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Working Paper
Capturing rents from natural resource abundance: private royalties from U.S. onshore oil and gas production
Innovation-spurred growth in oil and gas production from shale formations led the U.S. to become the global leader in producing oil and natural gas. Because most shale is on private lands, drilling companies must access the resource through private lease contracts that provide a share of the value of production ? a royalty ? to mineral owners. We investigate the competitiveness of leasing markets by estimating how much mineral owners capture geologically-driven advantages in well productivity through a higher royalty rate. We estimate that the six major shale plays generated $39 billion in ...
Working Paper
International Technology Licensing, Intellectual Property Rights, and Tax Havens
This paper investigates the determinants of international technology licensing using data for 61 countries during 1995-2012. A multi-country model of innovation and diffusion with international technology licensing yields a structural gravity equation for royalty payments as a function of fundamentals. The gravity equation is estimated using nonlinear methods. The model’s fundamentals account for 45% of the variation in royalty payments. Other factors such as imperfect IPR protection and tax havens account for a substantial fraction of the unexplained variation. A back-of-the-envelope ...
Working Paper
International Technology Licensing, Intellectual Property Rights, and Tax Havens
This paper investigates the determinants of international technology licensing using data for 41 countries during 1996-2012. A multi-country model of innovation and international technology licensing yields a dynamic structural gravity equation for royalty payments as a function of fundamentals, including: (i) imperfect intellectual property protection and (ii) tax havens. The gravity equation is estimated using nonlinear methods. The model’s fundamentals account for 56% of the variation in royalty payments. Counterfactual analysis sheds light on the role of intellectual property rights ...
Working Paper
International Technology Licensing, Intellectual Property Rights, and Tax Havens
This paper investigates the determinants of international technology licensing using data for 50 countries during 1996-2012. A multi-country model of innovation and international technology licensing yields a dynamic structural gravity equation for royalty payments as a function of fundamentals, including imperfect intellectual property protection and differences in corporate taxation. The gravity equation is estimated with nonlinear methods. The model's fundamentals account for about 60% of the variation in royalty payments. A quantitative analysis sheds light on the impact of global ...
Working Paper
International Technology Licensing, Intellectual Property Rights, and Tax Havens
This paper investigates the determinants of international technology licensing using data for 50 countries during 1996-2012. A multi-country model of innovation and international technology licensing yields a dynamic structural gravity equation for royalty payments as a function of fundamentals, including imperfect intellectual property protection and differences in corporate taxation. The gravity equation is estimated with nonlinear methods. The model's fundamentals account for about 60% of the variation in royalty payments. A quantitative analysis sheds light on the impact of global ...
Working Paper
What Drives International technology Diffusion? A Gravity Approach
We derive a theory-based gravity-type equation that determines the main drivers of international technology diffusion under perfect enforcement of intellectual property rights. We estimate the gravity equation using bilateral royalty payments data for a sample of 53 countries and the period 1995-2012 to infer the amount of technology diffusion predicted by the model. We then analyze differences between the model and the data, and find that they are mainly driven by characteristics of the importing-technology country that are not captured by the model. We explore the role of three channels: ...
Working Paper
International technology Diffusion: A Gravity Approach
We adapt gravity methods from the empirical trade literature to study international technology diffusion in a novel way. First, we derive a theory-based gravity-type equation that describes the main fundamentals of international technology diffusion under perfect enforcement of intellectual property rights (IPR). We then estimate the gravity equation using bilateral royalty payments data—for a sample of 53 countries and the period 1995-2012—to infer the amount of technology diffusion predicted by the gravity model. Differences between the model and the data are mainly driven by ...
Working Paper
International technology Diffusion: A Gravity Approach
This paper investigates, empirically, the determinants of international technology diffusion. To do that, I set up a multi-country model of innovation and diffusion with perfect enforcement of intellectual property rights (IPR). The model yields a gravity equation for bilateral royalty payments that is estimated using methods from empirical trade. I investigate discrepancies between model’s predictions and observed royalty payments to identify the role of fundamentals vs. other factors such as imperfect IPR protection. Fundamentals account for most of the variation in royalty payments, ...
Working Paper
International technology Diffusion: A Gravity Approach
This paper investigates, empirically, the determinants of international technology diffusion using data on technology licensing fees for 61 countries during 1995-2012. A multi-country model of innovation and diffusion yields a gravity equation for bilateral royalty payments as a function of economic fundamentals. The gravity equation is estimated using nonlinear methods. I then investigate discrepancies between the model's predictions and observed royalty payments to identify the role of fundamentals vs. other factors such as imperfect IPR protection, the production structure and tax ...