Karine Teixeira Borri.

he co-movement patterns of stock returns within peer groups across nearly 7,000 firms in fourteen different countries, spanning from 2006 to 2016. The study focuses on both emerging and developed markets, identifying homogenous patterns of stock return co-movements within these peer groups.Using advanced econometric techniques, including fixed effect regressors and two-stage least squares (2SLS) models with instrumental variables, the research endeavors to uncover significant peer effects on stock returns that are primarily driven by the financial characteristics of the peer firms, particularly in emerging economies.

he co-movement patterns of stock returns within peer groups across nearly 7,000 firms in fourteen different countries, spanning from 2006 to 2016. The study focuses on both emerging and developed markets, identifying homogenous patterns of stock return co-movements within these peer groups.Using advanced econometric techniques, including fixed effect regressors and two-stage least squares (2SLS) models with instrumental variables, the research endeavors to uncover significant peer effects on stock returns that are primarily driven by the financial characteristics of the peer firms, particularly in emerging economies.

he co-movement patterns of stock returns within peer groups across nearly 7,000 firms in fourteen different countries, spanning from 2006 to 2016. The study focuses on both emerging and developed markets, identifying homogenous patterns of stock return co-movements within these peer groups.Using advanced econometric techniques, including fixed effect regressors and two-stage least squares (2SLS) models with instrumental variables, the research endeavors to uncover significant peer effects on stock returns that are primarily driven by the financial characteristics of the peer firms, particularly in emerging economies.

O projeto busca estimar o impacto das patentes, segredos industriais e outros aspectos do Direito da Concorrência e da Organização Industrial sobre a inovação na área de produção de fármacos, em especial para vacinas. Adicionalmente, planeja-se pesquisar o impacto de restrições de financiamento sobre investimentos em Pesquisa \ Desenvolvimento, além de outros aspectos relativos ao financiamento da inovação.

A few studies have suggested that financial constraints may be positively related to innovative efficiency. However, robust empirical evidences that support this view is scarce due to availability of R&D and patent related data. Therefore, in this study we employ a mixed-effects zero-inflated Poisson model to explore the impact of size and age on the firms? innovative efficiency.

We provide new empirical evidence of the relationship between the availability of internal funds and firms? investment. By employing a semi-parametric fixed effect model, we estimate a U-shaped curve relating investment and internal funds. Our results highlight the importance ofallowing for nonlinearities when modeling changes in internal funds and investment, and show that R&D expenses play a critical role on firms? investment under financial constraints.

Even though innovation is considered essential for economic development, there is a difficulty in understanding the role of financial systems in R&D expenses, especially in the presence of financial constraints. The aim of this study is to explore how the availability of financial resources affects the investment in R&D for firms in emerging and developed countries, taking into account the impact of credit and stock market. We employ the Structural Equation Model via Maximum Likelihood (ML-SEM) for a dynamic panel data consisting of 7764 companies across 10 economies over 2010 to 2018. This approach allows us to address the endogeneity problems of the lagged dependent variable and financial variables.