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The purpose of this paper is to study the spillover effects of foreign direct investment (FDI) on skilled–unskilled wage inequality in the Indian manufacturing industries.

The authors show theoretically with a model of spillover that if foreign firms (receiving FDI) have a negative spillover effect on domestic firms (not receiving FDI), then the level of capital and skilled workers in the domestic firms falls down. Consequently, the authors conduct an empirical analysis by using system GMM estimation technique on the firm-level data of the Indian organised manufacturing sector.

The authors show that wage inequality worsens when there is negative spillover effects like competition spillover or skill spillover effect of FDI in India.

To the best of the authors’ knowledge, this is the first attempt to measure the various spillover effects of FDI on the wage inequality in the Indian manufacturing industries by using firm-level data.

This paper aims to examine the impact of six possible foreign direct investment (FDI) spillover channels on the total factor productivity (TFP) of Chinese agricultural enterprises and investigate the moderating role of absorptive capacity (technological acumen) on TFP spillover effects.

Based on data from 118 agricultural and related Chinese industries, the authors employ a multithreshold regression model to empirically analyze the impact of FDI on the TFP of agricultural enterprises and the threshold effect of absorptive capacity. To overcome potential endogeneity problems, the authors select the FDI stock of corresponding USA industries and the industrial access policy index as instrumental variables and re-estimate the model.

The results suggest foreign-invested agricultural enterprises are more likely to benefit from FDI, while the “aggregate” FDI spillover effect is negative for domestic agricultural enterprises. However, once threshold effects are introduced, the authors find firms “close to” (“far from”) the technological frontier experience statistically significant positive (negative) spillover effects. Similar results are obtained for virtually all FDI spillover channels for firms in both upstream and downstream industries. FDI spillovers, when they occur, can be a two-edged sword – benefiting some firms at the expense of others.

The authors introduce six FDI spillover channels to examine the impact of FDI on the productivity of foreign-invested and domestic agricultural enterprises. Moreover, the authors analyze the threshold effect of firms' absorptive capacity. These findings can help formulate foreign investment introduction policies based on the characteristics of agricultural enterprises with different ownership structures. These results are also beneficial for agricultural enterprises to better exploit FDI spillover effects and improve their productivity.

This study analyzes the static and dynamic risk spillover between US/Chinese stock markets, cryptocurrencies and gold using daily data from August 24, 2018, to January 29, 2021. This study provides practical policy implications for investors and portfolio managers.

The authors use the Diebold and Yilmaz (2012) spillover indices based on the forecast error variance decomposition from vector autoregression framework. This approach allows the authors to examine both return and volatility spillover before and after the COVID-19 pandemic crisis. First, the authors used a static analysis to calculate the return and volatility spillover indices. Second, the authors make a dynamic analysis based on the 30-day moving window spillover index estimation.

Generally, results show evidence of significant spillovers between markets, particularly during the COVID-19 pandemic. In addition, cryptocurrencies and gold markets are net receivers of risk. This study provides also practical policy implications for investors and portfolio managers. The reached findings suggest that the mix of Bitcoin (or Ethereum), gold and equities could offer diversification opportunities for US and Chinese investors. Gold, Bitcoin and Ethereum can be considered as safe havens or as hedging instruments during the COVID-19 crisis. In contrast, Stablecoins (Tether and TrueUSD) do not offer hedging opportunities for US and Chinese investors.

The paper's empirical contribution lies in examining both return and volatility spillover between the US and Chinese stock market indices, gold and cryptocurrencies before and after the COVID-19 pandemic crisis. This contribution goes a long way in helping investors to identify optimal diversification and hedging strategies during a crisis.

This paper aims to investigate the effects of buzz about the focal brand on competing brands’ attitudes.

Brand-related buzz can be defined as “a general sense of [positive or negative] excitement about or interest in [a brand], as reflected in or generated by word of mouth” (Oxford dictionary). The authors investigate the spillover effects of such positive and negative buzz on brand attitudes of 648 brands in 43 categories over five years.

The authors find that spillover effects are widespread across product categories and affect competing brands through (negative) halo effect and (unfavorable) preference substitution. The authors do not find evidence of positive spillover effects for non-focal brands.

The authors provide generalizable evidence that positive and negative buzz spills over competing brands’ attitudes for hundreds of brands across the largest sectors of the US economy. Interestingly, positive and negative buzz have asymmetric effects on consumer attitudes. These effects vary by consumer attitude metric and are moderated by brand news intensity, strength and similarity.

First, marketing managers should monitor the buzz of competing brands. Second, if managers are concerned with impressions, they should intervene when there is a negative buzz about competitors (halo effect). Third, managers should stimulate positive buzz to negatively affect their competitors’ purchases. Fourth, managing a smaller brand has advantages regarding impressions and recommendations, while news intensity can shield from negative spillover effects for impressions. Finally, brand similarity amplifies the spillover effects across the board.

This paper provides evidence that spillover effects are pervasive and urges marketing managers and academics to incorporate competing buzz in their frameworks and strategies.

To estimate the volatility of exchange and stock markets and examine its spillover within and across the member countries of BRICS during COVID-19 and the conflict between Russia and Ukraine.

The study utilizes the “dynamic conditional correlation-generalized autoregressive conditional heteroskedasticity (DCC-GARCH)” approach of Gabauer (2020). The volatility of the markets is calculated following the approach of Parkinson (1980). The sample dataset comprises the daily volatility of the stock and exchange markets for 35 months, from November 2019 to September 2022.

The study confirms the existence of contagion effects among member countries. Volatility spillover between exchange and stock markets is low within the country but substantial across borders. Russian contribution increased significantly during the conflict with Ukraine, and other countries also witnessed a surge in the spillover index during the pandemic and war.

It adds to the body of literature by emphasizing the necessity of comprehending the economies' behavior and interdependence. Offers insightful information to decision-makers who must be more watchful regarding the financial crisis and its regional spillover.

The study is the first to explore the contagion of volatility among the BRICS countries during the two biggest crisis periods of the decade.

Previous studies have reached inconsistent conclusions on foreign direct investment (FDI) technology spillovers and corporate innovation. The main purpose of this paper is to explore the technological spillover effects of FDI from the microperspective of firm linkages induced by geographic distance. Further analysis is conducted on the impact and mechanism of this spillover on the innovation quality of Chinese enterprises. The conclusions drawn from this paper can guide Chinese enterprises' foreign capital utilization and innovation strategy choices.

Using the data of China's A-share listed companies from 2009 to 2019, this paper explores the role of FDI technology spillover in enterprise innovation quality through a two-way fixed-effect model. The robustness of the results is proven by substituting variables, adding industry fixed effects and excluding high-profit groups, and further using the two-stage least squares (2SLS) method to alleviate the empirical endogeneity problem.

These findings indicate that FDI technology spillover based on geographic proximity has a positive impact on the innovation quality of Chinese enterprises. However, there are different impacts for different types of enterprises. FDI technology spillover has a positive impact on the innovation quality of non-state-owned enterprises (non-SOEs) and small- and medium-sized enterprises (SMEs), while it has no effect on state-owned enterprises (SOEs) and large enterprises. The authors also find that the degree of financing constraints and R&D investment are important transmission mechanisms between FDI technology spillover and enterprise innovation quality.

This study ignores industry characteristics when considering foreign enterprises around Chinese enterprises. In fact, technology spillover effects differ across industries. When the authors matched microdata to regions, only the provincial level was considered. Therefore, there is still room for further research. In future research, the authors should consider industry characteristics and group foreign enterprises and Chinese enterprises in the same industry and in different industries to explore industry differences in technology spillover. In addition, when matching corporate data to regions, the authors can match to the city level and draw city-level conclusions.

This study is different from previous studies that focus on the quantity of enterprise innovation or innovation output. The authors focus on the role of technological spillovers in the quality of Chinese enterprise innovation, enriching research in the field of enterprise innovation quality. In addition, the current FDI technology spillover indicators are technically difficult to measure at the micro level. The authors draw inspiration from the theory of the geographical structure of financial supply and combine the creation methods of macro and micro indicators in existing articles in other fields. The authors ingeniously construct a new FDI technical spillover indicator. This indicator combines the commonly used regional FDI technology spillover with the geographic proximity of enterprises at the microlevel by constructing an interaction term between the two. This indicator not only alleviates the endogeneity problem to a certain extent but also has implications for future research in the field of FDI technology spillovers at the micro level.

(1) FDI technology spillovers are an effective way to improve the innovation quality of local enterprises, especially for non-SOEs and SMEs. Therefore, The authors suggest that in the context of dual circulation, the Chinese government should continue to open wider to the outside world and encourage foreign enterprises to invest in China. (2) In future development, managers of SOEs and large enterprises should create an innovation incentive mechanism. Moreover, they should change their vertical management structure and make full use of their policy advantages and budget advantages to increase innovation activities. In the process of acquiring technology spillovers, enterprises need to solve their own financing constraints.

First, this study solves a technical problem. It is technically difficult to measure the current FDI technical spillover indicators at the micro level. This study innovatively constructs a new FDI technology spillover indicator that combines regional FDI technology spillovers with the microperspective of the geographical proximity of enterprises. This approach not only alleviates certain endogeneity problems in the empirical evidence but also enriches relevant research in the field of technology spillover. In addition, this study focuses on the impact and mechanism of this spillover, which addresses the current research gap among previous studies that mainly focus on innovation quantity and ignore innovation quality.

This paper explains the mechanisms underlying the generation of two-way knowledge spillovers through the interaction of subsidiaries with differentiated local responsibilities and domestic firms.

The study is based on firm-level panel data from a census of Colombian manufacturing firms for the period 2003–2012. The estimation procedure involves two stages. In the first one, total factor productivity (TFP) of foreign and domestic firms is estimated. In a second step, we estimate conventional spillovers (from foreign-owned to local firms) and reverse spillovers (from local to foreign-owned firms) separately, using a random effect approach.

This study’s findings reveal that only locally creative subsidiaries enjoy positive and significant two-way knowledge spillover effects. The connectivity of subsidiaries to local and international networks is reinforced by reciprocal relationships among actors that enhance bidirectional knowledge flows, these being favored by the dynamics of clustering effects.

The paper contributes with new empirical evidence about the mechanism explaining how the technological heterogeneity of subsidiaries plays a determinant role in the generation of both knowledge flows from foreign to domestic firms and to the reverse, all integrated into the same framework.

This work investigates the volatility spillovers across stock markets and the nature of such spillovers through different periods of crises and tranquility.

Using daily stock return volatility data from June 2003 to June 2021, the generalized forecast error variance decomposition method (based on Diebold and Yilmaz, 2012 approach) is employed to measure the degree of volatility spillovers/connectedness among stock markets of 24 Asia–Pacific and 12 European Union (EU) economies.

The empirical results from static analysis suggested that about 28.1% (63.7%) of forecast error variance in return volatility for Asia–Pacific (EU) markets is due to spillovers. The evidence from dynamic analysis suggested that during mid of the global financial crisis, European debt crisis (EDC) and Covid-19, the gross volatility spillovers for Asia–Pacific (EU) was around 67% (80%), 65% (80%) and 73% (67%), respectively. The degree of net volatility transmission from Singapore (Denmark) to other Asia–Pacific (EU) markets was found to be highest.

The findings have crucial implications for the investors and portfolio managers in assessment of risk and optimum allocation of assets and investment decisions.

This study adds to the literature on risk management by systematically examining the impact of global financial crises, EDC and Covid-19 on the market interactions by capturing the magnitude, duration and pattern of the shock-specific market volatilities for a large sample of Asian and European markets using recent and large data set.

This paper aims to examine the dynamic spillover effects and network connectedness between the oil prices and the Islamic and conventional financial markets in the Gulf Cooperation Council countries. The focus is on network connectedness during the 2008–2009 global financial crisis, the 2014–2016 oil crisis and the COVID-19 pandemic. The authors use daily data covering the period from January 1, 2007 to April 14, 2022.

This study applies a spillover analysis and connectedness network to investigate the risk contagion among the Islamic and conventional stock–bond markets. The authors rely on Diebold and Yilmaz’s (2012, 2014) methodology to construct network-associated measures.

The results suggest that overall connectedness among financial market uncertainties increased during the global financial crisis, the oil price collapse of 2014–2016 and the COVID-19 crisis. In addition, the authors show that the contribution of oil shocks to the financial system is limited, as the oil market was a net receiver during the 2014 oil shock and the COVID-19 crisis. On the other hand, the Islamic and conventional stock markets are extensive sources of network effects on the oil market and Islamic and conventional bond markets. Furthermore, the authors found that the Sukuk market was significantly affected by the COVID-19 pandemic, whereas the conventional and Islamic stock markets were the highest transmitters of shocks during the COVID-19 pandemic outbreak. Moreover, oil revealed a weak connectedness with the Islamic and conventional stock markets during the COVID-19 health crisis, implying that it helps provide diversification benefits for international portfolio investors.

This study contributes to this field by improving the understanding of the effect of fluctuations in oil prices on the dynamics of the volatility connection between oil and Islamic and conventional financial markets during times of stress through a network connectedness framework. The main results of this study highlight the role of oil in portfolio allocation and risk minimization when investing in Islamic and conventional assets.

This study examines the information transmission (return and volatility spillovers) among energy commodities (crude oil, natural gas, Brent oil, heating oil, gasoil, gasoline) and Asian stock markets which are net importers of energy (China, India, Indonesia, Malaysia, Korea, Pakistan, Philippines, Taiwan, Thailand).

The information transmission is investigated by employing the spillover index of Diebold and Yilmaz, using daily data for the period January 2000 to May 2021.

A Strong connectedness is documented between the two classes of asset, especially during crisis periods. Our findings reveal that most of the energy markets, except gasoil and natural gas, are net transmitters of information, whereas all the stock markets, excluding Indonesia and Korea, are net recipients.

The findings are helpful for portfolio managers and institutional investors allocating funds to various asset classes in times of crisis.

All data is original.