Innovations, as highly risky, costly and uncertain activities, are extremely selective, giving rise to only a small group of lucky winners with substantial returns. This paper builds on the observation that returns to both firm and market novelties (MNs) are significantly right-skewed and, with...

In this paper we provide detailed evidence on the performance of exporters compared to non-exporters in Austrian manufacturing industries based on firm-level data. The centrepiece of the study is the issue of the export premium, i.e. the size and productivity advantages of exporting firms...

The technology club literature suggests a tripartite segmentation of countries into an innovation, an imitation and a stagnation club. We use a Benhabib–Spiegel type growth model embedded in a threshold regression framework to test for non-linearities in the impact of the technology gap on...