| 1. |
- Baum, Christopher F., et al.
(författare)
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Innovation by start-up firms : The role of the board of directors for knowledge spillovers
- 2022
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Ingår i: Research Policy. - : Elsevier BV. - 0048-7333 .- 1873-7625. ; 51:1
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Tidskriftsartikel (refereegranskat)abstract
- This paper investigates whether board directors interlocked with or employed by innovative firms affect startup firms' propensity to be innovators themselves. Drawing upon a sample of more than 50,000 Swedish start-up firms, we find that board connections to incumbent innovators have a causal impact on the new firms' probability to apply for patents. The results are robust when controlling for industry, geography, firm age, as well as spillovers through worker and managerial mobility, external knowledge sourcing through patent disclosure, access to venture capital and board attributes.
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| 2. |
- Baum, Christopher, et al.
(författare)
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A New Approach to Estimation of the R&D-Innovation-Productivity Relationship
- 2015
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- We evaluate a Generalized Structural Equation Model (GSEM) approach to the estimation of the relationship between R&D, innovation and productivity that focuses on the potentially crucial heterogeneity across technology and knowledge levels. The model accounts for selectivity and handles the endogeneity of this relationship in a recursive framework. Employing a panel of Swedish firms observed in three consecutive Community Innovation Surveys, our maximum likelihood estimates show that many key channels of influence among the model's components differ meaningfully in their statistical significance and magnitude across sectors defined by different technology levels.
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| 3. |
- Baum, Christopher, et al.
(författare)
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A new approach to estimation of the R&D–innovation–productivity relationship
- 2017
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Ingår i: Economics of Innovation and New Technology. - England : Informa UK Limited. - 1043-8599 .- 1476-8364. ; 26:1-2, s. 121-133
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Tidskriftsartikel (refereegranskat)abstract
- We apply a generalized structural equation model approach to the estimation of the relationship between R&D, innovation and productivity that focuses on the potentially crucial heterogeneity across sectors. The model accounts for selectivity and handles the endogeneity of this relationship in a recursive framework which allows for feedback effects from productivity to future R&D investment. Our approach enables the estimation of the different equations as one system, allowing the coefficients to differ across sectors, and also permits us to take cross-equation correlation of the errors into account. Employing a panel of Swedish manufacturing and service firms observed in three consecutive Community Innovation Surveys in the period 2008–2012, our full-information maximum likelihood estimates show that many key channels of influence among the model's components vary meaningfully in their statistical significance and magnitude across six different sectors based on the OECD classification on technological and knowledge intensity. These results cast doubt on earlier research which does not allow for sectoral heterogeneity.
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| 4. |
- Baum, Christopher, et al.
(författare)
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Credit rating agency downgrades and the Eurozone sovereign debt crises
- 2016
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Ingår i: Journal of Financial Stability. - : Elsevier BV. - 1572-3089 .- 1878-0962. ; 24, s. 117-131
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Tidskriftsartikel (refereegranskat)abstract
- This paper studies the reaction of the Euro's value againstmajor currencies to sovereign rating announcements from Moody's, S&P and Fitch CRAs during the Eurozone debt crisis in 2010--2012 based on eventstudy methodology combined with GARCH models. We also analyze how theyields of French, Italian, German and Spanish government long-term bondswere affected by CRA announcements. Our results reveal that CRA downgrades, watchlist and outlook announcements had no impact on the value of the Euro currency but increased exchange rate volatility. At the same time, downgrades as well as negative outlook announcements increased the yields of French, Italian, and Spanish bonds and evenaffected the German bond's yields. This shows that the monetary union hasled to a breakdown of the consequences of the rating shocks between currency value and sovereign bond yields. The reason is that part of the rating shock is absorbed by an internal repricing of sovereign bonds.
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| 5. |
- Baum, Christopher F., et al.
(författare)
-
Credit rating agency announcements and the Eurozone sovereign debt crisis
- 2013
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- This paper studies the impact of credit rating agency (CRA) announcements on the value of the Euro and the yields of French, Italian, German and Spanish long-term sovereign bonds during the culmination of the Eurozone debt crisis in 2011-2012. The employed GARCH models show that CRA downgrade announcements negatively affected the value of the Euro currency and also increased its volatility. Downgrading increased the yields of French, Italian and Spanish bonds but lowered the German bond's yields, although Germany's rating status was never touched by CRA. There is no evidence for Granger causality from bond yields to rating announcements. We infer from these findings that CRA announcements significantly influenced crisis-time capital allocation in the Eurozone. Their downgradings caused investors to rebalance their portfolios across member countries, out of ailing states' debt into more stable borrowers' securities.
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| 6. |
- Baum, Christopher F., et al.
(författare)
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Credit Rating Agency Downgrades and the Eurozone Sovereign Debt Crises
- 2014
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- This paper studies the impact of credit rating agency (CRA) announcements on the value of the Euro and the yields of French, Italian, German and Spanish long-term sovereign bonds during the culmination of the Eurozone debt crisis in 2011–2012. The employed GARCH models show that CRA downgrade announcements negatively affected the value of the Euro currency and also increased its volatility. Downgrading increased the yields of French, Italian and Spanish bonds but lowered the German bond’s yields, although Germany’s rating status was never touched by CRA. There is no evidence for Granger causality from bond yields to rating announcements. We infer from these findings that CRA announcements significantly influenced crisis-time capital allocation in the Eurozone. Their downgradings caused investors to rebalance their portfolios across member countries, out of ailing states’ debt into more stable borrowers’ securities.
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| 7. |
- Baum, Christopher F., et al.
(författare)
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Estimating the wage premia of refugee immigrants : Lessons from Sweden
- 2024
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- This paper examines the wage earnings of fully-employed refugee immigrants in Sweden. Using administrative employer-employee data from 1990 and onwards, about 100,000 refugee immigrants who arrived between 1980 and 1996 and were granted asylum are compared to a matched sample of native-born workers. Employing recentered influence function (RIF) quantile regressions for the period 2011–2015 to wage earnings, the occupational task-based Oaxaca–Blinder decomposition approach shows that refugees perform better than natives at the median wage, controlling for individual and firm characteristics. This overperformance is due to female refugee immigrants, who have higher wages than comparable native-born female peers up to the 8th decile of the wage distribution. Refugee immigrant females perform better than native females across all occupational tasks studied, including non-routine cognitive tasks. A remarkable similarity exists in the relative wage distributions among various refugee groups, suggesting that cultural differences and the length of time spent in the host country do not significantly affect their labor market performance.
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| 8. |
- Baum, Christopher F., et al.
(författare)
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Firms in (Green) Public Procurement : Financial Strength Indicators’ Impact on Contract Awards and Its Repercussion on Financial Strength
- 2021
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Ingår i: SSRN Electronic Journal. - Berlin : DIW Berlin. - 1556-5068.
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Rapport (refereegranskat)abstract
- We examine whether the financial strength of companies, in particular, small and medium-sizedenterprises (SMEs) is causally linked to the award of a public procurement contract (PP), especially inthe environmentally friendly “green” area (GPP). For this purpose, we build a combined procurementcompany data set from the Tenders Electronic Daily (TED) and the SME database AMADEUS, whichincludes ten European countries. First, we apply probit models to investigate whether the probabilityof winning the public tender depends on the company's financial strength. We then use theFlexpanel DiD approach to investigate the question of whether the award has an impact on thefuture financial strength of the successful company. On the one hand, we find that a lower equityratio and a higher short-term debt ratio increase the probability of being successful in a publictender. On the other hand, the success means that the companies can continue to work after theaward with a lower equity ratio than comparable companies without an award, regardless ofwhether the company was successful in a traditional or a “green” public tender. We conclude fromthis that the success in a PP is a substitute for one's own financial strength and thus facilitates accessto external financing. The estimation results differ depending on whether public procurement ingeneral or the sub-group of “green” public procurement is examined.
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| 9. |
- Baum, Christopher F., et al.
(författare)
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Innovation strategies, external knowledge and productivity growth
- 2019
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Ingår i: Industry and Innovation. - : ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD. - 1366-2716 .- 1469-8390. ; 26:3, s. 348-367
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Tidskriftsartikel (refereegranskat)abstract
- This paper studies firms ' capability to recombine internal and local knowledge. It measures the outcome in terms of total productivity growth. Using Swedish data on commuting time for face-to-face contacts across all 290 municipalities, we employ a time-sensitive approach for calculating localized knowledge within a municipality and and its close neighbors. Internal knowledge is captured by register data on firms' innovation intensity. The two sources of knowledge are modeled in a production function setting by discrete composite variables with different combinations of input factors. Applying the model on Swedish firm level panel data, we find strong evidence of differences in the capacity to benefit from external knowledge among persistent innovators, temporary innovators and non-innovators. The results are consistent regardless of whether innovation efforts are measured in terms of the frequency of patent applications or the level of R&D investment.
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| 10. |
- Baum, Christopher F., et al.
(författare)
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"Löneskillnader finns - men inte inom låglönesektorn"
- 2020
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Ingår i: Dagens Nyheter. - 1101-2447.
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Tidskriftsartikel (populärvet., debatt m.m.)abstract
- Ingress: Flertalet studier av löneskillnader mellan flyktinginvandrare och - inödda svenskar tar inte hänsyn till yrkestillhörighet. På nästan halva den svenska arbetsmarknaden tjänar personer med flyktingbakgrund som etablerat sig på arbetsmarknaden lika mycket eller mer än kontrollgruppen.
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