This paper analyzes the relationship between R&D activity, spillovers and productivity at the firm level. Particular attention is put on the formalization of technological spillovers. The analysis is based upon a new dataset composed of 625 worldwide R&D-intensive manufacturing firms whose...

The second European Innovation Survey (CIS-2) provides information about different modes of interactions between innovative firms and other research institutions, in particular universities. These data are exploited to estimate an ordered probit model with sample selection of the role played by...

Criticizing the Efficient Market Hypothesis (EMH) on the basis of highly volatile asset prices is conceptually wrong as efficiency is about rationality and information, not about stability. Speculative bubbles are compatible with rational valuation, and hence with market efficiency. As rational...

Over the last ten years, we assisted to the emergence of cluster policies across the world. As clusters are spatial agglomerations of co-located industries and services, the regional dimension plays a prominent role in the fine tuning of new industrial policies implemented by the European...

CAPRON H. and DEBANDE O. (1997) The role of the manufacturing base in the development of private and public services, Reg. Studies 31, 683-695. Although industrial employment has been going down over the last two decades, it is argued in this paper that a solid manufacturing base remains a vital...

The subject of the book is the description and analysis of the national innovation system in Belgium. It is the first comprehensive study of its kind for Belgium. The approach - a "systemic" one, as opposed to the traditional "linear causal" approach - has increasingly become the framework for...

This paper aims at assessing the impact of R&D spillovers on firms’ economic performance as measured by productivity growth. The construction of R&D spillovers is based on Jaffe’s methodology (1986, 1988), which associates econometrics and data analysis. The main objective of the paper is to...