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Title: The Local Innovation Spillovers of Listed Firms

Citation Type: Miscellaneous

Publication Year: 2015

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Abstract: This paper provides evidence of local innovation spillovers, i.e. innovation by one firm fostering innovation by neighboring firms. First, I document that exogenous shocks to innovation by listed firms affect innovation by private firms in the same geographical area. I also find that such local innovation spillovers decline rapidly with distance. Second, I find that local innovation spillovers stem at least in part from knowledge diffusing locally through two channels: learning across local firms and inventors moving from their employer to both existing firms and newly started spin-outs. Finally, I study the two-way relationship between innovation spillovers and the availability of capital. I find that local innovation spillovers lead venture capital funds from outside the area to invest more in the local area, and that conversely capital availability amplifies local innovation spillovers.

Url: http://www.eief.it/files/2015/01/jmp_adrienmatray.pdf

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Authors: Matray, Adrien

Publisher: HEC Paris

Data Collections: IPUMS USA

Topics: Other

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