-level observations. We distinguish horizontal (intra-industry) and vertical (inter-industry) spillovers. Besides the sign and magnitude … findings are that there are significant horizontal and backward spillovers for domestic-owned firms suggesting the presence of … insignificant. Using the distance data we find clear spatial structure of spillovers: for domestic firms the foreign presence only …

firms. Spillovers associated with a foreign investment presence in an industry are found to be negatively correlated with …

counterparts? (2) Do foreign firms generate spillovers to domestic firms? The estimation technique in this paper takes potential … endogeneity of ownership, spillovers and other factors into account by estimating a fixed effects model using instrumental … spillovers to domestic firms on average. In contrast, on average there are negative spillovers to domestic firms in Bulgaria and …