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Knowledge Spillovers from Research Universities: Evidence from Endowment Value Shocks

Author

Listed:
  • Shawn Kantor

    (University of California, Merced, and NBER)

  • Alexander Whalley

    (University of California, Merced, and NBER)

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. © 2014 The President and Fellows of Harvard College and the Massachusetts Institute of Technology.

Suggested Citation

  • Shawn Kantor & Alexander Whalley, 2014. "Knowledge Spillovers from Research Universities: Evidence from Endowment Value Shocks," The Review of Economics and Statistics, MIT Press, vol. 96(1), pages 171-188, March.
    • Handle: RePEc:tpr:restat:v:96:y:2014:i:1:p:171-188
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    More about this item

    Keywords

    knowledge spillovers; research universities; endowments; stock market shocks;
    All these keywords.

    JEL classification:

    • O3 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights
    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location
    • H2 - Public Economics - - Taxation, Subsidies, and Revenue

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