What Affects Innovation More: Policy or Policy Uncertainty?
2015/06/09
研討會日期 : 2015-06-09
時間 : 14:30
主講人 : Professor Po-Hsuan Hsu
主持人 : Professor Stacey Chen
地點 : Conference Room C103
演講者簡介 : Professor Hsu received his Ph.D. in Finance from Graduate School of Business, Columbia University in 2007. He is currently an Associate Professor at The University of Hong Kong. His research fields are Asset pricing, innovations, financial econometrics, and technology management.
演講摘要 : Motivated by a theoretical model, we empirically examine for 43 countries whether it is policy or policy uncertainty that affects technological innovation more. We find that innovation, measured by growth in patent counts, citations, and originality, is not, on average, affected by which policy is in place. Innovation, however, drops significantly during times of policy uncertainty measured by national elections. To establish causality, we use close presidential elections, whose timings are pre-determined and results are unpredictable, and ethnic fractionalization that are likely exogenous to policy and policy uncertainty. Political compromise, our paper concludes, is a plus for innovation.
