OxTalks will soon move to the new Halo platform and will become 'Oxford Events.' There will be a need for an OxTalks freeze. This was previously planned for Friday 14th November – a new date will be shared as soon as it is available (full details will be available on the Staff Gateway).
In the meantime, the OxTalks site will remain active and events will continue to be published.
If staff have any questions about the Oxford Events launch, please contact halo@digital.ox.ac.uk
When do positive news about future technological advancements have the greatest economic impact: during recessions or economic booms? Recessions may represent opportune times for investment in relatively cheaper, productivity-enhancing activities. However, tighter financial constraints during recessions may limit the ability to secure funding for such investments. We explore this dichotomy by exploiting patent-based innovation shocks, defined by changes in stock market valuations of firms receiving patent grants. Our results show that aggregate patent-based innovation shocks have a greater impact on the economy during recessions, leading to a more significant rise in private investment. Firm-level data further reveals that firms tend to increase capital investment and R&D expenditures in response to these innovation shocks, especially during recessions. Financial constraints play a crucial role, with the larger impact during recessions driven by firms with low default risk.
