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ABSTRACT: This paper attempts to empirically investigate the mechanisms underlying growth in Hsinchu high-tech clusters. We emphasize knowledge spillovers as one of the potential factors contributing to agglomeration benefits. This paper sheds light on the impact of external and internal spillovers on firm performance in Hsinchu high-tech clusters. The empirical results provide supporting evidence that the external R&D spillover is statistically significant in explaining net sales of firms in Hsinchu high-tech clusters.
Information Systems & Economics eJournal. 12/2011;
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Wen-Hsien Liu
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ABSTRACT: In recent years, there has been a recognition that point forecasts of the semiconductor industry sales may often be of limited value. There is substantial interest for a policy maker or an individual investor in knowing the degree of uncertainty that attaches to the point forecast before deciding whether to increase production of semiconductors or purchase a particular share from the semiconductor stock market. In this article, I first obtain the bootstrap prediction intervals of the global semiconductor industry cycles by a vector autoregressive (VAR) model using monthly US data consisting of four macroeconomic and seven industry-level variables with 92 observations. The 24-step-ahead out-of-sample forecasts from various VAR setups are used for comparison. The empirical result shows that the proposed 11-variable VAR model with the appropriate lag length captures the cyclical behaviour of the industry and outperforms other VAR models in terms of both point forecast and prediction interval.
Applied Economics. 01/2007; 39(13):1731-1742.
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Economic Modelling 02/2006; 23(4):569-578. · 0.70 Impact Factor
