Knowledge Spillovers from Research Universities: Evidence from Endowment Value Shocks
利用大学捐赠价值与股市冲击的交互作用，识别出研究型大学活动对城市县区的本地溢出效应，发现大学研究强度和企业技术接近度会放大这种效应。
Abstract We estimate the local spillovers from research university activity in a sample of urban counties. Our approach uses the interaction between university endowment values and stock market shocks over time for identification. We find statistically significant local spillover effects from university activity. The effects are significantly larger when local universities are more research intensive or local firms are technologically close to universities. Our results suggest that the longer-term effects that universities have on their local economies may grow over time as the composition of local industries adjusts to take advantage of the heterogeneous knowledge spillovers we identify.