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Liberalization, Technology Adoption, and Stock Returns: Evidence from Telecom

Author

Listed:
  • Rabah Arezki

    (BAD - Banque africaine de développement / African Development Bank, Kennedy School of Government, Harvard University, Cambridge, MA - affiliation inconnue)

  • Vianney Dequiedt

    (CERDI - Centre d'Études et de Recherches sur le Développement International - IRD - Institut de Recherche pour le Développement - CNRS - Centre National de la Recherche Scientifique - UCA - Université Clermont Auvergne, FERDI - Fondation pour les Etudes et Recherches sur le Développement International)

  • Rachel Yuting Fan

    (Banque Mondiale - Banque Mondiale - Banque Mondiale)

  • Carlo Maria Rossotto

    (Banque Mondiale - Banque Mondiale - Banque Mondiale)

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.

Suggested Citation

  • Rabah Arezki & Vianney Dequiedt & Rachel Yuting Fan & Carlo Maria Rossotto, 2021. "Liberalization, Technology Adoption, and Stock Returns: Evidence from Telecom," Working Papers hal-03174354, HAL.
    • Handle: RePEc:hal:wpaper:hal-03174354
    Note: View the original document on HAL open archive server: https://hal.science/hal-03174354
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    References listed on IDEAS

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    Keywords

    Liberalization; Technology adoption; Telecom; Regulation; Stock returns;
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