Innovation is fundamental for economic catching-up and raising living standards. Evidence demonstrate a virtuous circle in which RD spending, innovation, productivity, and per capita income mutually reinforce each other and lead to long-term, sustained growth rates and may foster job creation....

Based on 50,013 firm observations covering 117 developing and emerging countries, this paper shows knowledge spillover effects from industries use of the internet boosted the average firms productivity and innovation performance. We document that industries digitization had heterogeneous impacts...

An interesting problem is the analysis of effects of the predominant impact of technological change on the health of societies. This study considers technological change as the human activity that generates a huge impact on societies and causes environmental disorders affecting the health of...

Statistics Finland added questions to the Finnish Community Innovation Survey CIS for 2010 on the importance of user innovation. For firms engaged in innovation activity during the three year period, 2008-2010, 30 per cent reported that user modified products were of high or medium importance to...

This paper extends the jump detection method based on bi-power variation to identify realized jumps on financial markets and to estimate parametrically the jump intensity, mean, and variance. Finite sample evidence suggests that jump parameters can be accurately estimated and that the...

Option pricing by the use of Black Scholes Merton (BSM) model is based on the assumption that asset prices have a lognormal distribution. In spite of the use of these models on a large scale, both by practioners and academics, the assumption of lognormality is rejected by the history of returns....

Reference–dependent preference models assume that agents derive utility from deviations of consumption from benchmark levels, rather than from consumption levels. These references can be either backward-looking (as explicit in the Habit literature) or forward-looking (as implicitly suggested...

This paper addresses the problem of option bounds computation under the assumption that the price of the underlying asset follows a jump-diffusion Merton process as formulated in Perrakis (1993) extending the number of the jumps from one jump up and one jump down with fixed sizes to a finite...

In finance and economics the key dynamics are often specified via stochastic differential equations (SDEs) of jump-diffusion type. The class of jump-diffusion SDEs that admits explicit solutions is rather limited. Consequently, discrete time approximations are required. In this paper we give a...

Currency mismatches in corporate balance sheets have been singled out as an important factor underlying the severity of recent financial crises. We propose several structural models for measuring default risk for firms with currency mismatches in their asset/liability structure. The proposed...