Corporate innovation in relation to IPO, enterprise value and R&D expenditures: evidence from Finnish companies gone public

In this paper, I examine the innovation activities of Finnish companies that have conducted an initial public offering during 1988-2012. The study provides novel analysis on innovations in relation to IPO, enterprise value and innovation investment within important Finnish companies. First, using unique innovation data collected by Technical Research Centre of Finland (VTT) and national patent data, I find that going public increases the number of innovations and patents while it affects negatively on the innovation novelty for Finnish market and increases the novelty for international markets. The novelty effect is emphasized within high-tech industry while also patent data supports a transition to international markets. Second, emphasizing the importance of innovations on performance, I find that innovations have a positive effect on enterprise value. Third, regarding the financing of innovations, the findings support a close link between increased R&D expenditures and innovations as well as indicate that more complex innovations tend to receive more public subsidies for development

Innovation and firm performance: Evidence from Finnish public companies

In this paper, I examine the innovation activities and effect of commercialized innovations on firm performance, measured with productivity and market value, of Finnish public companies during 1988-2017. This study provides novel information on innovations which is a complex matter but very important for both private and public sector growth and competitiveness. There is no similar previous study with commercialized innovations. The topic is also current for Finland due to a recent report, Securing Finland’s competitiveness and economic growth in the 2020s, by Erkki Ormala made for the Ministry of Economic Affairs and Employment of Finland and published in January 2019. His report finds that the conditions for innovating in Finland are weakening and that companies are moving their innovation activities abroad seeking better cooperation opportunities and financing for innovation. I show supporting evidence of an overall downward trend in the number of innovations, patents, R&D investments and public subsidies. Companies are also applying for international patents instead of Finnish patents. Another worrying finding is a decline in Finnish innovation productivity measured by the number of innovations in relation to R&D expenditures. Building on this, I analyze unique innovation data collected by Technical Research Centre of Finland (VTT). The study and methods are largely based on the work by Bloom and Van Reenen (2002) with the biggest difference being my use of commercialized innovations instead of patents as a proxy for technology. The study finds innovations to have significant impact on performance and firms who innovate to be 10% more productive than those who do not. First main question finds that innovations themselves have a negative effect on productivity, but that higher level of innovation complexity would increase productivity. Second, I find a positive effect of innovations on market value and that higher innovation complexity has a negative effect on market value in the year of commercialization but turns positive in the following year of commercialization. These main results support the importance of innovation and innovation complexity on firm performance. To secure sustainable growth and competitiveness, companies would be recommended to focus on innovation productivity and the government should follow Ormala’s (2019) suggestions on strengthening applied research, innovation funding and collaboration between operators

The Re-engraved Matrix: Bishop v/s Chapter in Nidaros around 1300

Seglstampen T. 1504 i Videnskapsmuseet i Trondheim, funnet i elvesanden i byen, har tilhørt Nidaros domkapitel, og avtrykk er kjent fra 1263â1264 og inntil 1281, i det siste dokumentet er stampen brukt som kontrasegl. Deretter kommer et avtrykk fra en lignende, men ikke identisk, stamp i et dokument fra 1303. Etter 1307 har man igjen tatt i bruk den eldre stampen, men nå har denne fått to roser inngravert. Denne stampen ble brukt helt frem til reformasjonen (da noen kastet den i elven?)ââ¬âââ¬âââ¬âDette er et materielt vitnesbyrd fra en velkjent episode i norsk historie: striden mellom erkebiskop Jørund og hans domkapitel, dokumentert i en rekke diplomer fra perioden 1288â1307. Det handlet om økonomi, om bestemmelsesmyndighet, og om personlige uoverensstemmelser. Paven ble trukket inn, og flere forsoningsmøter ble holdt, uten at det hjalp. Erkebiskopen konfiskerte kannikenes eiendom og kostbarheter, og blant dem kapitlets to seglstamper; vi vet ikke nøyakting når. Men fra seglet som er dokumentert i 1303 kan vi slutte at domkapitlet hadde fått laget seg et ëerstatningsseglû, iallfall for det lille seglet. Fra dokumenter i 1307 kan vi deretter se at man da hadde fått tilbake det gamle seglet, men nå med to roser inngravert â det samme kan vi slutte om kapitlets store segl, selv om dette ikke er dokumentert før 1488: også her er det roser inngravert. Men seglet fra 1303 virker egentlig som et meget bedre og mer ëmoderneû arbeide â hvorfor beholdt man ikke dette, men gikk tilbake til å bruke den gamle stampen? Sier det oss noe om holdninger og ambisjoner? ââ¬âââ¬âââ¬âDet korte tillegget er et forsøk på å datere de to stampene via kunsthistoriske betraktninger; begge har alderdommelige, ëromanskeû, trekk til tross for at de klart tilhører første halvdel av århundret. Det lille seglet er et meget bedre arbeide; mulig er det yngst av de to

Martin Blindheim 1916 â 2008

When Martin Blindheim left us, we lost somebody who for half a century had been central in the field of Norwegian medieval art history. His life was devoted to this, and he has left a trace behind of research results, museal activity, and a series of younger colleagues who find themselves inspired by his life and work

Emissions trading : China's practices in a global context

textThis thesis provides an overview of attempts to mitigate climate change through emissions trading systems (ETS) with a focus on China's recent announcement to implement a national ETS. The report begins with a description of climate change and the inherent difficulties of reducing greenhouse gas (GHG) emissions. Popular policy mechanisms that aim to reduce GHG emissions with a goal of mitigating climate change are described, including the United Nations efforts to implement an international ETS through international climate negotiations. The second chapter reports on international, national and regional ETSs, with a focus on a multitude of critical ETS components. The third chapter outlines the theory of linking ETSs, design considerations, benefits, potential barriers and risks of linking. The fourth chapter focuses on air pollution in China and the state’s response to limit pollution through regional pilot ETSs that may transition into a Chinese national ETS based on the pilot programs' results. The conclusion of the thesis focuses on the potential repercussions of the future implementation of China's national ETS. The thesis concludes that China’s selection of an ETS over other policy mechanisms can enhance other nations' confidence in an ETS's ability to reduce emissions without impeding economic growth. The Chinese system can influence future UNFCCC meetings and may facilitate global agreements. The lessons learned from China's ETS has the potential to encourage the development of existing and future ETSs. Asia could become the global center for emissions trading if China considers linking systems with existing and future ETSs.Energy and Earth Resource

Cost savings from electronic payments and ATMs in Europe

Electronic payments are considerably cheaper than their paper-based alternatives. Similarly, ATMs are a more cost-efficient way to deliver certain depositor services than are branch offices. As the share of electronic payments in 12 European countries rose from 0.43 in 1987 to 0.79 in 1999 and ATMs expanded while the number of branch offices was constant, bank operating costs are estimated to be $32 billion lower than they otherwise might have been, saving 0.38% of the 12 nations' GDP. The authors' results are robust to the form of cost function estimated-composite, Fourier, or translog. ; Also issued as Payment Cards Center Discussion Paper No. 03-14Automated tellers ; Electronic funds transfers