Knowledge Spillovers and Corporate Investment in Scientific Research
Citations
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Cited by:
- Hao Xue, 2025. "Investors’ information acquisition and the manager’s value-risk tradeoff," Review of Accounting Studies, Springer, vol. 30(1), pages 776-812, March.
- Wang, Fang, 2024. "Does the recombination of distant scientific knowledge generate valuable inventions? An analysis of pharmaceutical patents," Technovation, Elsevier, vol. 130(C).
- Nicholas Bloom & Tarek Alexander Hassan & Aakash Kalyani & Josh Lerner & Ahmed Tahoun, 2021.
"The diffusion of disruptive technologies,"
CEP Discussion Papers
dp1798, Centre for Economic Performance, LSE.
- Nicholas Bloom & Tarek Alexander Hassan & Aakash Kalyani & Josh Lerner & Ahmed Tahoun, 2021. "The diffusion of disruptive technologies," POID Working Papers 016, Centre for Economic Performance, LSE.
- Bloom, Nicholas & Hassan, Tarek Alexander & Kalyani, Aakash & Lerner, Josh & Tahoun, Ahmed, 2021. "The diffusion of disruptive technologies," LSE Research Online Documents on Economics 113870, London School of Economics and Political Science, LSE Library.
- Kazuyuki Motohashi & Kenta Ikeuchi & Akira Yamaguchi, 2025. "Absorptive capacity for science-based innovation propensity: an empirical analysis using Japanese National Innovation Survey," The Journal of Technology Transfer, Springer, vol. 50(4), pages 1325-1340, August.
- repec:cam:camjip:2301 is not listed on IDEAS
- Yuanqi Li & Zhuo Li & Ting Liu, 2024. "Does university-industry collaboration improve firm productivity? Evidence from China," PLOS ONE, Public Library of Science, vol. 19(7), pages 1-19, July.
- Arora, Ashish & Belenzon, Sharon & Sheer, Lia, 2021. "Matching patents to compustat firms, 1980–2015: Dynamic reassignment, name changes, and ownership structures," Research Policy, Elsevier, vol. 50(5).
- Mahyar Habibi, 2025. "Open Sourcing GPTs: Economics of Open Sourcing Advanced AI Models," Papers 2501.11581, arXiv.org.
- Jo, Karam & Kim, Seula, 2024. "Heterogeneous Innovations and Growth Under Imperfect Technology Spillovers," IZA Discussion Papers 17581, IZA Network @ LISER.
- Anckaert, Paul-Emmanuel, 2025.
"When the drugs (don’t) work: The role of science in product commercialization,"
Research Policy, Elsevier, vol. 54(5).
- Paul-Emmanuel Anckaert, 2025. "When the drugs (don’t) work: The role of science in product commercialization," Post-Print hal-05045289, HAL.
- Linde Colen & René Belderbos & Stijn Kelchtermans & Bart Leten, 2024.
"Many are called, few are chosen: the role of science in drug development decisions,"
The Journal of Technology Transfer, Springer, vol. 49(2), pages 492-517, April.
- Linde Colen & Rene Belderbos & Stijn Kelchtermans & Bart Leten, 2022. "Many are called, few are chosen: The role of science in drug development decisions," Working Papers of Department of Management, Strategy and Innovation, Leuven 706282, KU Leuven, Faculty of Economics and Business (FEB), Department of Management, Strategy and Innovation, Leuven.
- Ju, Xiaosheng & Jiang, Shengjun & Zhao, Qifeng, 2023. "Innovation effects of academic executives: Evidence from China," Research Policy, Elsevier, vol. 52(3).
- Karam Jo & Seula Kim, 2024. "Competition, Firm Innovation, and Growth under Imperfect Technology Spillovers," Working Papers 24-40, Center for Economic Studies, U.S. Census Bureau.
- Klayme, Tania & Gokmenoglu, Korhan K. & Rustamov, Bezhan, 2023. "Economic policy uncertainty, COVID-19 and corporate investment: Evidence from the gold mining industry," Resources Policy, Elsevier, vol. 85(PA).
- Zhao, Qifeng & Kong, Dongmin & Luo, Qianfeng, 2024. "Scientific disclosure and corporate misconduct," Pacific-Basin Finance Journal, Elsevier, vol. 88(C).
- Choi, Jin-Uk & Lee, Chang-Yang, 2022. "The differential effects of basic research on firm R&D productivity: The conditioning role of technological diversification," Technovation, Elsevier, vol. 118(C).
- Tiago Cavalcanti & Kamiar Mohaddes & Hongyu Nian & Haitao Yin, 2025.
"Environmental Pressure in Supply Chains: Pass-Through Effects on R&D and Innovation,"
CAMA Working Papers
2025-55, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
- Cavalcanti, T. & Mohaddes, K. & Nian, H. & Yin, H., 2025. "Environmental Pressure in Supply Chains: Pass-Through Effects on R&D and Innovation," Cambridge Working Papers in Economics 2568, Faculty of Economics, University of Cambridge.
- Bao, Yangming & Li, Jie & Yang, Jinyu, 2025. "Green pathways: The role of international air connections in corporate green innovation," Economic Modelling, Elsevier, vol. 149(C).
- Fabrizio Fusillo & Gianluca Orsatti & Alessandra Scandura, 2025.
"Public green demand and green innovation: evidence from US firms,"
Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 15(3), pages 647-679, September.
- Fusillo, Fabrizio & Orsatti, Gianluca & Scandura, Alessandra, 2024. "Public Green Demand and Green Innovation: Evidence from US Firms," Department of Economics and Statistics Cognetti de Martiis LEI & BRICK - Laboratory of Economics of Innovation "Franco Momigliano", Bureau of Research in Innovation, Complexity and Knowledge, Collegio 202401, University of Turin.
- Fusillo, Fabrizio & Orsatti, Gianluca & Scandura, Alessandra, 2024. "Public Green Demand and Green Innovation: Evidence from US Firms," Department of Economics and Statistics Cognetti de Martiis. Working Papers 202407, University of Turin.
- Li, Yan & Wang, Cong & Xia, Xinxin & Huang, Qingbo, 2025. "Impact of China Europe Railway Express operation on green total factor productivity and spatial spillover effect in Chinese cities," Transport Policy, Elsevier, vol. 172(C).
- Glaeser, Stephen & Lang, Mark, 2024. "Measuring innovation and navigating its unique information issues: A review of the accounting literature on innovation," Journal of Accounting and Economics, Elsevier, vol. 78(2).
- Bustamante, Maria Cecilia & Zucchi, Francesca, 2023. "Innovation, industry equilibrium, and discount rates," Working Paper Series 2835, European Central Bank.
- Nasirov, Shukhrat & Joshi, Amol M., 2023. "Minding the communications gap: How can universities signal the availability and value of their scientific knowledge to commercial organizations?," Research Policy, Elsevier, vol. 52(9).
- Ruilu Yang & Qiang Wu & Yundong Xie, 2023. "Are scientific articles involving corporations associated with higher citations and views? an analysis of the top journals in business research," Scientometrics, Springer;Akadémiai Kiadó, vol. 128(10), pages 5659-5685, October.
- Weizeng Sun & Jianfeng Wu & Hongchang Yang, 2024. "Increasing entrepreneurs through green industrial parks: evidence from special economic zones in China," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 72(2), pages 287-312, February.
- Chen, Xi & Mao, Jin & Ma, Yaxue & Li, Gang, 2024. "The knowledge linkage between science and technology influences corporate technological innovation: Evidence from scientific publications and patents," Technological Forecasting and Social Change, Elsevier, vol. 198(C).
- Martínez, Catalina & Parlane, Sarah, 2023. "Academic scientists in corporate R&D: A theoretical model," Research Policy, Elsevier, vol. 52(5).
- Roth, Felix & Rammer, Christian, 2025.
"Intangible Assets and Productivity at the Firm Level: R&D versus non-R&D Intangibles,"
Hamburg Discussion Papers in International Economics
20, University of Hamburg, Department of Economics.
- Roth, Felix & Rammer, Christian, 2025. "Intangible assets and productivity at the firm level: R&D versus non-R&D intangibles," ZEW Discussion Papers 25-062, ZEW - Leibniz Centre for European Economic Research.
- Xiaosheng Ju & Shengjun Jiang & Yuxuan Hu, 2025. "Corporate basic research and technological capabilities: Evidence from China," Economics of Transition and Institutional Change, John Wiley & Sons, vol. 33(2), pages 275-304, April.
- Luca Fornaro & Veronica Guerrieri & Lucrezia Reichlin, 2025. "Monetary policy for the green transition," BIS Papers, Bank for International Settlements, number 160.
- Kox, Henk L.M., 2022. "Linking the knowledge-capital model of foreign direct investment with national knowledge systems," EconStor Preprints 266495, ZBW - Leibniz Information Centre for Economics.
- Belkadhi, Khaled & Ghazzai, Hend & Lahmandi-Ayed, Rim, 2025. "Basic research and market concentration," Mathematical Social Sciences, Elsevier, vol. 138(C).
- Knut Blind & Torben Schubert, 2024. "Estimating the GDP effect of Open Source Software and its complementarities with R&D and patents: evidence and policy implications," The Journal of Technology Transfer, Springer, vol. 49(2), pages 466-491, April.
- Pi, Zhenyang & Wang, Ke, 2025. "Does lower electric vehicle production cost spur traditional automaker electrification? Spillovers of cost-reduction investments," Resource and Energy Economics, Elsevier, vol. 81(C).
- Altomonte, Carlo & El-Mallakh, Nevine & Sonno, Tommaso, 2024.
"Business groups, strategic acquisitions and innovation,"
LSE Research Online Documents on Economics
126757, London School of Economics and Political Science, LSE Library.
- Carlo Altomonte & Nevine El-Mallakh & Tommaso Sonno, 2024. "Business groups, strategic acquisitions and innovation," CEP Discussion Papers dp1996, Centre for Economic Performance, LSE.
- repec:cam:camjip:2428 is not listed on IDEAS
- Mathers, Ani Manakyan & Shank, Corey Allen, 2025. "Local vibrancy and innovation spillover," International Review of Economics & Finance, Elsevier, vol. 99(C).
- Plantec, Quentin & Cabanes, Benjamin & le Masson, Pascal & Weil, Benoit, 2023. "Early-career academic engagement in university–industry collaborative PhDs: Research orientation and project performance," Research Policy, Elsevier, vol. 52(9).
- Lööf, Hans, 2022. "What prevents spillovers from the pool of knowledge?," Working Paper Series in Economics and Institutions of Innovation 489, Royal Institute of Technology, CESIS - Centre of Excellence for Science and Innovation Studies.
- Kox, Henk L.M., 2022. "Testing the knowledge-capital model of foreign direct investment: New evidence," MPRA Paper 114177, University Library of Munich, Germany.
- Kox, Henk L.M., 2022. "Revisiting the knowledge-capital model of foreign direct investment: New multi-country evidence," MPRA Paper 114559, University Library of Munich, Germany, revised 14 Sep 2022.
- Rotolo, Daniele & Natalicchio, Angelo & Porter, Alan L. & Schoeneck, David J., 2025. "Emerging technologies, institutional groups and inter-organisational networks: The case of microneedles," Technological Forecasting and Social Change, Elsevier, vol. 213(C).
- Hmaddi, Ouafaa & Lanahan, Lauren & Murray, Alex, 2025. "Tracing entrepreneurial spillovers: Evidence from the U.S. State Small Business Credit initiative and Kickstarter," Research Policy, Elsevier, vol. 54(4).
- Arora, Ashish & Belenzon, Sharon & Dionisi, Bernardo, 2023.
"First-mover advantage and the private value of public science,"
Research Policy, Elsevier, vol. 52(9).
- Ashish Arora & Sharon Belenzon & Bernardo Dionisi, 2021. "First-mover Advantage and the Private Value of Public Science," NBER Working Papers 28533, National Bureau of Economic Research, Inc.
- Chen, Yangyang & Hsu, Po-Hsuan & Podolski, Edward J. & Veeraraghavan, Madhu, 2024. "In the mood for creativity: Sunshine-induced mood, inventor performance, and firm value," Journal of Empirical Finance, Elsevier, vol. 78(C).
- Jianwei DANG & Kazuyuki MOTOHASHI & Quihan ZHAO, 2025. "Patent Information Disclosure and Market Reactions: Empirical investigation by using text-based novelty and impact indicators," Discussion papers 25097, Research Institute of Economy, Trade and Industry (RIETI).
- Damrich, Sebastian & Kealey, Terence & Ricketts, Martin, 2022. "Crowding in and crowding out within a contribution good model of research," Research Policy, Elsevier, vol. 51(1).
- Isabel Cavalli & Charlie Joyez, 2021. "The Dynamics of French Universities in Patent Collaboration Networks," GREDEG Working Papers 2021-38, Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), Université Côte d'Azur, France.
- Coad, Alex & Srhoj, Stjepan, 2023.
"Entrepreneurial ecosystems and regional persistence of high growth firms: A ‘broken clock’ critique,"
Research Policy, Elsevier, vol. 52(6).
- Coad, Alex & Srhoj, Stjepan, 2021. "Entrepreneurial Ecosystems and Regional Persistence of High Growth Firms: A 'Broken Clock' Critique," MPRA Paper 110991, University Library of Munich, Germany.
- Coad, Alex & Srhoj, Stjepan, 2021. "Entrepreneurial Ecosystems and Regional Persistence of High Growth Firms: A 'Broken Clock' Critique," GLO Discussion Paper Series 996, Global Labor Organization (GLO).
- Schaper, Thomas & Arts, Sam & Veugelers, Reinhilde, 2025. "Not like the others: Frontier scientists for inventive performance," Research Policy, Elsevier, vol. 54(10).
- Houston, Caleb M. & Roskelley, Kenneth D., 2024. "The American Inventors Protection Act and the staggered market reaction to patent grants," Finance Research Letters, Elsevier, vol. 70(C).
- Tong Li & Nengsheng Luo, 2024. "Dividend Payments and Persistence of Firms’ Green Innovation: Evidence from China," Sustainability, MDPI, vol. 16(18), pages 1-29, September.
- Rotolo, Daniele & Camerani, Roberto & Grassano, Nicola & Martin, Ben R., 2022. "Why do firms publish? A systematic literature review and a conceptual framework," Research Policy, Elsevier, vol. 51(10).
- Dai, Xin & Tang, Jie & Yin, Deyun, 2025. "Science and city: Exploring science's contribution to China's urban technological innovation," China Economic Review, Elsevier, vol. 93(C).
- Lipeng Wang & Thanos Verousis & Mengyu Zhang, 2025. "Market value of R&D, patents, and CEO characteristics," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 11(1), pages 1-24, December.
- Cavalcanti, Tiago & Mohaddes, Kamiar & Nian, Hongyu & Yin, Haitao, 2026.
"How air pollution makes firms less innovative: Human capital and adaptive strategies,"
Journal of Environmental Economics and Management, Elsevier, vol. 137(C).
- Cavalcanti, T. & Mohaddes, K. & Nian, H. & Yin, H., 2024. "How Air Pollution Makes Firms Less Innovative: Human Capital and Adaptive Strategies," Cambridge Working Papers in Economics 2466, Faculty of Economics, University of Cambridge.
- Ro, Sangbum & Kim, Daekwan & Lamont, Bruce T. & Maslach, David, 2024. "Foreign identity and organizational crises: Evidence in the U.S. automobile industry," Journal of World Business, Elsevier, vol. 59(6).
- Ashish Arora & Sharon Belenzon & Jungkyu Suh, 2022.
"Science and the Market for Technology,"
Management Science, INFORMS, vol. 68(10), pages 7176-7201, October.
- Ashish Arora & Sharon Belenzon & Jungkyu Suh, 2021. "Science and the Market for Technology," NBER Working Papers 28534, National Bureau of Economic Research, Inc.
- Wang, Xiaoquan & Wu, Qi & Zhang, Hong, 2025. "The role of social ties in spreading innovation: Evidence from alien merchant guilds in China," Journal of Economic Behavior & Organization, Elsevier, vol. 240(C).
- repec:cam:camjip:2528 is not listed on IDEAS
- Luyun Xu & Siyu Zhao & Xin Yin, 2025. "Exploring the impact of knowledge network heterogeneity on new product development: a perspective on knowledge combination," The Journal of Technology Transfer, Springer, vol. 50(6), pages 2669-2696, December.
- Emmens, Joseph & Hutschenreiter, Dennis & Manfredonia, Stefano & Noth, Felix & Santini, Tommaso, 2024. "From shares to machines: How common ownership drives automation," IWH Discussion Papers 23/2024, Halle Institute for Economic Research (IWH).
- Zhang, Cheng & Yao, Yangyang & Zhou, Han, 2023. "External technology dependence and manufacturing TFP: Evidence from China," Research in International Business and Finance, Elsevier, vol. 64(C).
- Shuying Li & Yujie Liu & Yang Xu, 2022. "Does ESG Performance Improve the Quantity and Quality of Innovation? The Mediating Role of Internal Control Effectiveness and Analyst Coverage," Sustainability, MDPI, vol. 15(1), pages 1-25, December.
- Sheer, Lia, 2022. "Sitting on the Fence: Integrating the two worlds of scientific discovery and invention within the firm," Research Policy, Elsevier, vol. 51(7).
- Cavalcanti, T. & Mohaddes, K. & Nian, H. & Yin, H., 2023.
"Air Pollution and Firm-Level Human Capital, Knowledge and Innovation,"
Cambridge Working Papers in Economics
2301, Faculty of Economics, University of Cambridge.
- Tiago Cavalcanti & Kamiar Mohaddes & Hongyu Nian & Haitao Yin, 2023. "Air pollution and firm-level human capital, knowledge and innovation," Working Papers EPRG2301, Energy Policy Research Group, Cambridge Judge Business School, University of Cambridge.
- Niu, Wenju & Shen, Houcai, 2022. "Investment in process innovation in supply chains with knowledge spillovers under innovation uncertainty," European Journal of Operational Research, Elsevier, vol. 302(3), pages 1128-1141.
- Bastian Krieger & Maikel Pellens & Knut Blind & Sonia Gruber & Torben Schubert, 2021.
"Are firms withdrawing from basic research? An analysis of firm-level publication behaviour in Germany,"
Scientometrics, Springer;Akadémiai Kiadó, vol. 126(12), pages 9677-9698, December.
- Krieger, Bastian & Pellens, Maikel & Blind, Knut & Schubert, Torben, 2020. "Are firms withdrawing from basic research? An analysis of firm-level publication behaviour in Germany," ZEW Discussion Papers 20-083, ZEW - Leibniz Centre for European Economic Research.
- Krieger, Bastian & Pellens, Maikel & Blind, Knut & Schubert, Torben, 2020. "Are firms withdrawing from basic research? An analysis of firm-level publication behaviour in Germany," Papers in Innovation Studies 2020/13, Lund University, CIRCLE - Centre for Innovation Research.
- Kox, Henk L.M., 2023. "Testing an extended knowledge-capital model of foreign direct investment," MPRA Paper 117266, University Library of Munich, Germany.
- Shin, Seungryul Ryan & Lee, Jisoo & Jung, Yura Rosemary & Hwang, Junseok, 2022. "The diffusion of scientific discoveries in government laboratories: The role of patents filed by government scientists," Research Policy, Elsevier, vol. 51(5).
- Mueller, Clemens, 2023. "Non-Compete Agreements and Labor Allocation Across Product Markets," VfS Annual Conference 2023 (Regensburg): Growth and the "sociale Frage" 277621, Verein für Socialpolitik / German Economic Association.
- Zhao, Qifeng & Luo, Qianfeng & Tao, Yunqing, 2023. "The power of paper: Scientific disclosure and firm innovation," Finance Research Letters, Elsevier, vol. 56(C).
- Papageorgiadis, Nikolaos & Procopiou, Andreas & Sofka, Wolfgang, 2023. "Unintended consequences of outcome based compensation – How CEO bonuses, stocks and stock options affect their firms' patent litigation," Research Policy, Elsevier, vol. 52(8).
- Jin, Jang C., 2025. "Research productivity of scientists in Asia for the growth of nations," Journal of Asian Economics, Elsevier, vol. 99(C).
- Aakash Kalyani & Nicholas Bloom & Marcela Carvalho & Tarek Hassan & Josh Lerner & Ahmed Tahoun, 2025.
"The Diffusion of New Technologies,"
The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 140(2), pages 1299-1365.
- Aakash Kalyani & Nicholas Bloom & Marcela Carvalho & Tarek Alexander Hassan & Josh Lerner & Ahmed Tahoun, 2021. "The Diffusion of New Technologies," NBER Working Papers 28999, National Bureau of Economic Research, Inc.
- Nicholas Bloom & Marcela Carvalho & Tarek A. Hassan & Aakash Kalyani & Joshua Lerner & Ahmed Tahoun, 2024. "The Diffusion of New Technologies," Working Papers 2024-009, Federal Reserve Bank of St. Louis.
- Aakash Kalyani & Nicholas Bloom & Marcela Carvalho & Tarek Hassan & Josh Lerner & Ahmed Tahoun, 2024. "The Diffusion of New Technologies," Working Papers Series inetwp222, Institute for New Economic Thinking.
- Gentilini, Arianna & Miraldo, Marisa, 2023. "The role of patient organisations in research and development: Evidence from rare diseases," Social Science & Medicine, Elsevier, vol. 338(C).
- Harold D Chiang & Bruce E Hansen & Yuya Sasaki, 2022. "Standard errors for two-way clustering with serially correlated time effects," Papers 2201.11304, arXiv.org, revised Dec 2023.
- Xin Dai & Jie Tang & Qin Huang & Wenyue Cui, 2023. "Knowledge Spillover and Spatial Innovation Growth: Evidence from China’s Yangtze River Delta," Sustainability, MDPI, vol. 15(19), pages 1-26, September.
- Wai, Sebastian, 2023. "Inventor mobility and spillovers in the early semiconductor industry," Technology in Society, Elsevier, vol. 75(C).
- Ana María Gómez-Aguayo & Joaquín M. Azagra-Caro & Carlos Benito-Amat, 2024.
"The steady effect of knowledge co-creation with universities on business scientific impact throughout the economic cycle,"
Scientometrics, Springer;Akadémiai Kiadó, vol. 129(5), pages 2771-2799, May.
- Gómez-Aguayo, Ana MarÃa & Azagra-Caro, JoaquÃn M. & Benito-Amat, Carlos, 2022. "The steady effect of knowledge co-creation with universities on business scientific impact throughout the economic cycle," INGENIO (CSIC-UPV) Working Paper Series 202202, INGENIO (CSIC-UPV), revised 11 Jul 2022.
- Arora, Ashish & Cohen, Wesley & Lee, Honggi & Sebastian, Divya, 2023.
"Invention value, inventive capability and the large firm advantage,"
Research Policy, Elsevier, vol. 52(1).
- Ashish Arora & Wesley M. Cohen & Honggi Lee & Divya Sebastian, 2022. "Invention Value, Inventive Capability and the Large Firm Advantage," NBER Working Papers 30354, National Bureau of Economic Research, Inc.
- Wu, Keyu & Zheng, Kaixin, 2025. "Tax incentives, supply chain spillovers, and enterprise technological innovation," International Review of Financial Analysis, Elsevier, vol. 99(C).
- Xiao, Fenglong, 2022. "Non-competes and innovation: Evidence from medical devices," Research Policy, Elsevier, vol. 51(6).
- Pan Yu & Gaoju Yang & Hangyu Chen, 2025. "Does cooperative research affect firms’ technology spillovers? Evidence from China," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 15(4), pages 1225-1248, December.
- Xin Su & Shengwen Wang, 2024. "Impact of China’s free trade zones on the innovation performance of firms: evidence from a quasi-natural experiment," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 11(1), pages 1-17, December.
- Zhan, Huimin & Du, Xianjin & Fu, Hong & He, Xiuli, 2025. "Innovation and pricing competition with absorptive capacity," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 204(C).
- Filippo Mezzanotti & Timothy Simcoe, 2022.
"Innovation and Appropriability: Revisiting the Role of Intellectual Property,"
Working Papers
22-09, Center for Economic Studies, U.S. Census Bureau.
- Filippo Mezzanotti & Timothy Simcoe, 2023. "Innovation and Appropriability: Revisiting the Role of Intellectual Property," NBER Working Papers 31428, National Bureau of Economic Research, Inc.
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