This paper explores the relationship between disclosure in securities markets and the firm's need for confidentiality. Transparency plays a crucial role for both investor protection and the proper functioning of the stock market. Confidentiality protects the value of information which has been...

We provide industry-level estimates of the elasticity of substitution (σ) between capital and labor in the US economy. We also estimate rates of factor-augmentation. Aggregate estimates are produced using the same data. Our empirical model comes from the first-order conditions associated with a...

This article analyzes the effects of intellectual property rights in a quality-ladder model where incumbent firms preemptively innovate in order to keep their position of leadership. The amount of R&D undertaken by incumbents increases if it becomes easier for entrants to replace them and to...

Telecommunications industry requires a high and steady level of investments in successive generations of equipments to cope with the exponential growth of traffic volumes. This paper argues that in this context, only imperfections of competition provide market players with the necessary margins...

Schumpeter, a century ago, argued that boom-and-bust cycles are intrinsically related to the functioning of a capitalistic economy. These cycles, inherent to the rise of innovation, are an unavoidable consequence of the way in which markets evolve and assimilate successive technological...