In response to technological change, U.S. corporations have been investing more in intangible capital. This transformation is empirically associated with lower leverage and greater cash holdings, and commonly explained as a precautionary response to reduced debt capacity. We model how firms'...

We propose a novel model of knowledge discovery shedding light on the emergence of General Purpose Technologies (GPTs), the process which has been largely neglected in the literature on technological change. We demonstrate that GPTs emerge only when certain conditions with regard to the...

This paper analyzes the effect of innovation clusters on the adoption of a gen- eral purpose technology (GPT) and on firms R&D investment levels in im- perfect information situation. To do this, we developed a theoretical model of vertical relation, described as a four-step game between an...