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A fundamental discussion is lacking in the current document on U.S innovation policy from the National Research Council [1] of how invalid innovation styles and business cultures in different combinations discriminates innovation in science and industry. With credit to the philosophy of Immanuel Kant, we redefine innovation as similar to a research process and argue for improvements in the innovation literature to avoid poor results and failed innovation in the future; i.e. the innovation paradox. A critical review of the U.S. innovation policy document originates from our own university-based research and innovation in the occupational safety and health area, which is an area where both research and industry have failed thus far. Our article includes both proposals for a revised national mission based on Kant, as well as examples of how investment in research and innovation can translate and transform innovation ideas into commercial products in networks and eco-systems; and also how collaborative channels might be opened between independent inventors and universities. Our findings are important for both scientists and politicians, as well as for individuals - in industry and in society - who want to commercialize inventions.

The rationale behind our approach was that product innovations in occupational health and safety originate from radical innovation processes where ideas are tested naturally before any rational decisions are made. Our thesis therefore was that an open and subsidized radical innovation arena might counteract today's development imperfections and also be profitable to the society as a whole. In this study we critically scrutinized the implementation of such a publically open arena in the Swedish construction industry, which is an area with large costs for accidents and injuries. We used a two-step action research approach in order to compare the efficiency of a general arena (Innovation Stockholm) with a specialised health and safety arena, given the same radical supporting style and entrepreneurial culture. Our results confirmed our thesis: both arenas produced successful innovations and were profitable to the society as a whole. The specialised arena even doubled the efficiency for an idea to be in the market after 2 years: from 0.1 ideas to 0.25 ideas. In a general perspective we believe that our findings can contribute to the discussion on the “Open innovation” concept and how to reorganize the established “Science Park” innovation model.

Globalisation is generally defined as the “denationalisation of clusters of political, economic, and social activities” that destabilize the ability of the sovereign State to control activities on its territory, due to the rising need to find solutions for universal problems, like the pollution of the environment, on an international level. Globalisation is a complex, forceful legal and social process that take place within an integrated whole with out regard to geographical boundaries. Globalisation thus differs from international activities, which arise between and among States, and it differs from multinational activities that occur in more than one nation‐State. This does not mean that countries are not involved in the sociolegal dynamics that those transboundary process trigger. In a sense, the movements triggered by global processes promote greater economic interdependence among countries. Globalisation can be traced back to the depression preceding World War II and globalisation at that time included spreading of the capitalist economic system as a means of getting access to extended markets. The first step was to create sufficient export surplus to maintain full employment in the capitalist world and secondly establishing a globalized economy where the planet would be united in peace and wealth. The idea of interdependence among quite separate and distinct countries is a very important part of talks on globalisation and a significant side of today’s global political economy.

Evasive entrepreneurs innovate by circumventing or disrupting existing formal institutional frameworks. Since such evasions rarely go unnoticed, they usually lead to responses from lawmakers and regulators. The paper aims to discuss this issue.

The authors introduce a conceptual model to illustrate and map the interdependencey between evasive entrepreneurship and the regulatory response it provokes. The authors apply this framework to the case of the file sharing platform The Pirate Bay, a venture with a number of clearly innovative and evasive features.

The platform was a radical, widely applied innovation that transformed the internet landscape, yet its founders became convicted criminals because of it.

Applying the evasive entrepreneurship framework to this case improves the understanding of the relationship between policymaking and entrepreneurship in the digital age, and is a first step toward exploring best responses for regulators facing evasive entrepreneurship.

This paper aims to compute total factor productivity (TFP) growth for India as well as for its 19 major states and to explore the determinants of TFP at the state level by considering the spillover effects.

TFP growth has been obtained using growth accounting equation. Further, the TFP growth estimates were used to derive TFP levels using the translog index procedure. Given the policy focus on building infrastructure and expanding financial access, we have estimated the impact of irrigation, electricity, road, health, education and financial depth on TFP using the Spatial Durbin Model to account for spillover effects.

Computing TFP growth for two sub periods, namely, 2001-2008 and 2009-2015, the study finds a deterioration in TFP growth for India as well as for 10 of the 19 states under study in the post global financial crisis period. The author find that TFP is positively impacted by irrigation, health and road infrastructure. While financial depth and education were statistically insignificant, installed capacity of electricity had a negative impact on state level TFP.

'The author provides rationale for the empirical findings considering the country context. The findings of this study act as pointers for shaping higher growth on a sustained basis in India. The study helps to assess the productivity growth in the new states, namely, Jharkhand, Chhattisgarh and Uttarakhand, that were carved out in 2000 vis a vis their parent states. This assessment is useful especially for the states of Jharkhand and Chhattisgarh which were created to address economic backwardness in certain pockets of the parent states.

First, it provides TFPG estimates for India as well as 19 major states during the 2000-2015 period. Second, this study helps to understand how TFPG for India as well as each of the 19 states have behaved in the post global financial crisis period. Third, the study helps to assess the productivity growth in the three newly created states in 2000 vis a vis their parent states. Fourth, this is the first attempt which considers the spatial interdependence among the states to estimate the impact of financial and infrastructural development on productivity in the Indian states.

The purpose of this paper is to examine the sensitivity of the Kuwait housing market to major local and regional geo-political and economic events.

This paper examines the market dynamics of the housing market in Kuwait. Kuwait provides an interesting market to consider owing to its position as a major oil producer, its sensitivity to geo-political events and its unusual demographic characteristics.

The error-correction model highlights that market is relatively volatile, with evidence of mean-reverting behaviour. Only when the data is smoothed are their more consistent findings with respect to underlying fundamentals. This paper also examines the response of the market to seven regional and local events. Of particular interest is that the one event that results in a consistent significant response is domestic legislation directly concerned with housing. This has a far greater impact than local or regional geo-political events.

Very few papers have considered how economic and political shocks directly impact housing markets using an event study approach. Given its geographic location and also its economic dependence on oil, Kuwait is an interesting market to consider.

This paper investigates the behavior of contrarian strategy payoffs under varying degrees of financial liberalization in the context of Asia-Pacific emerging market namely China, India, Indonesia, Korea, Malaysia, Pakistan, Philippines and Thailand for the period 1997–2017. These markets represent economies that display a gradual change in the degree of financial liberalization instead of fully opening their markets to foreign investors at once.

Using a daily dataset of 2,468 firms and four different measures of the degree of financial liberalization, the paper employs portfolio formation, panel regressions and binary modeling methods to reveal the impact of partial and complete financial liberalization on contrarian returns.

This paper documents a negative relationship between the degree of financial liberalization and contrarian strategy payoffs. The results further indicate that small-sized emerging markets reveal more significant and higher contrarian returns as compared to their larger counterparts. Moreover, the returns are significantly higher during negative market states, higher volatility and crises periods. The study findings are consistent with the investor-base broadening hypothesis.

The findings may serve as a useful input for investors and fund managers to devise contrarian investment strategies in emerging market economies. Together, the study provides additional insights for policymakers in managing financial liberalization and integration policies within their respective countries.

This study provides a novel viewpoint by examining the relationship between the degree of financial liberalization and contrarian strategy payoffs. The authors contribute to the existing debate by shifting the discussion to the investor-based broadening argument in which small and less liberalized emerging markets offer opportunities for investors and fund managers to produce abnormal contrarian returns that cannot be earned by other conventional investment strategies.

The purpose of this paper is to investigate the role of corporate governance mechanisms and foreign direct investment (FDI) to restrain or stimulate the use of loan loss provisions (LLPs) by managers to smooth earnings in African banks.

This study uses a sample of 112 listed and non-listed banks from 20 African countries, covering the period 2011–2017. Models are estimated using the pooled ordinary least squares regression, as well as Blundell and Bond (1998) system GMM.

The results suggest that bank managers use LLPs to reduce income volatility and that ownership concentration increases income smoothing. The findings also show that FDI plays a fundamental role to restrain managerial discretion in developing countries, increasing corporate governance practices in the host country.

These findings are relevant for banking regulators and supervisors in order to determine which corporate governance mechanisms can be used in developing countries to increase the quality of financial reporting. A policy model that promotes FDI boosts financial reporting transparency, contributing to greater financial markets development.

The authors extend the existing literature on the influence of corporate governance mechanisms in limiting managerial discretion by focusing on the role that foreign shareholders may have in disciplining banks financial reporting quality in countries with weak institutional quality.

Led by the rapid advancement of information technology in engineering, business and creative industries, the emergence of new technology such as virtual reality (VR) and its use in education and practices are clearly observed. Although widely spread in industry practices, technology-led innovation is applied rather slowly in the tertiary real estate education. This paper examines the integrative effect of VR technology in a real estate course.

This study adopts a case study approach. Using an experimental course design and delivery in a business school real estate programme from Hong Kong, this paper shows the design, development and implementation of an innovative teaching model with VR being integrated. A survey was conducted to gain feedback information from participating students towards teaching innovation. It identifies the role and values of adopting VR technology in real estate education as pedagogical tool.

A new teaching model integrated with VR technology to deliver a real estate course has demonstrated its ability and potential to assist the development and enhancement of student's sense of value and place, as well as improving communicative efficiency of property investigation and the analysis of trade process. Findings from the study have implications for future global real estate industry practice and education.

The critical role of information technology to revolutionise the global economy and its real estate sector is apparent. Few studies have inquired about attempts and experience of integrating VR technology in real estate education towards direct link to industry practice. This paper is a major attempt to bring attention to this important concern.