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on Knowledge Management and Knowledge Economy |
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Issue of 2007‒05‒19
seven papers chosen by Emanuele Canegrati Catholic University of the Sacred Heart |
| By: | O'Rourke, Kevin H; Rahman, Ahmed; Taylor, Alan M |
| Abstract: | Technological change was unskilled-labour-biased during the early Industrial Revolution of the late eighteenth and early nineteenth centuries, but is skill-biased today. This fact is not embedded in extant unified growth models. We develop a model of the transition to sustained economic growth which can endogenously account for both these facts, by allowing the factor bias of technological innovations to reflect the profit-maximising decisions of innovators. Endowments dictated that the initial stages of the Industrial Revolution be unskilled-labour biased. The transition to skill-biased technological change was due to a growth in ``Baconian knowledge'' and international trade. Simulations show that the model does a good job of tracking reality, at least until the mass education reforms of the late nineteenth century. |
| Keywords: | demography; endogenous growth; trade |
| JEL: | F15 J13 J24 N10 O31 O33 |
| Date: | 2007–05 |
| URL: | http://d.repec.org/n?u=RePEc:cpr:ceprdp:6293&r=knm |
| By: | Annette Bongardt (Universidade Moderna); Francisco Torres (IEE, Universidade Católica Portuguesa) |
| Abstract: | The issue of whether the 'European model' is viable in a globalized world raises the question as to what defines and conditions any European model and its competitiveness in the context of globalisation and the new economy. For the sake of sustainability of its model but also to sustain support for globalisation the European Union (EU) needs to take economic advantage of globalisation and the knowledge-based economy. Challenges in a high-cost, high-productivity economy mean that there is a premium on dynamic efficiency gains from the liberalisation and reform of markets and an economic and institutional framework that fosters innovation and flexible adjustment. The paper examines how the EU deals with governance issues and political economy factors from this perspective. The EU model, if able to legitimize itself with respect to the European integration process may as well contribute to a legitimate political governance of globalisation. |
| Keywords: | Globalisation; Liberalisation; European regulatory model and economic integration; Preferential trade; Global and European Governance; European Union; Single Market; Lisbon Agenda. |
| JEL: | F15 F13 F50 |
| Date: | 2007–05 |
| URL: | http://d.repec.org/n?u=RePEc:ave:wpaper:462007&r=knm |
| By: | Björn Johnson; Jens Müller; Jeffrey Orozco |
| Abstract: | A number of attempts have been made in the North to assist in the formation of independent research capacities in the South by establishing knowledge sharing through North-South research collaboration. One such attempt was initiated by Danida through its programme for Enhancement of Research Capacity (ENRECA). Aalborg University was approached by the National University of Costa Rica to make a joint research venture within the field of sustainable development. The project got a Central American (CA) regional perspective by including participants from Nicaragua and El Salvador. The project was titled Sustainable Development Strategies for Central America (SUDESCA) and aimed at support of relevant CA research activities, including the formation of adequate organizational setups that would eventually sustain forthwith. The project focused on two theoretical themes, i.e. the National Systems of Innovation and the Social Construction of Technology approaches. In this paper the CA universities are viewed as important sub-systems of the respective national systems of innovation. Thus, the following is an analysis of the institutional sustainability of the research capacity of universities perceived as parts of the national systems of innovation. To what extent did the knowledge transfer and exchange as well as the organizational capacity building efforts succeed? What were the main pitfalls and opportunities experienced? What did the Aalborg team learn about its own research capacity set-up? Our overall conclusion is that it is a mistake to assume that research capacity may be more or less directly transferred from the North to the South. Research capacity existing in the North has to be carefully adapted to the specific conditions where it may be expected to be useful. |
| Keywords: | Innovations systems; knowledge adaption; Central America |
| JEL: | O19 O32 N86 |
| Date: | 2007 |
| URL: | http://d.repec.org/n?u=RePEc:aal:abbswp:07-04&r=knm |
| By: | Gillingham, Kenneth T.; Newell, Richard G.; Pizer, William A. (Resources for the Future) |
| Abstract: | The approach used to model technological change in a climate policy model is a critical determinant of its results. We provide an overview of the different approaches used in the literature, with an emphasis on recent developments regarding endogenous technological change, research and development, and learning. Detailed examination sheds light on the salient features of each approach, including strengths, limitations, and policy implications. Key issues include proper accounting for the opportunity costs of climate-related knowledge generation, treatment of knowledge spillovers and appropriability, and the empirical basis for parameterizing technological relationships. No single approach appears to dominate on all these dimensions, and different approaches may be preferred depending on the purpose of the analysis, be it positive or normative. |
| Keywords: | exogenous, technology, R&D, learning, induced |
| JEL: | Q21 Q28 Q48 O38 |
| Date: | 2007–05–14 |
| URL: | http://d.repec.org/n?u=RePEc:rff:dpaper:dp-07-14&r=knm |
| By: | Taylor, Svetlana M. (Cardiff Business School) |
| Abstract: | This study investigates the association between the ownership structure of a firm and the accuracy of individual one-year-ahead earnings forecasts made by UK analysts. The relationship is explored in the presence of individual analyst and firm-specific characteristics using a research-tailored dataset comprising 11,659 individual analysts' forecasts made over the period, 1996 to 2001. To address the multidimensional variation in the dependent variables employed in the study (i.e., a forecast made by analyst i for firm j in year t) and the unique nature of the research question (i.e., the combined use of firm and analyst-specific characteristics), we use an analyst-firm fixed effects estimator. We are not aware of any UK studies in the field that investigate the role of ownership structure of a firm in determining the accuracy of analysts' forecasts. Furthermore, to the best of our knowledge, use of the analyst-firm fixed effect estimator in this context is also novel. The results of the study suggest that insider ownership is associated with forecast accuracy in a non-linear way. Moreover, although analysts are more optimistic for firms with a higher institutional ownership, institutional shareholders seem to be ineffective at addressing the agency disclosure problem. As a result, forecasts made for high institutional ownership firms are less accurate. |
| Keywords: | Analysts' forecasts; ownership structure |
| JEL: | G1 G3 |
| Date: | 2007–02 |
| URL: | http://d.repec.org/n?u=RePEc:cdf:accfin:2007/1&r=knm |
| By: | Karlsson, Charlie (Jönköping International Business School (JIBS) and CESIS); Andersson, Åke E (Jönköping International Business School (JIBS) and CESIS); Cheshire, Paul (London School of Economics (LSE)); Stough, Roger R (George Mason University (GMU)) |
| Abstract: | This paper analyses the aspects of spatial economics that deals with innovation, regional specialization and dynamic systems of functional regions and in particular the contributions made by the economist Börje Johansson. The innovation aspect consists of innovation networks, knowledge sources and knowledge sinks, cost and innovation of product characteristics and innovation at the industry and sector level. In the regional specialization part the infrastructure, regional economic milieus, the specialization of regions and specific the specialization in small and large regions, spatial transaction costs, and endogenous specialization are subjects that are being treated. Regional dynamics consists of location dynamics in a system of functional urban regions where different theories are being discussed as the spatial product life cycle theory and filtering-down theory. The last part does also take up lead-lag models. |
| Keywords: | innovation; regional; specialization; dynamic systems; functional regions |
| JEL: | O18 O31 R10 |
| Date: | 2007–04–18 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:cesisp:0089&r=knm |
| By: | Groh, Alexander P. (IESE Business School); Baule, Rainer (University of Goettingen); Gottschalg, Oliver (HEC School of Management) |
| Abstract: | We use a CCA model to calculate implied idiosyncratic risks of LBO transactions. A decisive model feature is the consideration of amortization. From the model, the asset value volatility and the equity value volatility can be derived via a numerical procedure. For a sample of 40 LBO transactions we determine the necessary model parameters and calculate the transactions' implied idiosyncratic risks. We discuss the expected model sensitivities and verify them by variation of the input parameters. With the knowledge of the returns to the equity investors of the LBOs we are able to calculate Sharpe Ratios on individual transaction levels for the first time, thereby fully incorporating the superimposed leverage risks. |
| Keywords: | Idiosyncratic Risk; Private Equity; Benchmarking; |
| JEL: | G13 G24 G32 |
| Date: | 2007–03–15 |
| URL: | http://d.repec.org/n?u=RePEc:ebg:iesewp:d-0682&r=knm |