Innovation creating economic values has become a vital issue due to severe global competition. Given such a circumstance, government funding has flowed not only into pure research, but into applied research and product development linked directly with commercialization as well. Such a tendency...

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Given the increasing significance of knowledge spillovers in innovation, this study investigates and compares knowledge spillovers from arm’s length firms in the industries (market) with those from other sister firms in the same business group (network). By dividing the knowledge pool into...

How to design and manage a research team has become an increasingly important issue in knowledge creation in science. This paper aims to understand how young scholars contribute to scientific research in the context of a research team. We have found that the likelihood of the involvement of...

This paper demonstrates that the interactions of firm-level indivisible investments give rise to aggregate fluctuations without aggregate exogenous shocks. I develop a method to derive the distribution of the aggregate capital growth rate by embedding a fictitious tatonnement in a branching...