We use longitudinal, disease-level data to analyze the impact of pharmaceutical innovation on longevity and medical expenditure in Sweden, where mean age at death increased by 1.88 years during the period 1997-2010. Pharmaceutical innovation is estimated to have increased mean age at death by...

This paper measures the level of persistence in innovation using a large representative sample of Spanish manufacturing firms for the period 1990-2008. We determine survival in innovation activities using discrete-time duration models, which control for some of the existing problems in the...

We provide estimates of the abnormal stock market returns associated with pharmaceutical firms' announcements of technological and regulatory successes in drug development. On the basis of these estimates, we find empirical support for two key features of technological race models. First, we...

Despite their critical roles in innovation success, marketing activities are overlooked when the sources of innovation persistence are considered. Using three waves of the French Community innovation survey covering the period 2002-2008, this paper investigates the influence of marketing...

This paper evaluates the causal effect of issuing equities on the probability that a firm engages in R&D activity. Equity is a better source of external finance than debt for innovation. It does not require collateral, does not exacerbate moral hazard problems connected with the substitution of...

We endogenize firms' organizational structures in a homogenous goods duopoly where firms invest in cost-reducing R&D and compete in quantities, and examine their impact on R&D efforts and market performance. Each firm's owner can either delegate to a manager both market competition and R&D...

This paper models a focusing device of innovation in which a cluster has an o-ring type production function and each technology component endogenously upgrades its quality. We show that provided the magnitude of innovation is the same across technology components, competitive equilibrium is an...

In the neoclassical production theory technical change (TC) is specified as a function of time. However, some exogenous external factors other than time can also affect the rate of TC. In this paper, we model TC via a combination of time trend (purely non-economic) and other observable exogenous...

This article examines the relationship between the structure of intra-firm inventor networks and the technological diversity of firms. We test this relationship for a panel of 222 firms in the ICT sector for the period 1995--2003, by utilizing data on their granted patents. The results reveal...

Based on a sample of research units in science and engineering at German universities, this study reports survey evidence on the relationship between research grants and research content. Research units that receive funds from industry are more likely to source ideas from the private sector. The...