The starting point of our analysis is the empirical fact that firms pursue different goals when getting engaged in R&D collaborations, often more than one goal at the same time. Given that firms are driven by different motives for R&D cooperation, the aim of this article is to investigate the...

Recent finance literature highlights the role of technological change in increasing firm specific (idiosyncratic) and aggregate stock return volatility, yet innovation data is not used in these analyses, leaving the direct relationship between innovation and stock return volatility untested. The...

This paper examines the relationship between Schumpeterian patterns of innovation and the generation of breakthrough inventions. Our data source for breakthrough inventions is the “R&D 100 awards” competition organized each year by the magazine Research & Development. Since 1963, this...

This article sheds light on the impact of Schumpeter’s Theory of Economic Development over the last 100 years, and identifies insights from that work that are less well-known, but that have the potential for informing current developments in evolutionary economics. We identify these insights...

The paper analyzes how (production and financial) inter-firm networks can affect firms’ default probabilities and observed default rates. A simple theoretical model of shock transfer is built to investigate some stylized facts on how firm-idiosyncratic shocks are allocated in the network, and...

A system is a set of elements which are connected in particular ways. The formal general equilibrium model is an extreme case in which every element is directly connected to every other and in which all potential external connections, including connections from the future, are incorporated in...

This paper explores the role of the financial system in technological catching-up in the expectation that financing mechanisms affect the production and the exports of new or “new to the market” commodities. We have developed indices of related export variety (REV) and of unrelated export...

According to conventional economic theory, countries tend to converge in economic and technological terms towards the leader. More recently, empirical approaches by economic historians (Abramovitz, Landes, Madison, Reinert) have found that while some countries are catching up, others are falling...