Aghion, Philippe; Askenazy, Philippe; Berman, Nicolas; … - Department of Economics, Harvard University - 2012
We use a French firm-level data set containing 13,000 firms over the period 1994–2004 to analyze the relationship between credit constraints and firms’ R&D behavior over the business cycle. Our main results can be summarized as follows: (i) R&D investment is countercyclical without...