Benavente, José Miguel; Gregorio, José De; Núñez, Marco - Departamento de Economía, Facultad de Economía y Negocios - 2006
Using a panel data of innovative Chilean firms, we obtain a private return for R&D expenditure close to 30% during the nineties. Despite the fact of being almost twice the return obtained for physical capital - 17 %, results show that R&D expenditure causes contemporaneous negative impacts over...