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Evaluation and Learning in R&D Investment
Frankel, Alex; Krieger, Joshua L.; Li, Danielle; … - National Bureau of Economic Research - 2023
We examine the role of spillover learning in shaping the value of exploratory versus incremental R&D. Using data from drug development, we show that novel drug candidates generate more knowledge spillovers than incremental ones. Despite being less likely to reach regulatory approval, they are...
Persistent link: https://www.econbiz.de/10014287391
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Research and/or Development? Financial Frictions and Innovation Investment
Mezzanotti, Filippo; Simcoe, Timothy S. - National Bureau of Economic Research - 2023
Abstract U.S. firms have reduced their investment in scientific research ("R") compared to product development ("D …"), raising questions about the returns to each type of investment, and about the reasons for this shift. We use Census data that … cost. Companies with greater demand for refinancing during the 2008 financial crisis made larger cuts to R&D investment …
Persistent link: https://www.econbiz.de/10014337755
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Saving and Investment in an Open Economy with Non-Traded Goods
Engel, Charles - 1987
, investment in capital goods and a non-traded good. Such an environment is rich enough to explain several phenomena that are … inexplicable in more barren models. We suggest an explanation of why saving and investment may be correlated even with no … restrictions on trade in assets. We explain why a high saving country may nonetheless borrow from abroad to finance investment. We …
Persistent link: https://www.econbiz.de/10012476928
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Investment-Cash Flow Sensitivities are not Valid Measures of Financing Constraints
Kaplan, Steven N. - 2000
Kaplan and Zingales [1997] provide both theoretical arguments and empirical evidence that investment-cash flow …
Persistent link: https://www.econbiz.de/10012471108
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International Borrowing to Finance Investment
Engel, Charles - 1986
The motives of a small country for borrowing to purchase capital equipment on international markets are studied. The country produces tradable capital and a nontradable consumption good and borrows or lends capital to achieve higher levels of welfare. A shift in time-preference favoring future...
Persistent link: https://www.econbiz.de/10012477211
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Financial Constraints, Asset Tangibility, and Corporate Investment
Almeida, Heitor - 2006
When firms are able to pledge their assets as collateral, investment and borrowing become endogenous: pledgeable assets … support more borrowings that in turn allow for further investment in pledgeable assets. We show that this credit multiplier … has an important impact on investment when firms face credit constraints: investment-cash flow sensitivities are …
Persistent link: https://www.econbiz.de/10012466582
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Gender Differences in Response to Competitive Organization? Differences Across Fields from a Product Development Platform Field Experiment
Boudreau, Kevin; Kaushik, Nilam - National Bureau of Economic Research - 2022
Prior research, primarily based on lab experiments, suggests that females might be more averse to competition than males and could be more inclined towards collaboration, instead. Were these findings to generalize to adults across the workforce, there could be profound implications for...
Persistent link: https://www.econbiz.de/10013210090
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Measuring the Commercial Potential of Science
Masclans, Roger; Hasan, Sharique; Cohen, Wesley M. - National Bureau of Economic Research - 2024
This paper uses a large language model to develop an ex-ante measure of the commercial potential of scientific findings. In addition to validating the measure against the typical holdout sample, we validate it externally against 1.) the progression of scientific findings through a major...
Persistent link: https://www.econbiz.de/10014512116
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Mapping the Knowledge Space : Exploiting Unassisted Machine Learning Tools
Teodoridis, Florenta; Lu, Jino; Furman, Jeffrey L. - National Bureau of Economic Research - 2022
Understanding factors affecting the direction of innovation is a central aim of research in the economics of innovation. Progress on this topic has been inhibited by difficulties in measuring distance and movement in knowledge space. We describe a methodology that infers the mapping of the...
Persistent link: https://www.econbiz.de/10013435165
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The Regulation of Medical AI : Policy Approaches, Data, and Innovation Incentives
Stern, Ariel Dora - National Bureau of Economic Research - 2022
For those who follow health and technology news, it is difficult to go more than a few days without reading about a compelling new application of Artificial Intelligence (AI) to health care. AI has myriad applications in medicine and its adjacent industries, with AI-driven tools already in use...
Persistent link: https://www.econbiz.de/10013477189