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Public Finance of R&D and the Obstacles to Innovation: The Case of Spain

Public Finance of R&D and the Obstacles to Innovation: The Case of Spain

The evaluation of public R&D funding is an important issue in the industrial economic literature. Hussinger (2008) focuses on public subsidies for R&D projects in the German manufacturing sector. Using econometric models, it shows that the most important variables are the size of the company, the innovative activities of the company in the past and a regional model. The size and location of the company has a very large impact on R&D expenditure and the receipt of public R&D funding. Finally, it has been concluded that public funding increases the R&D spending of companies. An important issue regarding public funding is how to choose which companies will receive public support, which is known as the selection problem. There are some criteria that public agencies consider important when selecting which companies should receive financing, such as: i) companies or projects with a higher probability of success (selection of picking the winner); ii) particular sectors that generate more spillovers; or iii) certain groups of companies facing greater financial constraints (generally SMEs). Indeed, one must consider that the same characteristics of the company that define its behavior in R&D also affect its participation in the aid system.
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The Link Between R&D Subsidies, R&D Spending and Technological Performance

The Link Between R&D Subsidies, R&D Spending and Technological Performance

R&D. However, one major criticism of David et al. and Klette et al. on former studies is the disregard of a possible selection bias. If, for exam- ple, the government follows a picking–the–winner strategy, it will subsidize those firms that are highly innovative and successful. Hence a mean com- parison of R&D expenditure between recipients and non–recipients would yield biased results, as such firms may have very different characteristics. Since then, some studies take the selection bias into account: Busom (2000) applies Heckman–type selection models and rejects full-crowding out, but finds partial crowding–out effects for Spain; Wallsten (2000) employs simul- taneous equations to model R&D expenditure and subsidies. Using a 3SLS estimator, he finds a substitutive effect of R&D grants from SBIR program in the US; Lach (2002) applies the difference–in–difference estimator and dynamic panel data models for Israel and identifies large positive effects for small firms, but insignificant effects in his full sample; Czarnitzki (2001), Czarnitzki and Fier (2002), as well as Almus and Czarnitzki (2003) employ matching approaches to investigate the impact of public subsidies in Ger- many, and they reject full crowding–out in Eastern German manufacturing and in the German service sector; Hussinger (2003) explores semiparametric selection models and applies them to a similar dataset used in this paper. She confirms the positive results previously identified with German data; Duguet (2004) employs the matching methodology with a large panel of French firms covering the years 1985 to 1997. Controlling for past public support the firms benefited from, he also rejects the crowding out hypothesis for France. Gonz´ alez et al. (2004) investigate subsidies in a panel of more than 2,000 Spanish manufacturing firms and employ a simultaneous equa- tion model. They state that subsidies are effective in inducing firms to invest into R&D, but they induce only slight changes in the level of R&D expen- diture. They conclude that in the absence of subsidies, publicly supported R&D projects would be carried out, although in smaller size. However, they do not report crowding–out effects or inefficient use of subsidies. In sum- mary, the majority of recent studies report complimentary effects of public R&D, but crowding–out effects, especially partial ones, cannot be ruled out.
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The Link Between R&D Subsidies, R&D Spending and Technological Performance

The Link Between R&D Subsidies, R&D Spending and Technological Performance

R&D. However, one major criticism of David et al. and Klette et al. on former studies is the disregard of a possible selection bias. If, for exam- ple, the government follows a picking–the–winner strategy, it will subsidize those firms that are highly innovative and successful. Hence a mean com- parison of R&D expenditure between recipients and non–recipients would yield biased results, as such firms may have very different characteristics. Since then, some studies take the selection bias into account: Busom (2000) applies Heckman–type selection models and rejects full-crowding out, but finds partial crowding–out effects for Spain; Wallsten (2000) employs simul- taneous equations to model R&D expenditure and subsidies. Using a 3SLS estimator, he finds a substitutive effect of R&D grants from SBIR program in the US; Lach (2002) applies the difference–in–difference estimator and dynamic panel data models for Israel and identifies large positive effects for small firms, but insignificant effects in his full sample; Czarnitzki (2001), Czarnitzki and Fier (2002), as well as Almus and Czarnitzki (2003) employ matching approaches to investigate the impact of public subsidies in Ger- many, and they reject full crowding–out in Eastern German manufacturing and in the German service sector; Hussinger (2003) explores semiparametric selection models and applies them to a similar dataset used in this paper. She confirms the positive results previously identified with German data; Duguet (2004) employs the matching methodology with a large panel of French firms covering the years 1985 to 1997. Controlling for past public support the firms benefited from, he also rejects the crowding out hypothesis for France. Gonz´ alez et al. (2004) investigate subsidies in a panel of more than 2,000 Spanish manufacturing firms and employ a simultaneous equa- tion model. They state that subsidies are effective in inducing firms to invest into R&D, but they induce only slight changes in the level of R&D expen- diture. They conclude that in the absence of subsidies, publicly supported R&D projects would be carried out, although in smaller size. However, they do not report crowding–out effects or inefficient use of subsidies. In sum- mary, the majority of recent studies report complimentary effects of public R&D, but crowding–out effects, especially partial ones, cannot be ruled out.
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Do R&D subsidies matter? Evidence for the German service sector

Do R&D subsidies matter? Evidence for the German service sector

A brief overview on German R&D policy tools shows that 40 % of all Federal Government R&D expenditure (€ 3.5 billion) is spent in the form of "R&D project funding". Direct project subsidies are provided to firms, universities and other research facilities. Applicants have to apply for particular technological projects in programmes that are seen to be in the public interest. These programmes are usually initiated to overcome capital market failures and to secure Germany‘s technological competitiveness. Because direct funding is an incentive policy tool, it is designed as a cost-sharing arrangement. In particular, the Federal Government only pays a maximum of one half of the total costs of highly risk R&D projects. In 1999 the direct project funding of civilian R&D was about € 2.0 billion. About € 0.54 billion was used by the Federal Ministry for Research and Education (BMBF) to promote the business enterprise sector (cf. BMBF, 2000). More than a quarter of all of these grants was used for R&D projects related to services. Over time the share of the total R&D business sector budget which was spent for service projects climbed from eight percent in 1982 to 23.5 % in 1997.
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Are There Financing Constraints for R&D and Investment in German Manufacturing Firms?

Are There Financing Constraints for R&D and Investment in German Manufacturing Firms?

However, the extent of adjustment costs may well be a function of the type of projects undertaken - and thus a choice variable for firm managers. If a firm anticipates that its cash flow may be highly fluctuating and that external finance will not be available to fund R&D projects, then the respective R&D budget may favor projects that have a relatively short duration or are relatively flexible in terms of adjustment opportunities. One branch of the theoretical literature has considered the effect of different project duration for investor response and managerial choices. Shleifer and Vishny (1990) show that if long- term projects stay mis-priced for a longer period than projects with short duration, then managers may select short-term projects. Thakor (1993) distinguishes between „late bloomer“ projects (high payoff in the more distant future) and „early winners“ (projects with lower returns in the near future). If managers care about existing stockholders, then the stock price reaction to an equity issue for a „late bloomer“ project will be negative while it might be positive for the other type of project. R&D projects are - when compared to investment projects - such late bloomers (Thakor 1993). But R&D itself may be heterogeneous, and managers may be able to choose short-term R&D projects over ultimately more profitable long-term ones if financing constraints are anticipated. A sequence of short-term projects can be adjusted far more easier than long-term projects which cannot be accelerated or slowed down without some penalty.
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International R&D Funding and Patent Collateral in an R&D Growth Model

International R&D Funding and Patent Collateral in an R&D Growth Model

In each period, the R&D firm needs working capital to pay for a fraction of the labor costs in advance, where . The total wage payment for the R&D labor is , and hence the R&D firm needs to borrow the amount of funds . In this economy, the R&D firm can choose to fund the shortage of working capital from both the foreign and home countries. Let be the proportion of the shortage of working capital borrowed from foreign countries, where . Moreover, to reflect the empirical fact that R&D funding from abroad plays quite an important role in the funding of business R&D, we assume that the foreign country interest rate is lower than the home country interest rate, that is, . 5 Therefore, the rational R&D firm tends
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The Effect of China’s Public R & D Policy on R & D Expenditure of Enterprises

The Effect of China’s Public R & D Policy on R & D Expenditure of Enterprises

DOI: 10.4236/ajibm.2018.85078 1127 American Journal of Industrial and Business Management a qualitative leap in economic development. The theory of endogenous econom- ic growth that emerged afterwards was to incorporate innovation into the pro- duction function. Corporate innovation can promote self-development, but the resulting social benefits outweigh the private benefits, and there are external un- certainties and risks. Enterprises cannot enjoy the full benefits of innovation. Therefore, the innovative products provided by the private sector are always less than the real needs of society. Public policies can encourage companies to im- plement independent innovations by directly allocating funds to enterprises, also public policies can generate knowledge spillovers by allocating funds to universi- ties and government R & D institutions, which can also promote companies to implement independent innovation. Therefore, public sector support for inno- vative R & D expenditures is essential.
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Similarity Of R&D Activities, Physical Proximity, and The Extent Of R&D Spillovers

Similarity Of R&D Activities, Physical Proximity, and The Extent Of R&D Spillovers

In Model 2 we estimate equation (4) which allows the elements of the distance weight matrix to depend on the degree of similarity of activities between any pair of regions. The similarity weighted spillovers are not only statistically significant and but also larger in magnitude than the coefficient of WlnRD in Model 1. Moreover, once the similarity weighted spillovers are accounted for, the coefficient of WlnRD becomes statistically insignificant at the 5% level and of the wrong sign. Thus, an increase in the R&D activities in a region that is characterized by a completely different set of activities than its regional neighbors confers no positive externality to those neighbors (as we see below, the sign changes with the inclusion of unobserved country heterogeneity). The estimates of the parameter θ and the Mean Spatial Effects are slightly smaller than those of Model 1. When WlnRD is dropped from the regression (Model 3), the point estimate of WlnRD remains statistically significant and the model fit (as measured by R-squared) drops only marginally. In contrast, Model 2 has a statistically significant better fit than Model 1 as measured by an F-test. Thus, on the basis of the first three models we conclude that similarity of research activities is not only important for the presence of spatial spillovers, but also salient: In its absence, spillovers are essentially zero.
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Absorptive Capacity, R&D Spillovers, Emissions Taxes and R&D Subsidies

Absorptive Capacity, R&D Spillovers, Emissions Taxes and R&D Subsidies

In this paper, we consider a duopoly competing in quantity, where …rms can invest in R&D to control their emissions. We distinguish be- tween e¤orts carried out to acquire …rst-hand knowledge (inventive R&D) and e¤orts made to develop an absorptive capacity to be able to capture part of the knowledge developed by the rival. There are also free R&D spillovers between …rms. We show that a regulator can reach the …rst best by using three regulatory instruments, which are a per-unit emissions tax, a per-unit inventive-research subsidy and a per-unit absorptive-research subsidy. The socially optimal R&D level for inventive research is higher than the one for absorptive capacity, even when the investment-cost pa- rameters for inventive and absorptive research are equal and when there is both very little free spillover and a very high learning parameter. In- terestingly, when the free spillover is high enough, the regulator gives a greater per-unit subsidy to inventive research, and when it is low enough and the marginal damage cost of pollution is su¢ciently high, he supports absorptive research to strengthen R&D spillovers. Moreover, inventive re- search is actually taxed when the free spillover is low and the marginal damage cost of pollution is high.
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Technology Foresight About R&D Projects Selection; Application of SWARA Method at the Policy Making Level

Technology Foresight About R&D Projects Selection; Application of SWARA Method at the Policy Making Level

Regarding the current ever-increasing changes in the business environment, R&D has become a type of investment companies make for their future. Companies require useful tools that can assist in the optimum allocation of resource decisions (Meade & Presley, 2002). Forward-looking hi-tech organizations around the world constantly engaged in implementing research and development (R&D) capital investment projects (Mohanti et al., 2005).

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Asymmetric information and heterogeneous effects of R&D subsidies: evidence on R&D investment and employment of R&D personel

Asymmetric information and heterogeneous effects of R&D subsidies: evidence on R&D investment and employment of R&D personel

The rest of the paper is organised as follows. In section 2, we review the relevant literature to demonstrate why an ex ante theoretical framework is required to explain heterogeneity in the subsidy’s effects on business R&D investment. Section 3 discusses the funding regime in the UK, spells out the information asymmetries it entails, and draws on contract theory to distil testable hypotheses about the sources of heterogeneity in the treatment effect. In section 4, we present our dataset and empirical strategy. Here we first provide evidence on the treated and untreated samples, the coverage rate (the percentage of firms in receipt of government subsidy), the support intensity (the ratio of subsidy to privately-funded R&D expenditures), and the distribution of the public subsidy by firm age and size. Then we discuss the PSM and DR estimators and how we address the issues that arise in the context of pooled panel data. The empirical results are presented in section 5, followed with additional sensitivity and matching quality checks in the Appendix. Finally, in the conclusions, we distil the main findings and discuss their implications for future research and public policy.
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R&D PROGRAM

R&D PROGRAM

A DEA model was used to evaluate the performance of these 1408 DMUs. DEA models for a given DMU use ratios based on the amount of output factors per given set of input factors. Most basic DEA models, such as CCR model and BCC model, don‘t have any means to rank efficient DMUs because all efficient DMUs have same value of one. Thus, we can‘t compare the performance of efficient subprojects using these basic DEA models. This paper utilized a modified DEA model which Andersen & Peterson [14] suggested to obtain super-efficiency measure for ranking efficient DMUs. This super-efficiency model was utilized to find the rank of projects supported by the 21 st Century Frontier R&D Program. Let us denote Y j ={yij} to an output vector in which yij
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Kumar D. R.

Kumar D. R.

Prevalence of overweight and obesity in Indian adolescent school going children: its relationship with socioeconomic status and associated lifestyle factors. Childhood o[r]

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From R&D projects to innovative products

From R&D projects to innovative products

Cergy-Pontoise is the first economic pole in the north west of Paris and one of the largest high education place in the Paris Region (27,000 students). Cergy-Pontoise contributes to major sectors in terms of the economic dynamism of the Paris region: eco-mobility and aeronautics/ defence. The Discrict Council is involved in Sys- tematic since 2006 and provides financial sup- port to local partners involved in R&D projects. Since 2006, 17 projects include SMEs, large firms or research laboratories from Cergy-Pon- toise area. The partnership between Systematic Paris-Region and Cergy-Pontoise is aiming at developping these projects.
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Civilization of the DACHL Countries Researching the Implementation of the D-A-CH-L Concept in Teaching German as a Foreign Language in R. Macedonia

Civilization of the DACHL Countries Researching the Implementation of the D-A-CH-L Concept in Teaching German as a Foreign Language in R. Macedonia

We agree with Krumm’s contentions which include points which could easily be supplemented. The process of teaching German should not solely rely on the linguistic system as it should be made versatile and it should include information on: what distinguishes those who speak German from all the others; then, how those who speak German differentiate among themselves; the versatility of the language itself; the differences in the communicative modes of behavior as well as the differences in the conditions under which the German language and the communicative modes of behavior develop. In order to be able to understand this versatility, the sensibility for cultural differentiation and facts mediation, must be supplemented. 3 Our inability to deal with versatility inevitably leads to discrimination, which implies that it is necessary to acquire an appropriate approach to versatility. The learning process could be successful merely when the subject and civilization tasks are correctly comprehended and carried out.
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Measurement of R(D) and R(D*) Using Semileptonic Tags and Hadronic τ Decays

Measurement of R(D) and R(D*) Using Semileptonic Tags and Hadronic τ Decays

To assess the uncertainty due to the discrepancy, the D ∗∗ (Dππ) `ν signal MC samples generated for the previous analysis are first re-weighted to make up 1.5% of the training set prior to any reconstruction and data filtering has been applied. Then the records go through the same pipeline as all the other events and incorporated into the final training set, which are again re-weighted to keep the total number of training data points the same. The samples used are summarized in Table 11.7, where we mix the three D ∗∗ decays modes in equal proportions.

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International R&D spillovers, R&D offshoring and economic performance: A survey of literature

International R&D spillovers, R&D offshoring and economic performance: A survey of literature

Different weighting scheme was used to measure international knowledge spillovers between sectors. Verspagen (1997) introduces the two-type of the so-called technology flow matrices. The first one is the “Yale matrix” that was originally developed by Putnam an Evenson (1994) and it is used in this paper to capture “rent - spillovers” associated with the tr ade of improved intermediate goods and improved products. As regard the pure knowledge spillovers, Verspagen (1997) refer to the EPO data. The technology flow matrices represent the patent flows from the industries that generate the knowledge and the spillover-receiving sector. The introduction of these two knowledge flows matrices along with the imports share weights is applied to provide a more complete insight on knowledge flows between sectors. In fact, the imports shares are introduced to capture the international distribution of trade-related spillovers while the knowledge flow matrix aim to capture the inter- sectoral spillovers. Frantzen (2002) adopt practically the same weighting scheme to measure the technological proximity by referring to the share of domestic outputs over the sectoral domestic markets, the share of imports over the sectoral domestic markets, bilateral sectoral imports as well as the share of patented inventions spilling over between sectors 7 . Keller (2002) suggests two alternative assumptions regarding the knowledge flows between industries; the first based on the input-output structure of the industry and the technology flow matrix based on information from patents and represents the flows of patented knowledge from an industry to another. Technology flow matrix reflects the importance of the industry‟s different source of knowledge. Along with bilateral trade, Jacobs et al. (2002) 8 and Lopez-Pueyo et al. (2008) combine the input-output tables with the share of sectoral bilateral trade to create foreign R&D stocks. On the one hand, Lopez-Pueyo et al. (2008) adopt this weighting scheme to measure international inter-sectoral spillovers and they refer to the imported intermediate goods flows sub-matrix of the input – output tables 9 . On the other hand, they refer to the two alternative weighting scheme initially proposed by Lichtenberg and van Pottelsberghe de la Potterie (1998) and Coe and Helpman (1995) to measure international intra-sectoral spillovers. In such manner, international intra-sectoral spillovers that a given domestic sector receive from the foreign same sector is the foreign country‟s R&D stock in the sector times the fraction of the country‟s sector‟s output exported to the home country of the domestic sector 10
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D AV I D E B A R I L A R I

D AV I D E B A R I L A R I

S´eminaire de g´eometrie, Universit´e Paris Diderot - Paris 7 , France, March 2014. “G´eom´etrie sous-riemannienne et ´equation de la chaleur hypo-elliptique[r]

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Another R&D Anomaly?

Another R&D Anomaly?

capitalized under current United States GAAP standards. Therefore, it is argued that the current accounting practice of expensing R&D significantly lowers the reported earnings of R&D-intensive companies. Such practice contributes to investor’s inability to adequately capture the real benefits of R&D activities in a timely fashion. Instead, we observe that, as information and benefits of R&D are gradually comprehended by market, positive returns follow. Such mismatch between reported accounting numbers and market reaction also prompt the accounting policy makers to ponder whether the current accounting treatment of R&D impedes information efficiency in the capital market. If the anomaly is mainly caused by the way information is convened, capitalizing R&D, which demands more detailed disclosures, may promote investors ability to comprehend financial reports and help investors grasp the true underlying economic value of R&D activities in a more timely and efficient fashion. The second explanation builds its argument on the embedded risk of R&D. It is argued that the relation between current R&D spending and future abnormal stock returns is due to the elevated risks inherent to R&D activities. For instance, using the firm-year observations from 1972 to 1992, Kothari et al. (2002) find R&D increases earnings variability in subsequent periods significantly. As well, Shi (2003) shows that R&Ds also positively relate to bond default risks. Furthermore, empirical evidence in Chambers, Jennings, and Thompson (2002) confirm that the abnormal returns to R&D-related activities appear to be long lasting rather mean reverting. Dispersions of analyst forecast are also greater for R&D-intensive firms. These findings, taken together, are inconsistent with the investor fixation induced market anomaly hypothesis, but fit with the traditional risk-return trade-off argument. Investors are rewarded over time for taking extra risks because of R&D activities. Abnormal future returns are indeed to compensate for these specific risks.
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Regional variation of /r/ in dialects of Swiss German

Regional variation of /r/ in dialects of Swiss German

Rhotic consonants – i.e. /r/-like sounds – are common in the languages of the world: [1] reports that 76% of the 317 languages featured in the UPSID database have one or more r- sounds, most of which are produced at dental/alveolar places of articulation. In European languages, for example, alveolars such as [ɾ] or [r] are widespread in Eastern, Central, Western, and Southern regions, but less prevalent in the North (e.g. Norway, Sweden) [2]. Uvular rhotics (also known as ‘gutturals’, such as [ʀ], [ʁ], or [χ]) are much less frequent: PHOIBLE [3], which sampled more than 2,155 of the world’s languages, reports [ʀ] for only 12 languages and [ʁ] for 65 languages. Uvular rhotics are found, for example, in Dutch, French, Luxembourgish, Polish, and German [4–7]. Within the same language there can be substantial regional variation. In German pre-vocalic positions, for example, [7] reported alveolar, retroflex, and uvular /r/s, as well as voiced uvular and velar fricatives. [8] thus does not exaggerate when claiming that no other phoneme shows as much regional variation as /r/ in German-speaking Europe.
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