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Full-Text Articles in Social and Behavioral Sciences
The Geography Of Innovation Commercialization In The United States During The 1990s, Joshua L. Rosenbloom
The Geography Of Innovation Commercialization In The United States During The 1990s, Joshua L. Rosenbloom
Joshua L. Rosenbloom
This article analyzes the geographic distribution and interrelationship of three measures of innovation commercialization across the 50 largest metropolitan areas in the United States and estimates a model of the factors explaining variations in the location of innovation commercialization. Innovation commercialization tends to be highly concentrated geographically, suggesting the presence of substantial external economies in these functions. Beyond these scale effects, however, the author finds that university science and engineering capacity and local patenting activity both help to account for intercity differences in the level of innovation commercialization activity.
Nonparametric Event Study Tests, Arnold R. Cowan
Nonparametric Event Study Tests, Arnold R. Cowan
Arnold R. Cowan
This paper provides the first documentation of the power and specification of the generalized sign test, which is based on the percentage of positive abnormal returns in an estimation period. In simulations using daily stock return data, the generalized sign test is well specified with both exchange listed and Nasdaq stocks. A rank test is more powerful under ideal conditions. However, the rank test is more sensitive to increases in the length of the event window, to increases in return variance and to thin trading. The generalized sign test is a viable alternative to the rank test under these conditions.