Dynamic interactions among stock return, Research and Development (R&D) expenses, patent applications based on R&D investment, and the propensity to patent are studied in this work for a panel of firms from the United States. The panel includes technologically similar firms, neck-to-neck, mostly...

A critique that has been directed towards the log-GARCH model is that its logvolatility specification does not exist in the presence of zero returns. A common "remedy" is to replace the zeros with a small (in the absolute sense) non-zero value. However, this renders Quasi Maximum Likelihood...

This paper has two main aims: (i) to criticize the diagnosis about the research performance of the EU contained in the so-called “European Paradox”, according to which Europe plays a leading world role in terms of scientific excellence, but lacks the entrepreneurial capacity of the U.S. to...

In contrast to the pattern observed in other developed countries, Spanish wage inequality did not increase during the period from 1995-2006. In this paper we analyse the relative role of supply and demand factors when accounting for this “atypical” fact. Because noticeable changes in both...

In this paper we propose a theory of investment and energy use to study the response of macroeconomic aggregates to energy price shocks. In our theory this response depends on the interaction between the energy efficiency built in capital goods (which is irreversible throughout their lifetime)...

This article studies the effects of gender and ethnicity on occupational segregation. The traditional approach to this topic measures the two sources of segregation separately. In contrast, we measure the joint effect of gender and ethnicity by applying a multigroup segregation index–the...

Waltman & Van Eck, in press, contains a systematic large-scale empirical comparison of classification-system-based versus source normalization procedures. A source-normalization procedure SNCS performs better than a normalization procedure based on the system where publications are classified...

University departments (or research institutes) are the governance units in any scientific field where the demand for and the supply of researchers interact. As a first step towards a formal model of this process, this paper investigates the characteristics of productivity distributions of a...

We study how changes in the information available to the players of a symmetric common-value Tullock contest with incomplete information affect their payoffs and their incentives to exert effort. For the class of contests where players' state dependent cost of effort is multiplicative, we show...

In this paper the Kullback-Leibler notion of discrepancy (Kullback and Leibler, 1951) is used to propose a measure of multigroup segregation over a set of organizational units within a multivariate framework. Among the main results of the paper it is established that the Mutual Information index...