Killing the Golden Goose The Decline of Science in Corporate.pdf

NBER WORKING PAPER SERIES KILLING THE GOLDEN GOOSE? THE DECLINE OF SCIENCE IN CORPORATE RD Ashish Arora Sharon Belenzon Andrea Patacconi Working Paper 20902 /papers/w20902 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 January 2015 We thank Nick Bloom, Farasat Bokhari, Wes Cohen, Paul David, Fiona Lettice, Franco Mariuzzo, Anastasiya Shamshur and seminar participants at the Solvay School, ULB, Stanford University, UEA and the CES conference for helpful comments and feedback. We thank Luis Rios for excellent research assistance. Arora and Belenzon acknowledge research support from the Fuqua School of Business, Duke University. The customary disclaimers apply. Belenzon acknowledges support from the Center for Economic Performance at LSE for help with data collection. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer- reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. © 2015 by Ashish Arora, Sharon Belenzon, and Andrea Patacconi. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. Killing the Golden Goose? The Decline of Science in Corporate RD Ashish Arora, Sharon Belenzon, and Andrea Patacconi NBER Working Pa