We study how acquisition-FDI during economic crises affects R&D investments of target firms as compared to acquisitions made during periods of economic growth. Using a panel of Spanish firms, we find that foreign multinationals cherry-pick the best domestic firms, irrespective of timing of...

We analyze the effect of a labor market reform on firms' product innovation. The re- form, which amounts to a natural experiment, differentially reduced firing costs for some firms, thereby lowering adjustment costs in the presence of demand uncertainty. Using a difference-in- differences...

We study how acquisition-FDI during economic crises affects R&D investments of target firms as compared to acquisitions made during periods of economic growth. Using a panel of Spanish firms, we find that foreign multinationals cherry-pick the best domestic firms, irrespective of timing of...

Standard international trade lectures normally comprises three central theories: the Ricardian Model, the Heckscher-Ohlin-Samuelson Modell and New Trade Theory à la Krugman 1979 and 1980. Nowadays this trilogy needs to be enhanced with the basic concepts of a new class of trade models: the New...

In the center of this paper there are two questions: ’Is it true that globalization is to a crucial degree dependant on technical innovation?’ and ’Can globalization be regarded as a determinant of economic growth and technical progress?’. To answer these questions the paper provides a...

Empirical research on the linkage between trade openness and productivity growth takes center stage in most studies in search for the effects of trade liberalization on economic progress. This is true for both the firm level and for aggregate analyses. There exist various channels through which...