We examine the relationship between quality'' and market outcomes for a group of drugs used to treat rheumatoid arthritis. Though this is a widespread and debilitating disease with very substantial impacts on the health of patients and on the economy, currently available drugs have limited...

This paper examines the stock market's valuation of a firm's innovative activity. We estimate the market's relative valuation of firms' tangible and intangible assets, focusing on knowledge capital in the form of accumulated quot;stocksquot; of Ramp;D and patents. We tried to improve upon our...

We examine the geographic co-location of university research and industrial R&D in three technology areas. While we find strong evidence of co-location of these vertically connected activities, regional economies appear to vary markedly in their ability to convert local academic research into...