000			01173nam a22001457a 4500
999			_c518026 _d518026
008			210810b ||||| |||| 00| 0 eng d
100			_aArora, A., Belenzon, S. and Sheer, L. _928414
245			_aKnowledge spillovers and corporate investment in scientific research
260			_aThe American Economic Review
300			_a3(3), Mar, 2021: p.871-898
520			_aUsing data on 800,000 corporate publications and patent citations to these publications between 1980 and 2015, we study how corporate investment in research is linked to its use in the firm's inventions, and to spillovers to rivals. We find that private returns to corporate research depend on the balance between two opposing forces: the benefits from the use of science in own downstream inventions, and the costs of spillovers to rivals. Consistent with this, firms produce more research when it is used internally, but less research when it is used by rivals. As firms become more sensitive to rivals using their science, they are likely to reduce the share of research in R&D.- Reproduced
773			_aThe American Economic Review
906			_aSCIENCE AND TECHNOLOGY - RESEARCH
942			_cAR