We estimate the career and location preferences of students in U.S. doctoral programs in a major STEM field - chemistry. Our analysis is based on novel survey conducted in 2017 of 1,605 current Chemistry doctoral students enrolled in the top 54 U.S. research intensive universities. First, we...

We examine the distribution of Federal support for chemistry Research and Development (R&D) performed at U.S. universities from 1990-2009. Federal R&D funding is an essential source of funds for investigator-driven research at the nation's universities. Previous studies have documented that...

This paper investigates whether compulsory licensing - which allows governments to license patents without the consent of patent-owners - discourages invention. Our analysis exploits new historical data on German patents to examine the effects of compulsory licensing under the US...

This article examines the relationship between Research & Development (R&D) funding and the production of knowledge by academic chemists. Using articles published, either raw counts or adjusted for quality, we find a strong, positive causal effect of funding on knowledge production. This effect...

In recent decades, Chinese researchers have become preeminent contributors to the scientific enterprise, as reflected by the number of publications originating from Chinese research institutions. China's rise in science has the potential to push forward the global frontier, but mere production...

This paper presents a synopsis of recent NBER studies of the history of corporate governance in Canada, China, France, Germany, Japan, India, Italy, the Netherlands, Sweden, the United Kingdom, and the United States. Together, the studies underscore the importance of path dependence, often as...

In a multiperiod investment framework, firms with high expected growth earn higher expected returns than firms with low expected growth, holding investment and expected profitability constant. This paper forms cross-sectional growth forecasts, and constructs an expected growth factor that yields...