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A revisit to the relationship between patents and R&D using empirical likelihood estimation

  • Sheng-Pin Hsueh

    ()

    (Department of Finance, Providence University)

  • Wei-Ming Lee

    ()

    (Department of Economics, National Chung Cheng University)

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    In this paper we reexamine the relationship between patents and R&D using empirical likelihood estimation. Based on the data of Hall, Griliches, and Hausman (1986) and the specification allowing for endogenous regressors, we found that the contemporaneous effect of R&D is significantly positive, yet the first-lag effect is significantly negative. Moreover, the total effect of R&D is much larger than those found in the early studies.

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    File URL: http://www.accessecon.com/Pubs/EB/2012/Volume32/EB-12-V32-I2-P115.pdf
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    Article provided by AccessEcon in its journal Economics Bulletin.

    Volume (Year): 32 (2012)
    Issue (Month): 2 ()
    Pages: 1208-1214

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    Handle: RePEc:ebl:ecbull:eb-12-00086
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    1. Hall, Bronwyn H. & Mairesse, Jacques, 1995. "Exploring the relationship between R&D and productivity in French manufacturing firms," Journal of Econometrics, Elsevier, vol. 65(1), pages 263-293, January.
    2. Blundell, Richard & Griffith, Rachel & Windmeijer, Frank, 2002. "Individual effects and dynamics in count data models," Journal of Econometrics, Elsevier, vol. 108(1), pages 113-131, May.
    3. Windmeijer, Frank, 2000. "Moment conditions for fixed effects count data models with endogenous regressors," Economics Letters, Elsevier, vol. 68(1), pages 21-24, July.
    4. Wooldridge, Jeffrey M., 1997. "Multiplicative Panel Data Models Without the Strict Exogeneity Assumption," Econometric Theory, Cambridge University Press, vol. 13(05), pages 667-678, October.
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