Liberalization, Technology Adoption, and Stock Returns : Evidence from Telecom
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 t...
| Main Authors: | , , , |
|---|---|
| Format: | Working Paper |
| Language: | English |
| Published: |
World Bank, Washington, DC
2021
|
| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/639631614702431630/Liberalization-Technology-Adoption-and-Stock-Returns-Evidence-from-Telecom http://hdl.handle.net/10986/35210 |
| Summary: | 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. |
|---|