Browsing by Subject "innovaatiot"

Sort by: Order: Results:

Now showing items 21-40 of 48
  • Francis, Bill; Hasan, Iftekhar; Sharma, Zenu (2011)
    Bank of Finland Research Discussion Papers 17/2011
    We investigate the relationship between chief executive officer (CEO) compensation and innovation. In an empirical examination of compensation contracts of S&P 400, 500, and 600 firms we find that long-term incentives in the form of options are positively related to patents and citations to patents. In addition, convexity of options has a positive effect on innovation. We also find no relationship between pay for performance sensitivity (PPS) with patents and citations to patents while we did discover a positive relationship between these and golden parachutes. Finally, we show that subsequent to project failure managers compensation contracts are reset favourably. We provide support for the theory that compensation contracts that offer long-term commitment and protection from failure are more suitable for innovation
  • Acemoglu, Daron; Akcigit, Ufuk; Bloom, Nicholas; Kerr, William (2013)
    Bank of Finland Research Discussion Papers 22/2013
    We build a model of firm-level innovation, productivity growth and reallocation featuring endogenous entry and exit. A key feature is the selection between high- and low-type firms, which differ in terms of their innovative capacity. We estimate the parameters of the model using detailed US Census micro data on firm-level output, R&D and patenting. The model provides a good t to the dynamics of firm entry and exit, output and R&D, and its implied elasticities are in the ballpark of a range of micro estimates. We find industrial policy subsidizing either the R&D or the continued operation of incumbents reduces growth and welfare. For example, a subsidy to incumbent R&D equivalent to 5% of GDP reduces welfare by about 1.5% because it deters entry of new high-type rms. On the contrary, substantial improvements (of the order of 5% improvement in welfare) are possible if the continued operation of incumbents is taxed while at the same time R&D by incumbents and new entrants is subsidized. This is because of a strong selection effect: R&D resources (skilled labor) are inefficiently used by low-type incumbent firms. Subsidies to incumbents encourage the survival and expansion of these firms at the expense of potential high-type entrants. We show that optimal policy encourages the exit of low-type firms and supports R&D by high-type incumbents and entry. JEL No. E2, L1, O31, O32 and O33 Keywords: entry, growth, industrial policy, innovation, R&D, reallocation, selection.
  • Pyyhtiä, Ilmo (1991)
    Bank of Finland Research Discussion Papers 19/1991
    In this paper the reasons for revisions of announced investment plans are analyzed theoretically and empirically. In earlier studies by the author it was shown that investment plans and final investments differ systematically from each other. The theoretical framework is based on neoclassical investment theory, rational expectations and partial adjustment of investment plans. The effects of uncertainty are also studied. The empirical results show that investment plans are endogeneous to the firm and can change as the picture of demand or relative prices of factors of production change. So, the information set relevant to the determination of investment plans can be defined with conventional investment theory. According to the estimation results, reactions to shocks decrease when the survey horizon shortens. This supports the hypothesis on the increasing revision costs of investment plans as the realization time approaches. The results concerning demand uncertainty give some support to the theoretical result that an increase in demand uncertainty may reduce investments.
  • Hasan, Iftekhar; Hoi, Chun-Keung (Stan); Wu, Qiang; Zhang, Hao (2020)
    Journal of Corporate Finance June
    We find that social capital in U.S. counties, as captured by strength of social norms and density of social networks, is positively associated with innovation of firms headquartered in the county, as captured by patents and citations. This relation is robust in fixed-effect regressions, instrumental variable regressions with a Bartik instrument, propensity score matching regressions, and a difference-in-differences design that isolates the effects of over time variations in social capital due to corporate headquarter relocations. Strength of social norms plays a more dominant role than density of social networks in producing these empirical regularities. Cross-sectional evidence indicates the prominence of the contracting channel through which social capital relates to innovation. Additionally, we find that social capital is also positively associated with trademarks and effectiveness of corporate R&D expenditures.
  • Schmöller, Michaela (2019)
    Euro & talous 4/2019
    Euroalueen tuottavuuskasvu hidastui 2000-luvun alussa lähinnä innovaatiotoiminnan heikkenemisen seurauksena, mutta vuodesta 2008 lähtien hidastumisen syynä on ollut euroalueen kriiseistä johtuva teknologian käyttöönoton väheneminen. Tämän perusteella kokonaiskysynnän vaje voi heijastua tarjontapuolelle, koska heikko kysyntä vähentää teknologiainvestointeja ja siten syventää ja pitkittää taantumia. Tulokset eroavat perinteisestä makrotaloustieteestä, jossa oletetaan, että suhdannevaihtelut eivät vaikuta teknologiseen kehitykseen. Vakaata taloustilannetta tukeva talouspolitiikka on tärkeää myös tuottavuuden kasvun kannalta.
  • Takalo, Tuomas; Tanayama, Tanja; Toivanen, Otto (2013)
    Bank of Finland Research Discussion Papers 2/2013
    Published in International Journal of Industrial Organization, Volume 31, Issue 5, September 2013, Pages 634–642
    We extend the theoretical basis of the empirical literature on the effects of R&D subsidies by providing an estimable model of strategic interaction among subsidy applicants, and public and private sector R&D financiers. Our model incorporates fixed R&D costs and a cost of external finance. We derive the optimal support rule. At the intensive (extensive) margin the costs of external funding reduce (increase) the optimal subsidy rate. We also establish necessary and sufficient conditions for the existence of additionality. It turns out that additionality at the intensive margin is less likely with large spillovers. Our results suggest that the relationship between additionality and welfare may not be straightforward. Keywords: R&D, entrepreneurial finance, R&D subsidies, innovation policy JEL classification numbers: O38, O31, L32, H25, G28
  • Suomen Pankki (2016)
    1 Esipuhe 3 Seppo Honkapohja, Suomen Pankki 2 Itseajavan auton lompakko ja lentolippuja ostava kello 5 Sirpa Nordlund, Mobey Forum 3 Me emme maksa 2020-luvulla 9 Heikki Kapanen, Nets 4 FinTech maksamisen murtajana 12 Mikko Riikkinen, Tampereen Yliopisto / ReDO-tutkimushanke 5 Maksaminen on paljon enemmän kuin transaktio 15 Pekka Puustinen, Ilmarinen 6 Maksamisen peikko menee piiloon 17 Lennu Keinänen, Paytrail 7 Maksaminen nyt, kohta ja myöhemmin sekä vähän siitä ympäriltä 19 Sami Karhunen, Solinor 8 Helppokäyttöiset ja kohtuulliset peruspankkipalvelut kuuluvat kaikille 23 Juha Beurling, Kuluttajaliitto 9 Maksutavat ja tottumukset muuttuvat hitaasti 28 Matti Räisänen, Kaupan liitto 10 Suomen Yrittäjien näkemyksiä liittyen maksamiseen 2020-luvulla 30 Petri Malinen, Suomen Yrittäjät 11 Maksaminen 2020-luvulla 32 Mikael Forss, Kela 12 Maksaminen jää mielekkäämpien asioiden taustalle 33 Piia-Noora Kauppi, Finanssialan Keskusliitto 13 Maksamisen maailma 2020-luvulla 36 Liisa Kanniainen, Nordea 14 Miten maksamme digitalisoituvassa maailmassa? 40 Jani Ristimäki, OP Ryhmä 15 Pankeilla mahdollisuus menestyä maksamisen murroksessa 44 Mervi Hammarberg ja Kai Koskela, Säästöpankkikeskus 16 2020-luvun maksamisratkaisut ja trendit 46 Ilkka Lähteenmäki, Anniina Heinonen, Arto Mattila ja Jarmo Heilakka, Danske Bank Suomi 17 Uudet maksutavat hyödyttävät yhteiskuntaa – tietyin reunaehdoin 48 Martti Hetemäki, Valtiovarainministeriö 18 Maksamisratkaisut 2020-luvulla, KKV:n näkökulma 51 Juhani Jokinen, Kilpailu- ja kuluttajavirasto 19 Miten maksamme 2020-luvulla? Valvojan näkökulma 54 Anne Nisén ja Markku Koponen, Finanssivalvonta
  • Dahlberg, Tomi; Öörni, Anssi (2006)
    Bank of Finland Research Discussion Papers 33/2006
    Suomen Pankin projekti "Suomalaiset maksutavat 2010" ennakoi suomalaisten maksutottumusten olevan suurten muutosten edessä. Muutosten syitä ovat muun muassa eurooppalaisten maksujärjestelmien integroituminen ja standardoituminen, maksupalveluja koskevan lainsäädännön ja sääntelyn EU-tasoinen kehittäminen, maksupalvelujen kustannustekijöiden ja hinnoittelukäytäntöjen muutokset sekä tekniikan kehityksen tarjoamat uudet mahdollisuudet. Viime vuosina on kehitetty paljon uusia maksuvälineitä ja -palveluita, joille on tunnusomaista tieto- ja viestintätekniikan käyttöön perustuvan automaation lisääntyminen.Harva uusi palvelu on menestynyt.Maksamisen muutoksia koskevan ymmärryksen lisäämiseksi tässä tutkimusraportissa selvitetään kuluttajien tarpeiden, mieltymysten ja tottumusten vaikutusta uusien maksutapojen käyttöönottoon.Tutkimusaineisto kerättiin syyskuussa 2005 postikyselyllä, jossa käytiin läpi keskeiset maksutavat. Kysely lähetettiin 2000:lle satunnaisotannalla poimitulle suomalaiselle kuluttajalle.Tutkimuksen tulosten mukaan maksuvälineen turvallisuus ja luotettavuus koetaan tärkeimmiksi uuden maksutavan ominaisuuksiksi.Muita tärkeiksi koettuja maksuvälineen ominaisuuksia ovat tiedon saanti maksutapahtumasta, yhteensopivuus ostamis- ja maksutottumuksiin, laajakäyttöisyys, helppokäyttöisyys, ajan tai rahan säästö sekä riippumattomuus ajasta ja paikasta.Uudet maksutavat - sähköinen lasku ja ostosten maksaminen matkapuhelimella - eivät vuoteen 2010 mennessä syrjäytä vakiintuneita maksutapoja arvioituna sen perusteella, mitkä ovat kuluttajille tärkeimpiä ominaisuuksia.Luotettavuus tai hinnoittelu ei erottele tärkeimpien uusien maksutapojen - sähköinen lasku ja matkapuhelimella maksaminen - käyttöön myönteisesti ja kielteisesti suhtautuvia.Suppea joukko tekijöitä erottelee maksutapojaan muuttavat maksutapojaan muut4 tamattomista.Maksutavan helppokäyttöisyys vaikuttaa aikeisiin maksaa sekä sähköisellä laskulla että matkapuhelimella.Yhteensopivuus (laajakäyttöisyys) ja helppokäyttöisyys ovat matkapuhelimella maksamiseen vaikuttavia erottelevia tekijöitä.Asiasanat: maksutavat, kuluttajille suunnatut maksupalvelut, kuluttajakäyttäytyminen, innovaatioiden diffuusio, theory of planned behavior (TPB) JEL-luokittelu: A14, D14, L81,O33
  • Fang, Yiwei; Francis, Bill; Hasan, Iftekhar (2012)
    Bank of Finland Research Discussion Papers 26/2012
    This paper examines through various channels the effects of CEO social network heterogeneity on firm value. We construct four measures of heterogeneity based on demographic attributes, intellectual backgrounds, professional experience, and geographical exposures of individuals in the CEO social network. We find that CEO social network heterogeneity leads to higher Tobin's Q of firms. Greater CEO social network heterogeneity also leads to: (i) more innovation, (ii) more foreign sales growth, (iii) higher investment sensitivity to Tobin's Q, and (iv) better M&A performance. Overall, our results indicate that CEO social network heterogeneity is an aspect of CEO social capital and soft skills that deserves the attention of shareholders. Keywords: CEO, social networks, corporate finance policy decisions, firm value JEL classification: G32, G30, D71, Z10
  • Tölö, Eero (2016)
    Euro & talous 2/2016
    Perinteiset rahoitusalan toimijat ovat saamassa digitalisaation myötä uusia kilpailijoita. Yhtäältä suuret teknologiajätit ovat alkaneet tarjota ensi sijassa maksamiseen mutta osin myös luottoihin liittyviä palveluita. Toisaalta nopeasti kasvavat finanssitekniikan start-up-yritykset pyrkivät – höyhenenkeveiden kustannusrakenteiden ja uusien ajattelutapojen siivittäminä – nokkimaan pankkien lautaselta kaikkein herkullisimpia makupaloja.
  • Lahdenperä, Harri (2001)
    Suomen Pankin keskustelualoitteita 26/2001
    The consequences of electronic trading, payment and settlement have recently become one of the main topics in monetary economics.New innovations in payment and settlement technology are challenging the central bank's monopoly over the supply of base money, which is generally considered the cornerstone of the central bank's power to set the short-term interest rate for the economy.This paper demonstrates that the development of the economy's transaction technology over time has indeed had a significant quantitative impact on the demand for currency and bank reserves, and indirectly on the modalities of the supply of reserves by the central bank.In contrast to past trends, the latest innovations in payment and settlement technology imply not only a quantitative change but also a qualitative one, as they enable private institutions to issue settlement money that competes with the liabilities of the central bank.The paper presents a model on the implementation of monetary policy in an economy where such private substitutes for central bank money are available for the settlement of transactions, showing that effective monetary control by the central bank might indeed be compromised in those circumstances.However, the study also highlights several attributes that may distinguish central bank liabilities from any private alternatives, some of which are based on the central bank's traditional role as the banker for the Government.Key words: monetary policy, reserve demand, payment systems, financial innovation
  • Khiaonarong, Tanai (2003)
    Suomen Pankin keskustelualoitteita 1/2003
    Central bank spending on the operation of inter-bank funds transfer systems may range from below one million to nearly a billion US dollars annually.This paper examines how such costs are incurred and recovered to pursue payment systems efficiency in different countries and under alternative policy approaches.The key findings are as follows.First, strong scale economy effects were found, with unit costs comparatively lower in retail than large-value payment services, while subsidisation was also evident in a survey of thirty-one payment systems.Second, the minimalist approach was more efficiency enhancing than the competitive and public service policy alternatives, due to higher cost-reducing effects, stronger private sector involvement, and the avoidance of the central bank's conflicting role as regulator and service provider in the payments system.And third, regulatory and financial innovations, in addition to technological means, are found to be equally important policy tools that the central bank may adopt to improve the technical and economic efficiency of payment systems. Key words: payment systems, efficiency, cost, revenues, innovations
  • Takalo, Tuomas (2013)
    Bank of Finland Research Discussion Papers 1/2013
    Published in Journal of Reviews on Global Economics, Volume 1, 2012, Pages 157-167
    Economic interest in innovation policy largely arises from the fundamental importance of innovation to social welfare and from inefficiencies in innovation in a competitive market environment. As a result, a wide variety of public innovation policies are used in practice. This study reviews the economic justifications for public innovation policies and compares the existing policy tools, paying particular attention to the Finnish innovation policy environment. Key Words: Innovation policies, innovation, R&D, incentives, market failures JEL Classification: O38, O34, O31, G28, H25
  • Saarenheimo, Tuomas (1994)
    Suomen Pankki. B = Bank of Finland. B 49
    1.1 On The Nature of Innovation 1.1.1 A Taxonomy for R&D 1.1.2 Uncertainty and Divisibility 1.1.3 Economic Properties of Technology 1.2 Economic Analysis of Innovation 1.2.1 History 1.2.2 Schumpeter's Hypothesis 1.2.3 Theoretical Approaches 1.3 Three Aspects of Market Structure and Innovation 1.3.1 Market Structure and the Choice of Research Strategy 1.3.2 The Propensity to Patent 1.3.3 Research Joint Ventures and Cartels or Competitive R&D? 2 The Choice of Research Strategy in a Patent Race 2.1 Introduction 2.2 The Definition of Risk 2.3 The Model . 2.4 The Analysis 2.4.1 Symmetric Equilibrium . 2.4.2 Asymmetric Equilibria . 2.5 A Modification: Stochastic Payoffs 2.6 Conclusions 3 Market Structure and the Propensity to Patent: Patenting or Secrecy? 3.1 Introduction 3.2 The Basic Setup 3.3 Concentration and Patenting: Complete Information 3.3.1 Patenting Equilibrium 3.3.2 Equilibrium without Patenting 3.3.3 A Generalization: Shared Surplus 3.4 Concentration and Patenting: Incomplete Information 3.5 Firm Size and Patenting: Complete Information 3.6 Firm Size and Patenting: Incomplete Information 3.7 Conclusions 4 Research Joint Ventures vs.R&D Competition 4.1 Introduction 4.2 The Model 4.3 The Analysis 4.4 Comparison of the scenarios 4.5 Conclusions
  • Gormez, Yuksel; Capie, Forrest (2000)
    Suomen Pankin keskustelualoitteita; Bank of Finland. Discussion papers 7/2000
    This paper investigates the views of electronic money operators and innovators on the possibilities and implications of e-money, especially with respect to replacing central bank money as well as technical issues regarding e-money, its implications for the financial industry and central banking.This has been done using surveys of major e-money innovators and operators, based on the assumption that these operators and innovators are likely to shape the future framework for e-money schemes.It seems that innovators and operators are quite confident about the future of e-money - despite problems and obstacles surrounding current testing -and that central banks' monopoly of the issuance of money as a medium of exchange will no longer be unchallenged.
  • Jantunen, Lauri; Koskinen, Kimmo (2019)
    Euro & talous. Analyysi
    Tekoäly (artificial intelligence tai AI) ja massiiviset data-aineistot ovat nopeasti vakiinnuttamassa asemaansa osaksi rahoitusmarkkinoiden arkipäivää. Näitä edistyneitä teknologioita sovelletaan rahoitusprosessin kaikissa eri vaiheissa aina riskienhallinnasta portfolioiden optimointiin. Näillä uusilla menetelmillä ja teknologoilla on erinomaiset edellytykset tehostaa olemassa olevaa toimintaa ja luoda kokonaan uusia tuotteita, palveluita ja jakelukanavia. Näissä innovaatioissa on kuitenkin ominaisuuksia, jotka voivat altistaa markkinat uudentyyppisille haavoittuvuuksille. Siksi kehitystä tulee seurata tarkasti.
  • Chen, Xi; Funke, Michael (2012)
    BOFIT Discussion Papers 13/2012
    Published in Journal of Macroeconomics, Volume 38, Part B, December 2013, Pages 465-480
    This paper accounts for China.s economic growth since 1980 in a unified endogenous growth model in which a sequencing of physical capital accumulation, human capital ac-cumulation and innovation drives the rise in China.s aggregate income. The first stage is characterized by physical capital accumulation. The second stage includes both physical and human capital accumulation, and in the final stage innovation is added to the mix. Model calibrations indicate that the growth model can generate a trajectory that accords well with the different stages of development in China. Keywords: China, economic growth, transitional dynamics JEL-Classification: D90, O31, O33, O41
  • Kauko, Karlo (2000)
    Suomen Pankki. E 18
    The innovation activities of companies has long been a topic of interest in economics. Game theory models of oligopoly have since the start of the 1980s played a central role in the economics of innovation.In this study three game theory duopoly models are presented and each is used to analyse the firm's R&D activities. The first model is used to examine the variables that affect the incentives of banks providing payment services to develop an interbank payment system. A customer of a large bank may be in an advantageous situation in that most of his payments will be effected in that bank's internal payment system, which is more reliable and otherwise superior to the interbank system. A key result derived from the model is that provision of payment services free of charge to customers often results in a distortion of banks' incentives to develop the system. A smaller bank will overinvest in the system in order to improve its relative competitive position. Because system improvement would only weaken the large bank's superior position, it will not have a strong incentive to improve the system.Since only one of the model's two banks is investing in the quality of the system, the investments will generally not be cost-effective. If fees are charged for payment services, the distortions in incentives are less serious, even though it is often the case that both banks overinvest in the system. When model results are compared to historical situations regarding payment systems, a number of consistencies are found. The second model deals with the possibilities of a national government to influence domestic companies' investments in product development via patent laws that discriminate against foreign companies. If two countries have discriminatory patent laws in order to promote domestic companies' investments in product development, the results may well turn out to be offsetting. If just one of the two countries discriminates against foreign patent applicants, this may result in either more or less R&D effort by domestic companies, depending on the situation. The third model is used to study patenting decisions by a company that has made an innovation. A company can monopolize its innovation by either patenting it or keeping it secret. Patenting is the only viable option if a competitor independently comes up with the same innovation. A patent application, by contrast, is a public document, the contents of which are useful to others who would like to develop substitute products. Patenting is thus not advantageous unless the competitor is likely to come up with the same innovation independently. This means that a company will be the more inclined to patent an innovation, the more its rival invests in R&D. A risk-averse company is more inclined to patent than a risk-neutral one. This model is generally supported by empirical findings. Key words: innovation, oligopoly, banking, patenting
  • Suomen Pankki (2007)
    "Pääkirjoitus Toimivatko tutkimus- ja tuotekehittelytuet piristysruiskeena innovaatioille kaikissa kilpailuolosuhteissa? Onko yhdistetty valvonta avain toimivaan rahoituspalvelusektorin valvontaan? Miten taloudelliset uudistukset ovat vaikuttaneet kasvuun siirtymätalouksissa?"
  • Puhakka, Iiris (2019)
    Finanssivalvonta. Blogi 14/2019
    Mahtuvatko sanat Finanssivalvonta ja innovaatiot samaan lauseeseen? Kyllä, ilman muuta. Finanssivalvontaa ei ehkä tyypillisesti ole yhdistetty innovatiivisiin toimintamalleihin, vaan organisaation nimestä on perinteisesti tullut mieleen pankkien ja vakuutusyhtiöiden vakavaraisuuden ja asiakkaansuojan toteutumisen valvonta. Finanssialan digitaalisen murroksen myötä markkinoille syntyy kuitenkin uusia toimijoita ja innovatiivisia toimintamalleja, mikä tarkoittaa jatkossa yhä enenevässä määrin kysymyksiä, joiden aihealueet menevät valvontaviranomaiseen perinteisesti liitettyjen mielikuvien ulkopuolelle.