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arrangements that maintain legal confidentiality requirements. The views expressed are those of the authors and do not reflect official positions of the U.S. and the NBER for helpful comments. We also wish to express our gratitude to a number of multinational managers, patent lawyers, accountants, and intellectual property consultants who taught us a great(More)
This paper examines how technology transfer within U. S. multinational firms changes in response to a series of IPR reforms undertaken by sixteen countries over the 1982–1999 period. Analysis of detailed firm-level data reveals that royalty payments for technology transferred to affiliates increase at the time of reforms, as do affiliate R&D expenditures(More)
Frank Lichtenberg for detailed comments on an earlier draft. We also wish to thank a number of academic scientists and industrial R&D managers for providing me with their insights into the process by which knowledge flows from academia to industry. By prior agreement, they will remain anonymous. We are indebted to Masami Imai, Hiau-Looi Kee, Changxiu Li,(More)
A 59-year-old man was carried to the hospital by three men. The deceased was unconscious at admission and his face was severely swollen with many subcutaneous hemorrhages and extensive edema. His death was confirmed 17 min after resuscitation. A judicial autopsy was performed the next day. Findings showed that the victim's face and head were reddish and(More)
In cases of traumatic brain injury (TBI) in which the patient survived for only a short period of time and was without macroscopic changes at autopsy, it is difficult to diagnose TBI. To detect early diagnostic markers of diffuse axonal injury (DAI), real-time quantitative reverse transcriptase-polymerase chain reaction (RT-PCR) in an experimental head(More)
Using unique data we test various trade credit theories and find the following. First, the length of a buyer-seller relationship has a positive impact on the use of trade credit, especially for longer-term credit. In contrast, short-term trade credit is extended based on buyers' hard information. Second, trade credit is more frequently used for transactions(More)
The statistical analysis of firm-level data on U.S. multinational enterprises was conducted at the International Investment Division of the Bureau of Economic Analysis, U.S. Department of Commerce under arrangements that maintain legal confidentiality arrangements. The views expressed herein are those of the authors and do not reflect official positions of(More)
RIETI Discussion Papers Series aims at widely disseminating research results in the form of professional papers, thereby stimulating lively discussion. The views expressed in the papers are solely those of the author(s), and do not present those of the Research Institute of Economy, Trade and Industry. ABSTRACT Existing theories consistently predict that(More)
Venture Capital (VC) is often syndicated to invest. The characteristics of each syndicate can vary not only in the number of VC but also in the heterogeneity of VC types included in a syndicate (e.g., bank-dependent, independent, and public etc.). This paper empirically studies how these two characteristics are related to the dynamics of client firms'(More)
We consider an economy where a lender nances his loans to borrowers by issuing a securitized product to an investor and where the credit quality of the product may depend on whether the lender screens the borrowers. In the presence of asymmetric information between the lender and the investor about the credit quality of potential borrowers , overvaluation(More)