Public investments in innovation and research assets have been recently perceived by policy makers as an effective tool for the development of less developed regions. This has been particularly true in the case of the European cohesion policies and the structural funds expenditures. However, the...

The extent to which financial markets are rational, efficient processors of information has perhaps never been as much in doubt as it is now during the ongoing global financial crisis. This paper engages with this debate directly by investigating the effects of one particular type of...