The elasticity of investment and R&D investment with respect to cash flow is unambiguously positive in a large panel of U.S. manufacturing firms from 1973 to 1987. even with proper controls for permanent differences across firms and for simultaneity. I argue that the evidence favors liquidity...

The recent wave of corporate restructuring in the United States has been accused of shortening the investment horizons of U.S. managers. This paper surveys the empirical and case study evidence on restructuring and investment behavior and reaches the following conclusions 1) A large fraction of...

This document describes the panel of publicly traded United States manufacturing firms which was created and updated at the National Bureau of Economic Research from 1978 through 1990 within the Productivity Program. The panel consists of 2726 large manufacturing firms with one to twenty-nine...

This paper investigates whether the recent wave of corporate restructuring in the United States has had a negative impact on research arid development investment by industrial firms. Using a newly constructed sample of about 2500 manufacturing firms from 1974 to 1987, I examine three major...

It is argued by many that one of the benefits of the patent system is that it creates a property right to invention that enables firms to obtain financing for the development of that invention. In this paper, I review the reasons why ownership of knowledge assets might be useful in attracting...

What do we know about the relationship between innovation and productivity among firms? The workhorse model of this relationship is presented and the implications of analysis using this model and the usually available data on product and process innovation are derived. The recent empirical...

As patent data become more available in machine-readable form, an increasing number of researchers have begun to use measures based on patents and their citations as indicators of technological output and information flow. This paper explores the economic meaning of these citation-based patent...

Universities are a key institution in the US innovation system and an important aspect of their involvement is the role they play in Private-Public Partnering activities. This study seeks to gain a better understanding of the performance of university-industry research partnerships using a...

This paper is a first step toward closing the analytical gap in the extensive literature on the results of interactions between public and private R&D expenditures, and their joint effects on the economy. Econometric studies in this area report a plethora of sometimes confusing and frequently...

Our two related goals in this paper are the following: Firstly and mainly, we want to examine the effects of major changes in modelling strategy and econometric methodology, over the past twenty years, on estimation of firm-level investment equations using panel data. Secondly, we try to assess...