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Public Information Arrival, Thomas Berry, Keith Howe
Public Information Arrival, Thomas Berry, Keith Howe
Thomas D Berry
The authors develop a measure of public information flow to financial markets and use it to document the patterns of information arrival, with an emphasis on the intraday flows. The measure is the number of news releases by Reuter's News Service per unit of time. The authors find that public information arrival is nonconstant, displaying seasonalities and distinct intraday patterns. Next they relate their measure of public information to aggregate measures of intraday market activity. The authors' results suggest a positive, moderate relationship between public information and trading volume but an insignificant relationship with price volatility. Copyright 1994 by American …
Aggregate Convergence And Sectoral Specialization In Innovation, Mario Pianta, Daniele Archibugi
Aggregate Convergence And Sectoral Specialization In Innovation, Mario Pianta, Daniele Archibugi
Mario Pianta
Over the last 20 years OECD countries have converged in terms of their innovation, in parallel to the process of economic convergence and catching-up in technology. However, this has not led to a similarity in the sectoral strenghts of the majority of countries. Applying a measure of "technological distance" between pairs of countries based on patents, it is shown that nations have increased their technological specialization (i.e their sectoral differences) over the 1980s. An apparent paradox is pointed out, as countries converge by becoming more different and grow by becoming more specialized.