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

Rabah Arezki, Vianney Dequiedt (), Rachel Yuting Fan () and Carlo Maria Rossotto ()
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Vianney Dequiedt: CERDI, Université Clermont Auvergne, https://cerdi.uca.fr/
Rachel Yuting Fan: The World Bank, https://www.worldbank.org
Carlo Maria Rossotto: International Finance Corporation, World Bank Group, https://www.ifc.org/

Working Paper Series from African Development Bank

Abstract: 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. 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.

Keywords: Liberalization; Technology Adoption; Telecom; Regulation; Stock Returns JEL classification: F30; L11; O16 (search for similar items in EconPapers)
Date: 2021-08-09
New Economics Papers: this item is included in nep-reg
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