Investment in R&D is positively associated with the variance of sales growth and, to a lesser extent, employment growth. The magnitude of this effect has not increased in recent decades, however.

We construct a new database by matching firm-level Compustat data to NBER patent data, for four 2-digit complex technology sectors. Whilst conventional regression estimators show that the stock market does recognise efforts at innovation, quantile regression analysis adds a new dimension to the...

We construct a new database by matching firm-level Compustat data to NBER patent data, for four 2-digit complex technology sectors. Whilst conventional regression estimators show that the stock market does recognise efforts at innovation, quantile regression analysis adds a new dimension to the...

While Gibrat's Law assumes that growth rate variance is independent of size, empirical work has usually found a negative relationship between growth rate variance and firm growth. Using data on French manufacturing firms, we observe a relatively low, but statistically significant, negative...

While Gibrat's Law assumes that growth rate variance is independent of size, empirical work has usually found a negative relationship between growth rate variance and firm growth. Using data on French manufacturing firms, we observe a relatively low, but statistically significant, negative...

This note examines firm locations in a delivered pricing model with positive production externalities. We find that, quite counter intuitively, firms will disperse rather than move closer, when production externalities are positive and reciprocal. Furthermore, we see a divergence between the...

For an even number of firms with identical transport cost, spatial Cournot competition in a circular city generates a continuum of equilibria. We establish that any transport cost differential between the firms, however small, may eliminate all the equilibria, except the partial agglomeration...

This note examines firm locations in a delivered pricing model with positive production externalities. We find that, quite counter intuitively, firms will disperse rather than move closer, when production externalities are positive and reciprocal. Furthermore, we see a divergence between the...

For an even number of firms with identical transport cost, spatial Cournot competition in a circular city generates a continuum of equilibria. We establish that any transport cost differential between the firms, however small, may eliminate all the equilibria, except the partial agglomeration...