In this paper we study the performance reaction of investors in a small market context. Instead of the asymmetrical investors’ reaction to winners and losers, as usually documented for the US, an absence of risk-adjusted performance reaction was observed. The absence of reaction can be...

Based on a comprehensive theoretical model we investigate the determinants of government spending. Besides GDP, commonly associated with either Walra´s law or Keynesian macro stabilization policies, we consider some variables identified with the public choice approach, namely median voters,...

This paper contributes to the scarce empirical literature on the impact of foreign ownership on human capital intensity. New evidence is provided, based on a comprehensive, large-scale survey of technology-based firms located in Portugal. Using two alternatives measures of human capital (one...

The model that we develop here considers that an upstream firm sells a vital input to downstream firms. There are vertical spillovers and two different regulatory policies of the input price: cost oriented regulation and no-regulation. We also admit two alternative market structures: vertical...

This paper deals with the relationship between innovation and economic growth in the context of developed world. After examining the correlation between economic growth and R&D (research and development) intensity, and given that the impact of R&D on economic growth is mediated by the rate of...

With the Directive 2004/109/EC, of December 15, 2004 – Transparency Directive –, the European Union decided not to require listed companies to disclose financial information in the first and third quarters of each year. Each EU country now has to decide whether to oblige its companies to...

The ubiquitous contention within the Industrial Networks literature - that business relationships are one of the firm´s most important resources - has not been, in our viewpoint, thoroughly explored. Hence we argue that the ‘Resource-based View of the Firm’ (‘RBV’) may complement the...

This paper discusses various meanings of rationality distinguished by Schumpeter – as well as related concepts like rationalisation – and connects them with widely remarked tensions or dilemmas in his substantive works. The well-known contrast between Schumpeter’s commitment to equilibrium...

We consider a duopoly with horizontally differentiated firms, where firms decide the long-term plans (locations) in addition to short-term issues (prices). As in Bárcena-Ruiz and Casado-Izaga (2014), we introduce a third entity in the city by considering the presence of a policymaker that...

This paper builds on a duopoly with horizontally differentiated firms, where firms simultaneously decide the long-term plan (location) in addition to the short-term issue (price). As in Bárcena-Ruiz and Casado-Izaga (2014), we introduce a third entity in the city by considering the presence of...