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Working Paper 352 - Liberalization, Technology Adoption, and Stock Returns: Evidence from Telecom

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Abstract

The paper investigates the pace of technology adoption in telecom technology post liberalization and its effect on stock returns using a new global panel dataset. Results are twofold. First, evidence points to the complementarity between telecom liberalization and regulatory independence in driving a sustained pace of technology adoption. Second, 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.

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  • Rabah Arezki & Vianney Dequiedt & Rachel Yuting Fan & Carlo Maria Rossotto, 2021. "Working Paper 352 - Liberalization, Technology Adoption, and Stock Returns: Evidence from Telecom," Working Paper Series 2478, African Development Bank.
    • Handle: RePEc:adb:adbwps:2478
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    References listed on IDEAS

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    JEL classification:

    • F30 - International Economics - - International Finance - - - General
    • L11 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Production, Pricing, and Market Structure; Size Distribution of Firms
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

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