Annals of Economics and Statistics/Annales d'��conomie et de Statistique, 1998
Les sept rubriques que nous avons distinguees sont les suivantes: 1) les effets macroeconomiques ... more Les sept rubriques que nous avons distinguees sont les suivantes: 1) les effets macroeconomiques de l'innovation sur la croissance et l'emploi; 2) l'organisation et l'evaluation de la recherche scientifique publique; 3) la protection de l'innovation par les droits de propriete industrielle et les brevets; 4) les problemes de standardisation dans les reseaux; 5) les determinants des investissements en Recherche et Developpement (R&D) et leurs contributions a la productivite; 6) la variabilite des profits de l'innovation en fonction ...
During the past few decades, the interest of economists in the sources of long run economic growt... more During the past few decades, the interest of economists in the sources of long run economic growth has led an increasing number to focus their attention on the role of innovation in creating that growth. Although some researchers have always been interested in this topic, in the last few years many others have recognized the central role played by innovation in almost all spheres of economic activity. Taking a somewhat US-centric perspective, one can probably date the origins of the mainstream development of this research agenda from ...
Evidence on the "funding gap" for investment innovation is surveyed. The focus is on financial ma... more Evidence on the "funding gap" for investment innovation is surveyed. The focus is on financial market reasons for underinvestment that exist even when externality-induced underinvestment is absent. We conclude that while small and new innovative firms experience high costs of capital that are only partly mitigated by the presence of venture capital, the evidence for high costs of R&D capital for large firms is mixed. Neverthless, large established firms do appear to prefer internal funds for financing such investments and they manage their cash flow to ensure this. Evidence shows that there are limits to venture capital as a solution to the funding gap, especially in countries where public equity markets for VC exit are not highly developed. We conclude by suggesting areas for further research.
Http Dx Doi Org 10 1162 Rest 2003 85 2 485, May 5, 2006
We are grateful for comments from Lee Baldwin, Adam Jaffe, Don Siegel, and participants at the AS... more We are grateful for comments from Lee Baldwin, Adam Jaffe, Don Siegel, and participants at the ASSA 2000 meetings in Boston and the Wake Forest University economics workshop on an earlier version of this paper. Also, we appreciate the suggestions and guidance of Rosalie Ruegg and Jeanne Powell, both of the Advanced Technology Program, during the data collection stage. The views expressed herein are those of the authors and do not necessarily reflect the position of the National Bureau of Economic Research.
... This article is not included in your organization's subscription. Howeve... more ... This article is not included in your organization's subscription. However, you may be able to access this article under your organization's agreement with Elsevier. Ashish Arora * and Alfonso Gambardella . * Fuqua Business School Duke University, Durham North Carolina, USA. ...
Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch ge... more Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.
We review the changes in modelling strategy and econometric methodology when estimating a firm-le... more We review the changes in modelling strategy and econometric methodology when estimating a firm-level investment equation on panel data during the past twenty years, in order to assess which of these changes result from new estimation methods and changes in the practice of panel data econometrics, and which are "real" and due to the evolution of the economy. Thus our paper consists of a series of comparisons: a simple accelerator-profit specification versus one with error correction, traditional between-and within-firm estimation versus GMM estimation, the investment behavior of French firms versus that of U.S. firms, and investment behavior today versus ten to twenty years ago. Although the econometric advances have perhaps not been as successful as we had hoped, we do find some real change in firm behavior and some improvement in equation specification and interpretation during the past twenty years.
We develop a forward looking profit model to estimate the depreciation rates of business R&D capi... more We develop a forward looking profit model to estimate the depreciation rates of business R&D capital. By using data from BEA and NSF between 1987 and, and the newly developed model, we estimate both constant and time varying industry specific R&D depreciation rates. The results comprise a set of R&D depreciation rates for major U.S. high-tech industries. They align with the main conclusions from recent studies that the rates are in general higher than the traditionally assumed 15 percent and vary across industries. The relative ranking of the constant R&D depreciation rates among industries is consistent with industry observations and the industry specific time varying rates are informative about the dynamics of technological change and the levels of competition across industries. Lastly, we also present a cross country comparison of the R&D depreciation rates between the U.S. and Japan, and find that the results reflect the relative technological competitiveness in key industries.
This paper is a first step toward closing the analytical gap in the extensive literature on the r... more This paper is a first step toward closing the analytical gap in the extensive literature on the results of interactions between public and private R&D expenditures, and their joint effects on the economy. A survey focusing on econometric studies in this area reveals a plethora of sometimes confusing and frequently contradictory estimates of the response of company financed R&D to changes in the level and nature of this category of public expenditures. Yet, a theoretical framework seldom is provided within which the empirical results are to be interpreted. Some such structure is necessary, in view of the multiple channels through which public research can affect private R&D performance, especially as not all the effects flow in the same direction. A major cause of "inconsistencies" in the empirical literature is the failure to recognize key differences among the various policy "experiments" being considered -depending upon the economy in which they are embedded, and the type of public sector R&D spending that is contemplated. Using a simple, stylized structural model, we identify the main channels of impact of public R&D. We thus can characterize the various effects, distinguishing between short-run and long-run impacts that would show up in simple regression analyses of nominal public and private R&D expenditure variables. Within the context of our simple model it is possible to offer interpretations that shed light on recent cross-section and panel data findings at both high (i.e. national) and low (specific technology area) levels of aggregation.
... REVIEW LETTERS STUDY OF THE ENHANCEMENT IN THE Ap INVARLANT MASS NEAR THE EN THRESHOLD IN Kd-... more ... REVIEW LETTERS STUDY OF THE ENHANCEMENT IN THE Ap INVARLANT MASS NEAR THE EN THRESHOLD IN Kd-Apr - INTERACTIONS AROUND 1.0 GeV/c * Gideon Alexander, Bronwyn H. Hall, Nathan Jew, and ... 8M. B. Watson, M. Ferro-Luzzi, and RD Tripp, Phys. ...
Annals of Economics and Statistics/Annales d'��conomie et de Statistique, 1998
Les sept rubriques que nous avons distinguees sont les suivantes: 1) les effets macroeconomiques ... more Les sept rubriques que nous avons distinguees sont les suivantes: 1) les effets macroeconomiques de l'innovation sur la croissance et l'emploi; 2) l'organisation et l'evaluation de la recherche scientifique publique; 3) la protection de l'innovation par les droits de propriete industrielle et les brevets; 4) les problemes de standardisation dans les reseaux; 5) les determinants des investissements en Recherche et Developpement (R&D) et leurs contributions a la productivite; 6) la variabilite des profits de l'innovation en fonction ...
During the past few decades, the interest of economists in the sources of long run economic growt... more During the past few decades, the interest of economists in the sources of long run economic growth has led an increasing number to focus their attention on the role of innovation in creating that growth. Although some researchers have always been interested in this topic, in the last few years many others have recognized the central role played by innovation in almost all spheres of economic activity. Taking a somewhat US-centric perspective, one can probably date the origins of the mainstream development of this research agenda from ...
Evidence on the "funding gap" for investment innovation is surveyed. The focus is on financial ma... more Evidence on the "funding gap" for investment innovation is surveyed. The focus is on financial market reasons for underinvestment that exist even when externality-induced underinvestment is absent. We conclude that while small and new innovative firms experience high costs of capital that are only partly mitigated by the presence of venture capital, the evidence for high costs of R&D capital for large firms is mixed. Neverthless, large established firms do appear to prefer internal funds for financing such investments and they manage their cash flow to ensure this. Evidence shows that there are limits to venture capital as a solution to the funding gap, especially in countries where public equity markets for VC exit are not highly developed. We conclude by suggesting areas for further research.
Http Dx Doi Org 10 1162 Rest 2003 85 2 485, May 5, 2006
We are grateful for comments from Lee Baldwin, Adam Jaffe, Don Siegel, and participants at the AS... more We are grateful for comments from Lee Baldwin, Adam Jaffe, Don Siegel, and participants at the ASSA 2000 meetings in Boston and the Wake Forest University economics workshop on an earlier version of this paper. Also, we appreciate the suggestions and guidance of Rosalie Ruegg and Jeanne Powell, both of the Advanced Technology Program, during the data collection stage. The views expressed herein are those of the authors and do not necessarily reflect the position of the National Bureau of Economic Research.
... This article is not included in your organization's subscription. Howeve... more ... This article is not included in your organization's subscription. However, you may be able to access this article under your organization's agreement with Elsevier. Ashish Arora * and Alfonso Gambardella . * Fuqua Business School Duke University, Durham North Carolina, USA. ...
Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch ge... more Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.
We review the changes in modelling strategy and econometric methodology when estimating a firm-le... more We review the changes in modelling strategy and econometric methodology when estimating a firm-level investment equation on panel data during the past twenty years, in order to assess which of these changes result from new estimation methods and changes in the practice of panel data econometrics, and which are "real" and due to the evolution of the economy. Thus our paper consists of a series of comparisons: a simple accelerator-profit specification versus one with error correction, traditional between-and within-firm estimation versus GMM estimation, the investment behavior of French firms versus that of U.S. firms, and investment behavior today versus ten to twenty years ago. Although the econometric advances have perhaps not been as successful as we had hoped, we do find some real change in firm behavior and some improvement in equation specification and interpretation during the past twenty years.
We develop a forward looking profit model to estimate the depreciation rates of business R&D capi... more We develop a forward looking profit model to estimate the depreciation rates of business R&D capital. By using data from BEA and NSF between 1987 and, and the newly developed model, we estimate both constant and time varying industry specific R&D depreciation rates. The results comprise a set of R&D depreciation rates for major U.S. high-tech industries. They align with the main conclusions from recent studies that the rates are in general higher than the traditionally assumed 15 percent and vary across industries. The relative ranking of the constant R&D depreciation rates among industries is consistent with industry observations and the industry specific time varying rates are informative about the dynamics of technological change and the levels of competition across industries. Lastly, we also present a cross country comparison of the R&D depreciation rates between the U.S. and Japan, and find that the results reflect the relative technological competitiveness in key industries.
This paper is a first step toward closing the analytical gap in the extensive literature on the r... more This paper is a first step toward closing the analytical gap in the extensive literature on the results of interactions between public and private R&D expenditures, and their joint effects on the economy. A survey focusing on econometric studies in this area reveals a plethora of sometimes confusing and frequently contradictory estimates of the response of company financed R&D to changes in the level and nature of this category of public expenditures. Yet, a theoretical framework seldom is provided within which the empirical results are to be interpreted. Some such structure is necessary, in view of the multiple channels through which public research can affect private R&D performance, especially as not all the effects flow in the same direction. A major cause of "inconsistencies" in the empirical literature is the failure to recognize key differences among the various policy "experiments" being considered -depending upon the economy in which they are embedded, and the type of public sector R&D spending that is contemplated. Using a simple, stylized structural model, we identify the main channels of impact of public R&D. We thus can characterize the various effects, distinguishing between short-run and long-run impacts that would show up in simple regression analyses of nominal public and private R&D expenditure variables. Within the context of our simple model it is possible to offer interpretations that shed light on recent cross-section and panel data findings at both high (i.e. national) and low (specific technology area) levels of aggregation.
... REVIEW LETTERS STUDY OF THE ENHANCEMENT IN THE Ap INVARLANT MASS NEAR THE EN THRESHOLD IN Kd-... more ... REVIEW LETTERS STUDY OF THE ENHANCEMENT IN THE Ap INVARLANT MASS NEAR THE EN THRESHOLD IN Kd-Apr - INTERACTIONS AROUND 1.0 GeV/c * Gideon Alexander, Bronwyn H. Hall, Nathan Jew, and ... 8M. B. Watson, M. Ferro-Luzzi, and RD Tripp, Phys. ...
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