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Item type:Publication, What’s good for the goose ain’t good for the gander: heterogeneous innovation capabilities and the performance effects of R&D(Oxford University Press, 2020-01-09)Abstract We investigate the effects of R&D investment on performance outcomes (sales growth and relative profitability) for Indian manufacturing firms. Previous research shows contradictory results—while some studies find a positive effect of R&D on firm performance, some find that firms investing in R&D do not perform significantly better, in some cases, even perform worse than their noninvesting counterparts. We claim that the effects of R&D on performance are often misspecified. Indeed, innovation capabilities will probably simultaneously influence the decision to invest in R&D and also R&D’s expected benefits. We apply endogenous switching regression to tackle the issue of selection and censored data, and the results we observe are sharp: Firms investing in R&D would have had less growth and less relative profitability if they had not done so. Interestingly, firms that did not invest in R&D would not have benefited had they done so. We interpret this as evidence that firms need to have sufficiently developed management capabilities to be able to convert R&D investments into tangible results, and that not all firms are well positioned to benefit from R&D investment. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Who wins in international investment arbitration disputes? Evidence from Latin American and Caribbean countries’ cases under ICSID(Faculty of Economics and Administration, 2021-01-01)During the nineties, an important group of Latin American and Caribbean (LAC) countries adhered to the International Center for Settlement of Investment Disputes (ICSID) as part of a programme of measures that sought to attract foreign investment to the region. With the aim of exploring the determinants of arbitration outcomes, I use a dataset of 161 concluded disputes until 2019 corresponding to investments in LAC countries, finding evidence on the influence of parties’ characteristics, the subject discussed in cases, and characteristics of the tribunal on the arbitration outcomes. I find that 50% of tribunal decisions have been favourable to either claimant investors or host countries. However, this result may be subject to sample bias if information of settlements and discontinued cases is not taken into consideration. I also find evidence in favour of selection and party capability theories that helps to explain the determinants of international investment arbitration dispute outcomes. In particular, the results reveal that disputes related to direct expropriations have a relatively higher probability of being considered founded by tribunals than other legal controversies. Likewise, the indicators of the relative strength of parties, such as experience in the international arbitration system, have an important influence on tribunal awards. Furthermore, country’s time of experience within ICSID is found to have an important influence on the selection of disputes. - Some of the metrics are blocked by yourconsent settings
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Item type:Publication, Informality and tax refund in Peru’s intercity passenger ground transport market: An empirical appraisal(Springer Science+Business Media, 2022-07-19)This paper studies whether Peru’s excise tax refund of 30% for fuel purchases has had the effect of increasing formalization in the intercity passenger ground transport market and whether the resulting tax expenditure has been fruitful in increasing investment in vehicles. Based on a partial equilibrium market framework, transport operators are segmented among formal, informal and illegal operators, and a new methodology to measure how the tax refund makes these operators change their market shares is perfected. Evidence shows that the tax refund has worked by augmenting the market share of formal but not informal operators, thus increasing the overall formalization of the passenger transport market. This contradicts the Ministry of Finance impact evaluation asserting that market formalization has not occurred because informal operators did not take advantage of the tax refund and did not convert into formal operators. An epilogue challenges a 2020 government decree establishing a new tax refund no longer intended to reduce informality but rather to reduce accident rates. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Recent tax reforms in Peru: macro-sectoral evaluation with a computable general equilibrium model(RELX Group (Netherlands), 2025-01-01)5