| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP6646
|
| DP6646 Tax-Adjusted Discount Rates with Investor Taxes and Risky Debt |
| Ian Cooper; Kjell Nyborg
|
| 发表日期 | 2008-01-18
|
| 出版年 | 2008
|
| 语种 | 英语
|
| 摘要 | We develop a simple estimator for production functions in the presence of endogenous productivity change that allows us to retrieve productivity and its relationship with R\&D at the firm level. By endogenizing the productivity process we build on the recent literature on structural estimation of production functions. Our dynamic investment model can be viewed as a generalization of the knowledge capital model (Griliches 1979) that has remained a cornerstone of the productivity literature for more than 25 years. We relax the assumptions on the R\&D process and examine the impact of the investment in knowledge on the productivity of firms.
We illustrate our approach on an unbalanced panel of more than 1800 Spanish manufacturing firms in nine industries during the 1990s. Our findings indicate that the link between R&D and productivity is subject to a high degree of uncertainty, nonlinearity, and heterogeneity across firms.
By accounting for uncertainty and nonlinearity, we extend the knowledge capital model. Moreover, capturing heterogeneity gives us the ability to assess the role of R&D in determining the differences in productivity across firms and the evolution of firm-level productivity over time. |
| 主题 | Industrial Organization
|
| 关键词 | Production function estimation
Productivity
R&d
|
| URL | https://cepr.org/publications/dp6646
|
| 来源智库 | Centre for Economic Policy Research (United Kingdom)
|
| 资源类型 | 智库出版物
|
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/535479
|
推荐引用方式
GB/T 7714 |
Ian Cooper,Kjell Nyborg. DP6646 Tax-Adjusted Discount Rates with Investor Taxes and Risky Debt. 2008.
|
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
