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Working Paper 352 - Liberalization, Technology Adoption, and Stock Returns: Evidence from Telecom


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Working Paper 352 - Liberalization, Technology Adoption, and Stock Returns: Evidence from Telecom

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Working Paper 352 - Liberalization, Technology Adoption, and Stock Returns: Evidence from Telecom

Working Paper 352 - Liberalization, Technology Adoption, and Stock Returns: Evidence from Telecom

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10th August 2021

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  • Working Paper 352 - Liberalization, Technology Adoption, and Stock Returns: Evidence from Telecom
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The paper investigates the pace of technology adoption in telecom technology post liberalization and its effect on stock returns using a new global panel dataset.

Results are twofold. First, evidence points to the complementarity between telecom liberalization and regulatory independence in driving a sustained pace of technology adoption.

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Second, results show a positive and economically significant effect of telecom adoption on stock returns pointing to significant spillovers of telecom to the rest of the economy.

Paper by the AfDB

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