We develop a model of R&D collaboration in which individual firms carry out in-house research on core activities and undertake bilateral joint projects on non-core activities with other firms. We develop conditions on the profit functions of the firm under which R&D investments in different...

This paper shows that the presence of conditional staging in R&D (Research & Development) has a critical impact on portfolio risk, and changes diversification arguments when a portfolio is constructed. When R&D projects exhibit option-like characteristics, correlation between projects plays a...

One of the debates in the capital budgeting model selection is between the free cash flow and DCF methods. In this paper an attempt is made to compare SVA against NPV model based on Monte Carlo simulations. Accordingly, NPV is found less sensitive to value driver variations and has got higher...

We formulate a simple model of optimal defensive disclosure by a monopolist facinguncertain antitrust enforcement and test its implications using unique data on defensivedisclosures and patents by IBM during 1955-1989. Our results indicate that strongerantitrust enforcement leads to more...

The paper tells the history of Russian financial development institutions, analyses their scope and fields of operation, discovers crucial problems and imbalances of Russian financial developenment institutions system and speculates on possible ways to its improvement.

This paper studies the decision of firms to expense or capitalize R&D expenditures. The firm has an incentive to mismatch the benefits and costs of R&D, expensing a larger portion of R&D when the benefits occur in the long-run and capitalizing a larger portion when the benefits occur in the...

Reflections on the evolution of the Triple Helix movement and the discussions at its latest conference in 2014.

This paper develops an endogenous growth model featuring environmental externalities, abatement R&D, and market imperfections. We compare the economic performances under three distinct regimes that encompass public abatement, private abatement without tax recycling, and private abatement with...

The present paper proposes a new way of thinking regarding the relation between innovation and knowledge using a Physics-borrowed model, trying to prove whether knowledge resources can „flow” (be percolated) in a network or a grid, in order to be transformed in technological innovation. In...

Sixty years after the establishment of the first science park at Stanford University, Science and Technology Parks (STPs) have reached a worldwide diffusion. Many papers have discussed parks’ role in promoting new technology-based firms (NTBFs) and their impacts on firms’ performances, often...