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Dynamics of R&D and Investment in the Scientific Sector

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Author Info
Lach, Saul
Schankerman, Mark

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Abstract

This paper empirically explores the dynamic interactions among research and development, capital investment, and the stock market performance of 191 firms in science-based industries during the period 1973-81. Using a framework based on dynamic factor analysis, the authors test asymmetric specifications of the dynamics between R&D and investment. The data indicate that R&D Granger-causes investment, but that investment does not Granger-cause R&D. The authors discuss interpretations of this causal ordering, characterize the stylized facts of the movements over time of R&D and investment, and measure the stock market valuation of these movements. Copyright 1989 by University of Chicago Press.

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Publisher Info
Article provided by University of Chicago Press in its journal Journal of Political Economy.

Volume (Year): 97 (1989)
Issue (Month): 4 (August)
Pages: 880-904
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Handle: RePEc:ucp:jpolec:v:97:y:1989:i:4:p:880-904

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  1. Marcel Dagenais & Pierre Mohnen & Pierre Therrien, 1997. "Do Canadian Firms Respond to Fiscal Incentives to Research and Development?," CIRANO Working Papers 97s-34, CIRANO. [Downloadable!]
    Other versions:
  2. Bronwyn Hall, 1994. "R&D Tax Policy During the Eighties: Success or Failure?," NBER Working Papers 4240, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  3. Jovanovic, B. & Nyarko, Y., 1996. "Research and Productivity," Working Papers 96-27, C.V. Starr Center for Applied Economics, New York University. [Downloadable!]
    Other versions:
  4. Pindyck, Robert S. & Solimano, Andres, 1993. "Economic instability and aggregate investment," Policy Research Working Paper Series 1148, The World Bank. [Downloadable!]
    Other versions:
  5. Bronwyn H. Hall, 1992. "Investment and Research and Development at the Firm Level: Does the Source of Financing Matter?," NBER Working Papers 4096, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  6. Mark Schankerman, 1991. "Revisions of Investment Plans and the Stock Market Rate of Return," STICERD - Economics of Industry Papers 05, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE. [Downloadable!]
  7. Steve Bond & Dietmar Harhoff & John Van Reenen, 1999. "Investment, R&D and financial constraints in Britain and Germany," IFS Working Papers W99/05, Institute for Fiscal Studies. [Downloadable!]
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  8. Ann Bartel & Saul Lach & Nachum Sicherman, 2005. "Outsourcing and Technological Change," NBER Working Papers 11158, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  9. Bronwyn H. Hall & Jacques Mairesse & Benoit Mulkay & Jacques Mairesse, 1999. "Firm Level Investment in France and the United States: An Exploration of What We Have Learned in Twenty Years," Econometrics 9902001, EconWPA. [Downloadable!]
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  10. Bronwyn H. Hall, 2002. "The Financing of Research and Development," NBER Working Papers 8773, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  11. Dalida Kadyrzhanova, 2005. "Predatory Governance," Computing in Economics and Finance 2005 421, Society for Computational Economics. [Downloadable!]
  12. Hernan Jaramillo Salazar & Carlos Pombo & Juan Miguel Gallego, 2002. "Incentivos fiscales en ciencia, tecnología e innovación: una revisión y análisis de la experiencia internacional," BORRADORES DE INVESTIGACIÓN 002828, UNIVERSIDAD DEL ROSARIO - FACULTAD DE ECONOMÍA. [Downloadable!]
  13. Jess Benhabib & Boyan Jovanovic, 1989. "Externalities and Growth Accounting," NBER Working Papers 3190, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  14. John Shea, 1998. "What Do Technology Shocks Do?," NBER Working Papers 6632, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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