The paper uses a range of primary-source empirical evidence to address the question: ‘why is it to hard to value intangible assets?’ The setting is venture capital investment in high technology companies. While the investors are risk specialists and financial experts, the entrepreneurs are...

Using 4 years of data from 37 American cities and 6 high technology groupings we present the first estimates of University R&D spillover effects on employment at this level of disaggregation, while controlling for prior innovations and state fixed effects. Wages and employments are strongly...

This paper reports on: (a) new primary source evidence on; and (b) statistical and econometric analysis of high technology clusters in Scotland. It focuses on the following sectors: software, life sciences, microelectronics, optoelectronics, and digital media. Evidence on a postal and e-mailed...

This paper uses data from high technology industry clusters in U.S. cities to establish a strong positive relationship between city, industry (and university) R&D and subsequent employment in the same industry and city. Perhaps surprisingly, in view of recent results that heterogeneity favors...

This paper is an empirical investigation into the ways in which venture capitalists value (and invest in) high technology firms, focusing on financial reporting, risk disclosure and intangible assets. It is based on questionnaire returns from UK investors in diverse sectors, ranging from...

It is well known that both "Silicon Valley" and "Route 128 Boston" owe much of their success ot the proximity of Stanford University and MIT. Knowledge spillovers from large research universities contribute to increasing returns, resulting in divergent development between clusters. This...