DOES THE EFFECT OF PUBLIC SUPPORT FOR R&D DEPEND ON THE DEGREE OF APPROPRIABILITY?*

We explore the interaction between public support for R&D and appropriability using a dataset constructed from the Spanish Community Innovation Survey, for the period 2000–2005. We find that public support policy is less able to stimulate privately financed internal R&D in firms where appropriability mechanisms are more effective. On average, the effect of public support for R&D is three times larger for those firms reporting a level of appropriability below the median vis‐à‐vis those firms for which appropriability is above the median level. Furthermore, for supported firms with the highest degree of appropriability, crowding out cannot be ruled out.     

DATE OF包装技术发展带动日化工业发展

伴随着我国包装技术的发展，我国的日化产品包装也会呈现出新的发展趋势，并且会促进和带动整个日化工业的发展。     

ITMA ASIA 2005 EXPECTS RECORD NUMBER OF VISITORS TO SINGAPORE

9 September 2005, Singapore ITMA ASIA 2005, the region’s leading tex- tile machinery exhibition, will assume added sig- nificance this year following the abolition of glo- bal textile quotas. Over 800 exhibitors from 33 economies have confirmed their participation. The event, to be held from 17 to 21 October, is ex- pected to attract some 30,000 international visitors, including key government and textile association officials, buyers, dealers and agents from more than 30 countries; the m…     

INTERPRETATION OF THEORY-OF-INTEREST APPLICATIONS USING THE “FRACTIONAL WITHDRAWAL” CONCEPT

A model for analysing a single initial deposit followed by a sequence of periodic cash outflows is developed. Instead of treating the cash outflows as monetary amounts, they are expressed as a fraction of the account balance and labelled as fractional withdrawals. For each of the commonly used theory-of-interest applications there is an associated sequence of fractional withdrawals. A method of capturing different cash flow sequences through a unifying framework is provided. Our method enables the investment analyst to compare alternative sequences at a glance and select the one that suits best. An application of the fractional withdrawal concept is illustrated through a numerical example.