跨国公司研发全球化的空间组织研究

随着跨国公司全球战略目标的逐步深化，跨国公司研发全球化的组织形态也不断发生调整和变化，在理论上相继出现母国绝对集中式研发、母国相对集中式研发、多中心分散式研发、轴心型混合式研发、网络化整合研发五种类型。在一定的研发组织形式引导下，跨国公司全球范围内的研发活动会产生集聚、扩散等地理现象，从地理特征和空间关联两个层面诠释着跨国公司研发全球化的空间形态，相对应的研发全球地理分布呈现出由孤岛中心、开放中心、多心分散、中心边缘向网络化结构发展的趋势，并通过各个分支机构之问的各种要素流诠释着跨国公司研发全球化的空间格局。     

克鲁格曼新经济地理模型评析

克鲁格曼新经济地理学模型是以非线性动力学理论作为其产生的理论基础,将规模报酬递增和不完全竞争、固定比率的运输成本、过程的演进性以及动态模拟等研究方法引入模型,并建立了三个基础模型即中心—外围模型、历史和预期模型以及区域专业化模型。文章通过分析,以期对其新经济地理模型有一个比较全面的了解。     

TECHNOLOGY,COOPERATION AND STOCK MARKET VALUE: AN EVENT STUDY OF NEW PARTNERSHIP ANNOUNCEMENTS IN THE BIOTECHNOLOGY AND PHARMACEUTICAL INDUSTRIES

We use the event study methodology to investigate the share price responses to the formation of 281 partnerships in the biotechnology/pharmaceutical industry over the years 1995–2000. The average stock price response is positive, more so than in previous empirical works, which could be interpreted as evidence that interfirm collaboration is particularly valuable in high-technology industries. Research and development (R&D) partnerships also generate higher abnormal returns (relative to production or marketing agreements). On average, smaller firms in the partnership seem to appropriate a very significant share of the cooperative surplus, especially when they receive large technology payments or when the partnership is concluded in the R&D stage. On the other hand, partnership announcements of more profitable firms tend to be associated with higher abnormal returns.     

FOREIGN ENTRY INTO U.S. SERVICE INDUSTRY BY TAKEOVERS AND THE CREATION OF NEW FIRMS

We study the relation between foreign entry in U.S. service sector industries and the revealed comparative advantage of the investing country using U.S. Bureau of Economic Analysis firm‐level data on all foreign takeovers and new foreign‐owned firms from 1998 to 2008. We find foreign acquisitions in the service sector are in industries of U.S. comparative advantage while new foreign firms are in industries of investing country's comparative advantage. This suggests that foreign acquisitions in the service sector are not directly related to foreign investors' competitiveness in the industry of investment. In contrast foreign investors in new service sector firms come from countries with a competitive edge in the industries of investment. We also find that foreign investors of new service sector firms are from Organization for Economic Co‐operation and Development (OECD) countries with a comparative disadvantage in royalties and trademarks. (JEL F21, F23, G34)     

ESTIMATION AND INFERENCE BY THE METHOD OF PROJECTION MINIMUM DISTANCE: AN APPLICATION TO THE NEW KEYNESIAN HYBRID PHILLIPS CURVE*

The stability of the solution path in a macroeconomic model implies that it admits a Wold representation. This Wold representation can be estimated semi‐parametrically by local projections and used to estimate the model's parameters by minimum distance techniques even when the stochastic process for the solution path is unknown or unconventional. We name this two‐step estimation procedure “projection minimum distance” and investigate its statistical properties for the broad class of models where the mapping between Wold coefficients and parameters is linear. This includes many situations with likelihood score functions nonlinear in the parameters that would otherwise require numerical optimization routines.