Compares Jaffe's work on the use of patents as a measure of the spillover of university research with the work of Acs and Audretsch in which innovation activity is measured by number of innovations. Jaffe's work, which modified the knowledge production function proposed by Griliches, showed a...

Schumpeterian arguments of “creative destruction” predict that innovation is countercyclical. However, empirical findings demonstrate the contrary. We apply corporate finance principles to macro- and innovation economics and propose a “hurdle-rate theory of inventive procyclicality”....

This study identifies and measures the returns to regional, national and international knowledge sourcing for innovation in firms with different productivity levels. We develop and estimate a model on two distinct samples using data from the 17,859 most innovative firms during 2002-2014. We...