personality in relation to robots which are able to carry out independent...

We study the effects of technological change on immigration flows as well as the labor market outcomes of migrants versus natives. We analyse and compare the effects of two different automation technologies: Industrial robots and artificial intelligence. We exploit data provided by the...

We investigate the impact of product market competition on firms’ automation investments. We use a rich combination of micro-data on Portuguese exporters and exploit a novel source of variation in the degree of competition they face – a tariff liberalization between the European Union and...