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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)
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)
  • PANEL DATA, LEE G. BRANSTETTER, +17 authors Kamal Saggi
  • 2006
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)
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)
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)
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)
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)
  • TSURUTA Daisuke, Hikaru Fukanuma, +6 authors Hajime Tomura
  • 2015
We investigate the determinants of the end of lending relationships with banks using small business data. We also investigate how small businesses without lending relationships financed credit demand during the global financial shock. First, we find that firms with high internal cash holdings, lower growth, and low working capital were more likely to end(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)
In this paper, we study bank loan responses to monetary policy and bank capital shocks using Japan's disaggregated data sorted by borrower firms' size and industry. Employing a block recursive VAR, we demonstrate that bank loan responses exhibit large sectoral heterogeneity. Among a broad range of indicators about borrower firms' characteristics, the(More)