This dissertation assumes the R&D investment future cash flows of a firm which follows an arithmetic Brownian motion and Poisson (jump) process. This study evaluates the R&D investment decisions under different market structure while considering the stochastic impact scales are the normal, negative exponential, and Laplace distributions, respectively. The first model of this dissertation aims to build monopoly R&D investment decisions under different stochastic impact scales. The result of this study is different from Cossin et al. (2002), since it shows that the outcome of Cossin et al. (2002) has underestimated decision values in assessing lump-sum investment, staging investment, and liquidation decisions. Sensitivity analysis reveals the following: (1) the positive relation parameter for the lump-sum investment is the cash flow growth rate of project, frequency of jump event, time of jump event, mean and deviation of normal distribution, and initial cost. (2) The positive relation parameter for liquidation decisions is the cash flow growth rate of project, frequency of jump event, time of jump event, and mean and deviation of normal distribution. The second model of this dissertation extends the monopoly to duopoly, and it aims to build the duopoly R&D investment decisions under different stochastic impact scales. The result of the study accords with Tsekrekos (2003) that with more uncertainty, there are more duopoly investment thresholds. Sensitivity analysis reveals the following: (1) the positive relation parameter for the leading R&D investment thresholds is deviation, frequency of jump event, discount rate, investment cost, and mean and deviation of normal distribution, while the negative relation parameter is the growth rate and market share. (2) The positive relation parameter for the follower R&D investment thresholds is deviation, market share, frequency of jump event, discount rate, investment cost, and mean and deviation of normal distribution, while the negative relation parameter is the growth rate. The third model of this dissertation extends to oligopoly, and it aims to build the oligopoly R&D investment decisions under different stochastic impact scales. The result of the study accords with the expectancy of Grenadier (2002), that while other things being equal, the more industry's competition degree, the lower oligopoly investment thresholds. Namely the higher the numbers of firms in an industry, those oligopoly firms have more incentives to invest early. Sensitivity analysis shows the following: (1) The positive relation parameter for the oligopoly R&D investment thresholds is deviation, frequency of jump event, discount rate, unitary investment cost, and mean and oligopoly supply, while the negative relation parameter is the growth rate and market share. (2) The negative relation parameter is the number of firms in the industry, growth rate, and demand elasticity.

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In this study we explored the relationship between absorptive capacity, knowledge sourcing strategy, alliance forms, and firm performance. Based on the literature and case study, we proposed the concept of knowledge sourcing strategy in alliance contexts, which can be categorized into two types¡Xknowledge internalization strategy and knowledge access strategy. From organizational learning perspective, we argue that a firm¡¦s absorptive capacity has a positive influence on knowledge internalization strategy, and accordingly a firm¡¦s governance choices of alliances are also influenced. Firm¡¦s R&D performance are also included in theoretical model in order to generate further managerial implications. Instead of using conventional regression method, we adopt Structural Equation Modeling (SEM) to conduct path-analysis, in that SEM is well suited to verifying causal models. We argue that firms should seek a better alignment between absorptive capacity, knowledge sourcing strategy, alliance forms, and firm performance. Our arguments are supported by empirical analysis of a sample of 148 R&D alliances involving computer, telecommunication, LCD/LED, semiconductor, and electronic machinery industry.

<p>This is unique study of import is of the greatest importance, since no studies of import</p><p>across regions have earlier been performed. Import is a driving force of innovations and</p><p>therefore most important for a stable growth. This master thesis is about interregional import,</p><p>as well as the strong spatial concentration of imports in the Swedish system of network.</p><p>Five hypothesises are presented in the last section of chapter two. The variables to be used</p><p>in the analysis are then divided into two main groups, before empirically tested in different</p><p>combinations of regression models.</p><p>The main conclusion of this thesis is a significant correlation between import, and the two</p><p>independent variables export and firm R&D, and its result goes in line with the theoretical</p><p>framework of this thesis, regional specialisation in import and export nodes</p>

<p>According to the Globalizations Council the most important task Sweden has is to assess the opportunities and challenges presented by the global economy to a small, open country like Sweden. There has been dual competition, some has been able to sell the resource services of human and physical knowledge capital, and others offering to sell unskilled labor at wages way below Swedish standards. This thesis will examine the changes in market position in the manufacturing sector, and how comparative advantage and the role of technology have impacted the changes.</p><p>The empirical analysis is based on the relative international competitiveness index to examine how market position in different sectors has changed during the time-period 1985-2003. In the regression measures for human and physical capital has been included as well as R&D expenditure for both Sweden and the OECD countries.</p><p>The results show that the changes in market position for most products are relatively small. What can be concluded is that it is not the sector as a whole that experience improving market positions instead it is certain products such as pharmaceutical, sulphate and electronic components among others.</p><p>Sweden ranks very high in terms of resources dedicated to production of new technology and there are proofs on both side of the "Swedish Paradox"; which states that high technology exports are low given the high R&D investment.</p><p>The result also indicates that Sweden has a labor-intensive disadvantage, i.e. indications that the market position for industries with high total capital-intensity has increased.</p>

<p>Förflyttning av fabriksarbeten till låglöneländer har varit en vanligt förekommande diskussion den senaste tiden. Idag kan vi se denna trend utvecklas ytterligare till förflyttning av affärsprocesser. En av dessa processer som varit omdiskuterad på senare tid är Forskning och Utveckling, FoU. Trots att FoU bland annat innefattar kunskap och kompetens och det faktum att Sverige är känt för att vara ett land med hög kompetens och framgångsrika högteknologiska företag tycks en stor oro kring risken för utflyttning av högkvalitativa arbeten till låglöneländer förekomma. Genom en kvalitativ studie med en reflexiv metodologi kombinerad med en abduktiv metod har frågan vad FoU-trenden innebär och vilka, från svenska företags perspektiv gällande kompetens och kunskap, hot och möjligheter som finns i denna trend besvarats. Från de tre olika synvinklarna; respondenter arbetandes utanför företag, respondenter arbetandes i företag och respondenter arbetandes nära företag, samlade vi information om det aktuella ämnet och fann sex områden från vilka användbar information kunde användas för att besvara studiens syfte; offshore-trenden, internationalisering av FoU, kostnad kontra kvalitet, kompetens/kunskap, nätverk samt möjligheter respektive hot. Det finns ingen säkerställd information kring internationaliseringens proportioner men en tendens till förflyttning av företag kan fortfarande urskiljas. Detta leder dock även till ett ökat antal utlandsägda företag i Sverige, vilket kan resultera i en bredare och djupare kunskapsbas i landet. Svårigheterna att förflytta kunskap tycks vara ett problem och i takt med att låglöneländernas kompetens ökar kan det vara aktuellt att flytta delar av FoU-enheter. Det är därför av stor vikt att vara flexibel och föränderlig för att ha möjligheten att förbli konkurrenskraftig på den globala marknaden. Vidare spelar nätverk en viktig roll vad gäller global konkurrens eftersom dessa kan leda till ökade kunskaper och möjligheter. Jakten på minskade kostnader och ökad kompetens kommer förmodligen alltid vara ett faktum. Det viktigaste under dagens globala förändringar och nya verklighet är dock att inte tolka förändringarna som hot utan som möjligheter.</p> / <p>The relocation of manufacturing professions in favour of low-wage countries have been a frequent discussion lately. Today we see the trend develop even further, towards relocation of business processes. One of these business processes that have been up for discussion in recent times is Research and Development, R&D. Although R&D is among others built on knowledge and compe-tence and Sweden are known for being a country with high competence and successful high technology companies, a huge worry appears to exist about the risk of loosing highly qualified positions to low-wage countries. By a qualitative study with a reflexive methodology way of thinking combined with an abductive method, we have answered the question what the R&D offshore trend signifies and what, from a Swedish companies’ perspective, considering competence and knowledge, threats and opportunities there are in this trend. From the three different viewpoints; respondents working outside companies, respondents working inside companies, and respondents working close to companies we gained information about the subject in matter and distinguished six areas from were useful information could be gathered in order to fulfil the purpose of the study; the offshore trend, R&D internationalization, cost versus quality, competence/knowledge, networks, and opportunities and threats. There is no ensured knowledge of the internationalization proportions but there is still a tendency to relocation of companies. However, this also lead to an increased number of foreign owned companies in Sweden, which may result in a wider and deeper knowledge base in the country. The difficulties in transferring knowledge seem to be an issue and while low-wage countries’ competence increases there might be in question to relocate part of R&D units. It is therefore of huge importance to stay flexible and responsiveness to be able to stay competitive at the global market. Further net-works play an important role when competing globally since these may contribute to increased knowledge and better opportunities. The chase towards decreased costs and increased competence will always be a fact. However, the most important during today’s international changes and the new reality is to not interpret the changes as threats but as opportunities.</p>

<p>Syftet med denna magisteruppsats är att studera huruvida en hög tillgänglighet till FoU vid företag respektive universitet genererar exporttillväxt. Denna tankegång grundar sig i produktcykelteorin varför även denna uppsats är en analys i dess validi-tet. Företag i en region som har stor tillgång till kunskap och forskning bör även vara i en frontposition inom export. Denna tillgänglighet har grupperats i forskning vi universitet och högskolor eller forskning inom företag. Därtill kan även denna till-gänglighet indelas vid dess geografiska lokalisering.</p><p>På grund av data som använts vid analysen och dess komplexitet är resultaten troliga-re en indikation än exakta. Tillgängligheten är tveklöst av vikt för exporttillväxten men de olika underavdelningarna skiljer sig från varandra. Företagsforskning tycks påverka exporttillväxten positivt oavsett lokalisering. Därtill följer resultaten teorin eftersom den externa tillgängligheten till företagsforskningen har en betydligt större inverkan än den externa.</p><p>Tillgängligheten till universitetsforskning ger de mest anmärkningsvärda resultaten. Utan en statistisk säkerhet kan endast en tendens utrönas. Universitetsforskningen ter sig svårare för företag att absorbera oavsett om den utförs inom regionen eller ex-ternt. Relationen mellan företag och universitet kan antas vara av dubbel natur där de å ena sidan påverkar varandra positivt samtidigt som de konkurrerar om samma ut-rymme i en region.</p> / <p>The purpose of this master thesis is to study whether a high accessibility to R&D performed by firms and universities respectively generate export growth. This sug-gestion is founded in the theory of the product cycle why this thesis also scrutinizes its validity. Firms in a region which have a high access to knowledge and research should have a front position within export. This access can be sub-divided into the unit of performance or with respect to the geographical location.</p><p>Due to the data used in the analysis and its complexity, the final result is an indica-tion rather than precise. The accessibility is doubtlessly of major importance for the export growth but the subdivisions give different results. Research performed by firms seems to affect the export growth positively irrespective of the localisation. Also, the external accessibility to firm research has a larger impact on the export growth than if it is performed internally.</p><p>The access to research performed by universities gives the most notable results. Without statistical significance a tendency can only be distinguished. The research performed by universities seems more difficult to absorb by firms irrespective of geographical location. The relation between firms and universities may be two folded where it is positive as well as competitive.</p>

<p>The purpose of this thesis is to analyze the effect of human capital in Swedish export. Human capital is here expressed as the number of employees in the private sector per municipality with university education of at least three years. Two regression models were tested with aggregated export value/municipality and export value per kilo/municipality as dependent variables. Human capital as well as the total accessibility to R&D was assumed to have a positive impact on the Swedish export performance.</p><p>During the last decades many economists have attached great importance to education, knowledge and investments in R&D. Sweden is in general abundant in human capital and have also several world leading companies characterized by knowledge intensive production and export. According to the Product Life Cycle Theory, Sweden should focus on the first phase that requires high input of human capital and product competition to maintain the competitiveness in the international market.</p><p>The results indicate as expected that the access to human capital as well as accessibility to R&D have a positive impact on the Swedish aggregated export value and export value per kilo. The assumption about human capital being even more important in high value export could not be confirmed by the results. Innovation promoting investments together with continuous efforts to improve innovation nets and interaction possibilities are presumed to be important factors for Swedish competitiveness also in the future.</p>

<p>This thesis analyses the effect of FDI induced technology transfer and spillover on economic growth in the CEE countries and the Baltic States. We develop a framework were FDI and R&D are seen as sources of technological progress (A). Transition economies, due to the need to catch up quickly with more advanced economies, rely on FDI as a major channel through which they can tap the needed technology.</p><p>Whether or not technology spills over to the entire economy depends on the ability of the countries to diffuse the advanced technology transferred by FDI. We test using panel data analysis, if FDI alone can spur growth or whether the FDI induced technology spillover effect is enhanced by the level of R&D.</p><p>Empirical evidence is found that FDI and R&D as an interaction term have helped the CEE countries and the Baltic States to accelerate growth by modernizing the economy through an upgrading process.</p>

In the first essay we examine the effect of concurrent lending and underwriting on IPO withdrawal, we find that IPOs underwritten by the firms’ concurrent lending banks are significantly more likely to be withdrawn. The result is robust to controlling for the common factors that affect IPO withdrawal and also for endogeneity using a propensity score matching portfolio. Our evidence suggests a cost to IPO firms’ hiring concurrent lending banks as underwriters despite the potential benefit of informational scope economies such intermediaries may provide. It is consistent with an alternative argument that a current lending and underwriting bank has less incentive to help sell its client firms’ securities because of its lock-in of the firms’ subsequent borrowing needs even when it fails to sell the securities. In the second essay, we examine the investment decisions of second-time IPO firms after successfully going public. Our findings show that, contrary to first time IPOs, second-time IPOs are not active acquirers and spend significantly more on CAPEX and R&D than first-time IPOs. Unlike acquisitions in the post-IPO period, CAPEX and R&D spending benefit second-time IPOs’ long run performance.