Liberalization, Technology Adoption, and Stock Returns

• Tác giả: Rabah Arezki
• Ngôn ngữ: eng
• Ký hiệu phân loại: 330 Economics
• Thông tin xuất bản: World Bank, Washington, DC, 2021
• Bộ sưu tập: Tài liệu truy cập mở
• ID: 326784
• Chủ đề: 1. LIBERALIZATION; 2. REGULATION; 3. STOCK RETURNS; 4. TECHNOLOGY ADOPTION; 5. TELECOMMUNICATIONS

Tóm tắt

The paper investigates the pace of technology adoption in telecom technology post liberalization and its effect on stock returns using a new global panel data set. The results are twofold. First, the evidence points to the complementarity between telecom liberalization and regulatory independence in driving a sustained pace of technology adoption. Second, the results show a positive and economically significant effect of telecom adoption on stock returns, pointing to significant spillovers of telecom to the rest of the economy.