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Liberalization, Technology Adoption, and Stock Returns: Evidence from Telecom

Author

Listed:
  • Rabah Arezki
  • Vianney Dequiedt

    (CERDI - Centre d'Études et de Recherches sur le Développement International - IRD - Institut de Recherche pour le Développement - CNRS - Centre National de la Recherche Scientifique - UCA - Université Clermont Auvergne)

  • Rachel Yuting Fan
  • Carlo Maria Rossotto

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.

Suggested Citation

  • Rabah Arezki & Vianney Dequiedt & Rachel Yuting Fan & Carlo Maria Rossotto, 2021. "Liberalization, Technology Adoption, and Stock Returns: Evidence from Telecom," CERDI Working papers hal-03151965, HAL.
    • Handle: RePEc:hal:cdiwps:hal-03151965
    Note: View the original document on HAL open archive server: https://uca.hal.science/hal-03151965v1
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    References listed on IDEAS

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    Keywords

    Liberalization; Technology adaption; Telecom; Regulation; Stock returns;
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