search query: @author Lazonick, W. / total: 4
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| Author: | Carpenter, M. Lazonick, W. O'Sullivan, M. |
| Title: | The stock market and innovative capability in the new economy: the optical networking industry |
| Journal: | Industrial and Corporate Change
2003 : OCT, VOL. 12:5, p. 963-1034 |
| Index terms: | High technology Innovation New economy Stock markets |
| Language: | eng |
| Abstract: | This article analyses the impact of the stock market on the innovative capabilities of high-technology companies that been central to what in the last half of the 1990s came to be called the "New Economy". It focuses empirically on equipment suppliers in optical networking. The period between 1996 and 2003 is covered, during which the optical networking industry was first central to the New Economy boom and after 2001 ensnared by the bursting of the New Economy bubble. It is shown in this paper how, responding to the New Economy business model brought into the industry by Cisco Systems, three Old Economy companies - Nortel Networks, Lucent Technologies and Alcatel - sought to use their corporate stock as a currency to acquire technology companies and compensate talented people, and thus accumulate innovative capability. |
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