id	sid	tid	token	lemma	pos
cjfa-35415	1	1	date	date	NOUN
cjfa-35415	1	2	of	of	ADP
cjfa-35415	1	3	submission	submission	NOUN
cjfa-35415	1	4	:	:	PUNCT
cjfa-35415	1	5	march	march	PROPN
cjfa-35415	1	6	21	21	NUM
cjfa-35415	1	7	,	,	PUNCT
cjfa-35415	1	8	2021	2021	NUM
cjfa-35415	1	9	;	;	PUNCT
cjfa-35415	1	10	date	date	NOUN
cjfa-35415	1	11	of	of	ADP
cjfa-35415	1	12	acceptance	acceptance	NOUN
cjfa-35415	1	13	:	:	PUNCT
cjfa-35415	1	14	may	may	AUX
cjfa-35415	1	15	12	12	NUM
cjfa-35415	1	16	,	,	PUNCT
cjfa-35415	1	17	2021	2021	NUM
cjfa-35415	1	18	.	.	PUNCT
cjfa-35415	2	1	*	*	PUNCT
cjfa-35415	2	2	contact	contact	NOUN
cjfa-35415	2	3	information	information	NOUN
cjfa-35415	2	4	:	:	PUNCT
cjfa-35415	2	5	zhaochu@umich.edu	zhaochu@umich.edu	NUM
cjfa-35415	2	6	,	,	PUNCT
cjfa-35415	2	7	um	um	INTJ
cjfa-35415	2	8	-	-	PUNCT
cjfa-35415	2	9	flint	flint	NOUN
cjfa-35415	2	10	school	school	NOUN
cjfa-35415	2	11	of	of	ADP
cjfa-35415	2	12	management	management	NOUN
cjfa-35415	2	13	2145	2145	NUM
cjfa-35415	2	14	riverfront	riverfront	PROPN
cjfa-35415	2	15	center	center	PROPN
cjfa-35415	2	16	flint	flint	NOUN
cjfa-35415	2	17	,	,	PUNCT
cjfa-35415	2	18	michigan	michigan	PROPN
cjfa-35415	2	19	48502	48502	NUM
cjfa-35415	2	20	,	,	PUNCT
cjfa-35415	2	21	phone	phone	NOUN
cjfa-35415	2	22	:	:	PUNCT
cjfa-35415	2	23	+	+	ADJ
cjfa-35415	2	24	(	(	PUNCT
cjfa-35415	2	25	810	810	NUM
cjfa-35415	2	26	)	)	PUNCT
cjfa-35415	2	27	762	762	NUM
cjfa-35415	2	28	-	-	SYM
cjfa-35415	2	29	0019	0019	NUM
cjfa-35415	2	30	;	;	PUNCT
cjfa-35415	2	31	orcid	orcid	PROPN
cjfa-35415	3	1	i	i	NOUN
cjfa-35415	3	2	d	d	NOUN
cjfa-35415	3	3	:	:	PUNCT
cjfa-35415	3	4	https://orcid.org/0000-0002-8022-9459	https://orcid.org/0000-0002-8022-9459	NOUN
cjfa-35415	3	5	.	.	PUNCT
cjfa-35415	4	1	*	*	PUNCT
cjfa-35415	4	2	*	*	PUNCT
cjfa-35415	4	3	contact	contact	NOUN
cjfa-35415	4	4	information	information	NOUN
cjfa-35415	4	5	:	:	PUNCT
cjfa-35415	5	1	iryna.p.lytvynenko@gmail.com	iryna.p.lytvynenko@gmail.com	PROPN
cjfa-35415	5	2	,	,	PUNCT
cjfa-35415	5	3	11301	11301	NUM
cjfa-35415	5	4	grand	grand	PROPN
cjfa-35415	5	5	oak	oak	PROPN
cjfa-35415	5	6	dr	dr	PROPN
cjfa-35415	5	7	,	,	PUNCT
cjfa-35415	5	8	grand	grand	ADJ
cjfa-35415	5	9	blanc	blanc	NOUN
cjfa-35415	5	10	,	,	PUNCT
cjfa-35415	5	11	michigan	michigan	PROPN
cjfa-35415	5	12	48439	48439	NUM
cjfa-35415	5	13	,	,	PUNCT
cjfa-35415	5	14	phone	phone	NOUN
cjfa-35415	5	15	:	:	PUNCT
cjfa-35415	5	16	+	+	ADJ
cjfa-35415	5	17	(	(	PUNCT
cjfa-35415	5	18	810	810	NUM
cjfa-35415	5	19	)	)	PUNCT
cjfa-35415	5	20	579	579	NUM
cjfa-35415	5	21	-	-	SYM
cjfa-35415	5	22	6535	6535	NUM
cjfa-35415	5	23	;	;	PUNCT
cjfa-35415	5	24	orcid	orcid	NOUN
cjfa-35415	5	25	i	i	NOUN
cjfa-35415	5	26	d	d	PROPN
cjfa-35415	5	27	:	:	PUNCT
cjfa-35415	5	28	https://orcid.org/00000001-8727-6066	https://orcid.org/00000001-8727-6066	ADJ
cjfa-35415	5	29	.	.	PUNCT
cjfa-35415	6	1	*	*	PUNCT
cjfa-35415	6	2	*	*	PUNCT
cjfa-35415	6	3	*	*	PUNCT
cjfa-35415	6	4	contact	contact	NOUN
cjfa-35415	6	5	information	information	NOUN
cjfa-35415	6	6	:	:	PUNCT
cjfa-35415	6	7	karl.philippoff@gmail.com	karl.philippoff@gmail.com	X
cjfa-35415	6	8	,	,	PUNCT
cjfa-35415	6	9	46	46	NUM
cjfa-35415	6	10	macleay	macleay	ADJ
cjfa-35415	6	11	road	road	NOUN
cjfa-35415	6	12	montville	montville	PROPN
cjfa-35415	6	13	,	,	PUNCT
cjfa-35415	6	14	nj	nj	PROPN
cjfa-35415	6	15	07045	07045	NUM
cjfa-35415	6	16	,	,	PUNCT
cjfa-35415	6	17	phone	phone	NOUN
cjfa-35415	6	18	:	:	PUNCT
cjfa-35415	7	1	+	+	ADJ
cjfa-35415	7	2	(	(	PUNCT
cjfa-35415	7	3	973	973	NUM
cjfa-35415	7	4	)	)	PUNCT
cjfa-35415	7	5	270	270	NUM
cjfa-35415	7	6	-	-	SYM
cjfa-35415	7	7	4195	4195	NUM
cjfa-35415	7	8	;	;	PUNCT
cjfa-35415	7	9	orcid	orcid	NOUN
cjfa-35415	8	1	i	i	NOUN
cjfa-35415	8	2	d	d	PROPN
cjfa-35415	8	3	:	:	PUNCT
cjfa-35415	8	4	https://orcid.org/0000-0002-7649-5068	https://orcid.org/0000-0002-7649-5068	PROPN
cjfa-35415	8	5	.	.	PROPN
cjfa-35415	8	6	copernican	copernican	PROPN
cjfa-35415	8	7	journal	journal	PROPN
cjfa-35415	8	8	of	of	ADP
cjfa-35415	8	9	finance	finance	PROPN
cjfa-35415	8	10	&	&	CCONJ
cjfa-35415	8	11	accounting	accounting	PROPN
cjfa-35415	8	12	e	e	PROPN
cjfa-35415	8	13	-	-	PROPN
cjfa-35415	8	14	issn	issn	PROPN
cjfa-35415	8	15	2300	2300	NUM
cjfa-35415	8	16	-	-	SYM
cjfa-35415	8	17	3065	3065	NUM
cjfa-35415	8	18	p	p	PROPN
cjfa-35415	8	19	-	-	PUNCT
cjfa-35415	8	20	issn	issn	PROPN
cjfa-35415	8	21	2300	2300	NUM
cjfa-35415	8	22	-	-	SYM
cjfa-35415	8	23	12402021	12402021	NUM
cjfa-35415	8	24	,	,	PUNCT
cjfa-35415	8	25	volume	volume	NOUN
cjfa-35415	8	26	10	10	NUM
cjfa-35415	8	27	,	,	PUNCT
cjfa-35415	8	28	issue	issue	NOUN
cjfa-35415	8	29	2	2	NUM
cjfa-35415	8	30	li	li	PROPN
cjfa-35415	8	31	,	,	PUNCT
cjfa-35415	8	32	z.	z.	PROPN
cjfa-35415	8	33	,	,	PUNCT
cjfa-35415	8	34	lytvynenko	lytvynenko	PROPN
cjfa-35415	8	35	,	,	PUNCT
cjfa-35415	8	36	i.p	i.p	PROPN
cjfa-35415	8	37	.	.	PROPN
cjfa-35415	8	38	,	,	PUNCT
cjfa-35415	8	39	&	&	CCONJ
cjfa-35415	8	40	philippoff	philippoff	NOUN
cjfa-35415	8	41	,	,	PUNCT
cjfa-35415	8	42	k.s	k.s	PROPN
cjfa-35415	8	43	.	.	PROPN
cjfa-35415	8	44	(	(	PUNCT
cjfa-35415	8	45	2021	2021	NUM
cjfa-35415	8	46	)	)	PUNCT
cjfa-35415	8	47	.	.	PUNCT
cjfa-35415	9	1	reexamining	reexamine	VERB
cjfa-35415	9	2	the	the	DET
cjfa-35415	9	3	economic	economic	ADJ
cjfa-35415	9	4	recovery	recovery	NOUN
cjfa-35415	9	5	tax	tax	NOUN
cjfa-35415	9	6	act	act	NOUN
cjfa-35415	9	7	of	of	ADP
cjfa-35415	9	8	1981	1981	NUM
cjfa-35415	9	9	:	:	PUNCT
cjfa-35415	9	10	evidence	evidence	NOUN
cjfa-35415	9	11	from	from	ADP
cjfa-35415	9	12	innovative	innovative	ADJ
cjfa-35415	9	13	efficiency	efficiency	NOUN
cjfa-35415	9	14	.	.	PUNCT
cjfa-35415	10	1	copernican	copernican	PROPN
cjfa-35415	10	2	journal	journal	PROPN
cjfa-35415	10	3	of	of	ADP
cjfa-35415	10	4	finance	finance	PROPN
cjfa-35415	10	5	&	&	CCONJ
cjfa-35415	10	6	accounting	accounting	PROPN
cjfa-35415	10	7	,	,	PUNCT
cjfa-35415	10	8	10(2	10(2	NUM
cjfa-35415	10	9	)	)	PUNCT
cjfa-35415	10	10	,	,	PUNCT
cjfa-35415	10	11	27–43	27–43	NOUN
cjfa-35415	10	12	.	.	PUNCT
cjfa-35415	10	13	http://dx.doi.org/10.12775/cjfa.2021.006	http://dx.doi.org/10.12775/cjfa.2021.006	X
cjfa-35415	10	14	zhaochu	zhaochu	PROPN
cjfa-35415	10	15	li	li	PROPN
cjfa-35415	10	16	*	*	PROPN
cjfa-35415	10	17	um	um	INTJ
cjfa-35415	10	18	-	-	PUNCT
cjfa-35415	10	19	flint	flint	NOUN
cjfa-35415	10	20	school	school	NOUN
cjfa-35415	10	21	of	of	ADP
cjfa-35415	10	22	management	management	NOUN
cjfa-35415	10	23	iryna	iryna	NOUN
cjfa-35415	10	24	p.	p.	PROPN
cjfa-35415	11	1	lytvynenko	lytvynenko	PROPN
cjfa-35415	11	2	*	*	PROPN
cjfa-35415	11	3	*	*	PROPN
cjfa-35415	11	4	karl	karl	PROPN
cjfa-35415	11	5	s.	s.	PROPN
cjfa-35415	11	6	philippoff	philippoff	PROPN
cjfa-35415	11	7	*	*	PROPN
cjfa-35415	11	8	*	*	PUNCT
cjfa-35415	11	9	*	*	PUNCT
cjfa-35415	11	10	reexamining	reexamine	VERB
cjfa-35415	11	11	the	the	DET
cjfa-35415	11	12	economic	economic	ADJ
cjfa-35415	11	13	recovery	recovery	NOUN
cjfa-35415	11	14	tax	tax	NOUN
cjfa-35415	11	15	act	act	NOUN
cjfa-35415	11	16	of	of	ADP
cjfa-35415	11	17	1981	1981	NUM
cjfa-35415	11	18	:	:	PUNCT
cjfa-35415	11	19	evidence	evidence	NOUN
cjfa-35415	11	20	from	from	ADP
cjfa-35415	11	21	innovative	innovative	ADJ
cjfa-35415	11	22	efficiency	efficiency	NOUN
cjfa-35415	11	23	keywords	keyword	NOUN
cjfa-35415	11	24	:	:	PUNCT
cjfa-35415	11	25	r&d	r&d	NOUN
cjfa-35415	11	26	,	,	PUNCT
cjfa-35415	11	27	tax	tax	NOUN
cjfa-35415	11	28	credit	credit	NOUN
cjfa-35415	11	29	,	,	PUNCT
cjfa-35415	11	30	innovation	innovation	NOUN
cjfa-35415	11	31	,	,	PUNCT
cjfa-35415	11	32	policy	policy	NOUN
cjfa-35415	11	33	evaluation	evaluation	NOUN
cjfa-35415	11	34	.	.	PUNCT
cjfa-35415	12	1	j	j	PROPN
cjfa-35415	12	2	e	e	PROPN
cjfa-35415	12	3	l	l	PROPN
cjfa-35415	12	4	classification	classification	NOUN
cjfa-35415	12	5	:	:	PUNCT
cjfa-35415	12	6	g18	g18	PROPN
cjfa-35415	12	7	,	,	PUNCT
cjfa-35415	12	8	h25	h25	PROPN
cjfa-35415	12	9	,	,	PUNCT
cjfa-35415	12	10	o31	o31	PROPN
cjfa-35415	12	11	,	,	PUNCT
cjfa-35415	12	12	o34	o34	PROPN
cjfa-35415	12	13	.	.	PUNCT
cjfa-35415	13	1	abstract	abstract	PROPN
cjfa-35415	13	2	:	:	PUNCT
cjfa-35415	13	3	the	the	DET
cjfa-35415	13	4	research	research	NOUN
cjfa-35415	13	5	objective	objective	NOUN
cjfa-35415	13	6	of	of	ADP
cjfa-35415	13	7	this	this	DET
cjfa-35415	13	8	article	article	NOUN
cjfa-35415	13	9	is	be	AUX
cjfa-35415	13	10	to	to	PART
cjfa-35415	13	11	examine	examine	VERB
cjfa-35415	13	12	the	the	DET
cjfa-35415	13	13	economic	economic	ADJ
cjfa-35415	13	14	recovery	recovery	NOUN
cjfa-35415	13	15	tax	tax	NOUN
cjfa-35415	13	16	act	act	NOUN
cjfa-35415	13	17	of	of	ADP
cjfa-35415	13	18	1981	1981	NUM
cjfa-35415	13	19	(	(	PUNCT
cjfa-35415	13	20	erta	erta	NOUN
cjfa-35415	13	21	)	)	PUNCT
cjfa-35415	13	22	on	on	ADP
cjfa-35415	13	23	innovative	innovative	ADJ
cjfa-35415	13	24	efficiency	efficiency	NOUN
cjfa-35415	13	25	,	,	PUNCT
cjfa-35415	13	26	which	which	PRON
cjfa-35415	13	27	measures	measure	VERB
cjfa-35415	13	28	how	how	SCONJ
cjfa-35415	13	29	effectively	effectively	ADV
cjfa-35415	13	30	firms	firm	NOUN
cjfa-35415	13	31	convert	convert	VERB
cjfa-35415	13	32	research	research	NOUN
cjfa-35415	13	33	spending	spending	NOUN
cjfa-35415	13	34	and	and	CCONJ
cjfa-35415	13	35	existing	exist	VERB
cjfa-35415	13	36	human	human	ADJ
cjfa-35415	13	37	capital	capital	NOUN
cjfa-35415	13	38	into	into	ADP
cjfa-35415	13	39	new	new	ADJ
cjfa-35415	13	40	patents	patent	NOUN
cjfa-35415	13	41	and	and	CCONJ
cjfa-35415	13	42	products	product	NOUN
cjfa-35415	13	43	.	.	PUNCT
cjfa-35415	14	1	research	research	NOUN
cjfa-35415	14	2	methodwise	methodwise	PROPN
cjfa-35415	14	3	,	,	PUNCT
cjfa-35415	14	4	this	this	DET
cjfa-35415	14	5	study	study	NOUN
cjfa-35415	14	6	measures	measure	VERB
cjfa-35415	14	7	innovative	innovative	ADJ
cjfa-35415	14	8	efficiency	efficiency	NOUN
cjfa-35415	14	9	by	by	ADP
cjfa-35415	14	10	dividing	divide	VERB
cjfa-35415	14	11	the	the	DET
cjfa-35415	14	12	number	number	NOUN
cjfa-35415	14	13	of	of	ADP
cjfa-35415	14	14	new	new	ADJ
cjfa-35415	14	15	patents	patent	NOUN
cjfa-35415	14	16	to	to	PART
cjfa-35415	14	17	average	average	VERB
cjfa-35415	14	18	r&d	r&d	NOUN
cjfa-35415	14	19	expenses	expense	NOUN
cjfa-35415	14	20	and	and	CCONJ
cjfa-35415	14	21	analyses	analyse	VERB
cjfa-35415	14	22	how	how	SCONJ
cjfa-35415	14	23	innovative	innovative	ADJ
cjfa-35415	14	24	efficiency	efficiency	NOUN
cjfa-35415	14	25	changed	change	VERB
cjfa-35415	14	26	after	after	ADP
cjfa-35415	14	27	the	the	DET
cjfa-35415	14	28	erta	erta	NOUN
cjfa-35415	14	29	using	use	VERB
cjfa-35415	14	30	regression	regression	NOUN
cjfa-35415	14	31	.	.	PUNCT
cjfa-35415	15	1	the	the	DET
cjfa-35415	15	2	main	main	ADJ
cjfa-35415	15	3	conclusion	conclusion	NOUN
cjfa-35415	15	4	is	be	AUX
cjfa-35415	15	5	that	that	SCONJ
cjfa-35415	15	6	the	the	DET
cjfa-35415	15	7	erta	erta	NOUN
cjfa-35415	15	8	tax	tax	NOUN
cjfa-35415	15	9	credit	credit	NOUN
cjfa-35415	15	10	decreased	decrease	VERB
cjfa-35415	15	11	innovative	innovative	ADJ
cjfa-35415	15	12	efficiency	efficiency	NOUN
cjfa-35415	15	13	and	and	CCONJ
cjfa-35415	15	14	competitions	competition	NOUN
cjfa-35415	15	15	for	for	ADP
cjfa-35415	15	16	research	research	NOUN
cjfa-35415	15	17	resources	resource	NOUN
cjfa-35415	15	18	could	could	AUX
cjfa-35415	15	19	zhaochu	zhaochu	PROPN
cjfa-35415	15	20	li28	li28	PROPN
cjfa-35415	15	21	explain	explain	VERB
cjfa-35415	15	22	this	this	DET
cjfa-35415	15	23	reduction	reduction	NOUN
cjfa-35415	15	24	.	.	PUNCT
cjfa-35415	16	1	these	these	DET
cjfa-35415	16	2	findings	finding	NOUN
cjfa-35415	16	3	provide	provide	VERB
cjfa-35415	16	4	new	new	ADJ
cjfa-35415	16	5	insights	insight	NOUN
cjfa-35415	16	6	on	on	ADP
cjfa-35415	16	7	the	the	DET
cjfa-35415	16	8	effectiveness	effectiveness	NOUN
cjfa-35415	16	9	of	of	ADP
cjfa-35415	16	10	r&d	r&d	NOUN
cjfa-35415	16	11	tax	tax	NOUN
cjfa-35415	16	12	policies	policy	NOUN
cjfa-35415	16	13	from	from	ADP
cjfa-35415	16	14	the	the	DET
cjfa-35415	16	15	efficiency	efficiency	NOUN
cjfa-35415	16	16	perspective	perspective	NOUN
cjfa-35415	16	17	.	.	PUNCT
cjfa-35415	17	1	policy	policy	NOUN
cjfa-35415	17	2	makers	maker	NOUN
cjfa-35415	17	3	should	should	AUX
cjfa-35415	17	4	consider	consider	VERB
cjfa-35415	17	5	these	these	DET
cjfa-35415	17	6	findings	finding	NOUN
cjfa-35415	17	7	when	when	SCONJ
cjfa-35415	17	8	designing	design	VERB
cjfa-35415	17	9	r&d	r&d	NOUN
cjfa-35415	17	10	tax	tax	NOUN
cjfa-35415	17	11	policies	policy	NOUN
cjfa-35415	17	12	in	in	ADP
cjfa-35415	17	13	the	the	DET
cjfa-35415	17	14	future	future	NOUN
cjfa-35415	17	15	.	.	PUNCT
cjfa-35415	17	16	 	 	SPACE
cjfa-35415	18	1	introduction	introduction	NOUN
cjfa-35415	18	2	innovation	innovation	NOUN
cjfa-35415	18	3	refers	refer	VERB
cjfa-35415	18	4	to	to	ADP
cjfa-35415	18	5	a	a	DET
cjfa-35415	18	6	new	new	ADJ
cjfa-35415	18	7	idea	idea	NOUN
cjfa-35415	18	8	or	or	CCONJ
cjfa-35415	18	9	method	method	NOUN
cjfa-35415	18	10	or	or	CCONJ
cjfa-35415	18	11	the	the	DET
cjfa-35415	18	12	process	process	NOUN
cjfa-35415	18	13	used	use	VERB
cjfa-35415	18	14	to	to	PART
cjfa-35415	18	15	introduce	introduce	VERB
cjfa-35415	18	16	the	the	DET
cjfa-35415	18	17	idea	idea	NOUN
cjfa-35415	18	18	or	or	CCONJ
cjfa-35415	18	19	method	method	NOUN
cjfa-35415	18	20	,	,	PUNCT
cjfa-35415	18	21	and	and	CCONJ
cjfa-35415	18	22	is	be	AUX
cjfa-35415	18	23	crucial	crucial	ADJ
cjfa-35415	18	24	to	to	ADP
cjfa-35415	18	25	a	a	DET
cjfa-35415	18	26	country	country	NOUN
cjfa-35415	18	27	’s	’s	PART
cjfa-35415	18	28	economic	economic	ADJ
cjfa-35415	18	29	development	development	NOUN
cjfa-35415	18	30	.	.	PUNCT
cjfa-35415	19	1	since	since	SCONJ
cjfa-35415	19	2	private	private	ADJ
cjfa-35415	19	3	research	research	NOUN
cjfa-35415	19	4	is	be	AUX
cjfa-35415	19	5	not	not	PART
cjfa-35415	19	6	always	always	ADV
cjfa-35415	19	7	sufficient	sufficient	ADJ
cjfa-35415	19	8	for	for	ADP
cjfa-35415	19	9	innovation	innovation	NOUN
cjfa-35415	19	10	,	,	PUNCT
cjfa-35415	19	11	many	many	ADJ
cjfa-35415	19	12	countries	country	NOUN
cjfa-35415	19	13	use	use	VERB
cjfa-35415	19	14	tax	tax	NOUN
cjfa-35415	19	15	credits	credit	NOUN
cjfa-35415	19	16	to	to	PART
cjfa-35415	19	17	encourage	encourage	VERB
cjfa-35415	19	18	private	private	ADJ
cjfa-35415	19	19	research	research	NOUN
cjfa-35415	19	20	spending	spending	NOUN
cjfa-35415	19	21	.	.	PUNCT
cjfa-35415	20	1	the	the	DET
cjfa-35415	20	2	u.s	u.s	PROPN
cjfa-35415	20	3	.	.	PROPN
cjfa-35415	20	4	government	government	NOUN
cjfa-35415	20	5	introduced	introduce	VERB
cjfa-35415	20	6	its	its	PRON
cjfa-35415	20	7	first	first	ADJ
cjfa-35415	20	8	tax	tax	NOUN
cjfa-35415	20	9	incentive	incentive	NOUN
cjfa-35415	20	10	for	for	ADP
cjfa-35415	20	11	research	research	NOUN
cjfa-35415	20	12	and	and	CCONJ
cjfa-35415	20	13	development	development	NOUN
cjfa-35415	20	14	(	(	PUNCT
cjfa-35415	20	15	r&d	r&d	NOUN
cjfa-35415	20	16	)	)	PUNCT
cjfa-35415	20	17	in	in	ADP
cjfa-35415	20	18	the	the	DET
cjfa-35415	20	19	economic	economic	ADJ
cjfa-35415	20	20	recovery	recovery	NOUN
cjfa-35415	20	21	tax	tax	NOUN
cjfa-35415	20	22	act	act	NOUN
cjfa-35415	20	23	of	of	ADP
cjfa-35415	20	24	1981	1981	NUM
cjfa-35415	20	25	(	(	PUNCT
cjfa-35415	20	26	erta	erta	NOUN
cjfa-35415	20	27	)	)	PUNCT
cjfa-35415	20	28	,	,	PUNCT
cjfa-35415	20	29	and	and	CCONJ
cjfa-35415	20	30	has	have	AUX
cjfa-35415	20	31	since	since	SCONJ
cjfa-35415	20	32	modified	modify	VERB
cjfa-35415	20	33	it	it	PRON
cjfa-35415	20	34	many	many	ADJ
cjfa-35415	20	35	times	time	NOUN
cjfa-35415	20	36	.	.	PUNCT
cjfa-35415	21	1	policymakers	policymaker	NOUN
cjfa-35415	21	2	and	and	CCONJ
cjfa-35415	21	3	researchers	researcher	NOUN
cjfa-35415	21	4	often	often	ADV
cjfa-35415	21	5	debate	debate	VERB
cjfa-35415	21	6	the	the	DET
cjfa-35415	21	7	effectiveness	effectiveness	NOUN
cjfa-35415	21	8	of	of	ADP
cjfa-35415	21	9	the	the	DET
cjfa-35415	21	10	r&d	r&d	NOUN
cjfa-35415	21	11	tax	tax	NOUN
cjfa-35415	21	12	credit	credit	NOUN
cjfa-35415	21	13	and	and	CCONJ
cjfa-35415	21	14	discuss	discuss	VERB
cjfa-35415	21	15	how	how	SCONJ
cjfa-35415	21	16	to	to	PART
cjfa-35415	21	17	improve	improve	VERB
cjfa-35415	21	18	it	it	PRON
cjfa-35415	21	19	.	.	PUNCT
cjfa-35415	22	1	this	this	DET
cjfa-35415	22	2	paper	paper	NOUN
cjfa-35415	22	3	provides	provide	VERB
cjfa-35415	22	4	new	new	ADJ
cjfa-35415	22	5	insights	insight	NOUN
cjfa-35415	22	6	on	on	ADP
cjfa-35415	22	7	this	this	DET
cjfa-35415	22	8	debate	debate	NOUN
cjfa-35415	22	9	based	base	VERB
cjfa-35415	22	10	on	on	ADP
cjfa-35415	22	11	innovative	innovative	ADJ
cjfa-35415	22	12	efficiency	efficiency	NOUN
cjfa-35415	22	13	.	.	PUNCT
cjfa-35415	23	1	first	first	ADV
cjfa-35415	23	2	,	,	PUNCT
cjfa-35415	23	3	proponents	proponent	NOUN
cjfa-35415	23	4	frequently	frequently	ADV
cjfa-35415	23	5	criticize	criticize	VERB
cjfa-35415	23	6	two	two	NUM
cjfa-35415	23	7	shortcomings	shortcoming	NOUN
cjfa-35415	23	8	of	of	ADP
cjfa-35415	23	9	the	the	DET
cjfa-35415	23	10	u.s	u.s	PROPN
cjfa-35415	23	11	.	.	PROPN
cjfa-35415	23	12	r&d	r&d	NOUN
cjfa-35415	23	13	tax	tax	NOUN
cjfa-35415	23	14	credit	credit	NOUN
cjfa-35415	23	15	.	.	PUNCT
cjfa-35415	24	1	the	the	DET
cjfa-35415	24	2	first	first	ADJ
cjfa-35415	24	3	one	one	NUM
cjfa-35415	24	4	is	be	AUX
cjfa-35415	24	5	the	the	DET
cjfa-35415	24	6	temporary	temporary	ADJ
cjfa-35415	24	7	nature	nature	NOUN
cjfa-35415	24	8	of	of	ADP
cjfa-35415	24	9	the	the	DET
cjfa-35415	24	10	credit	credit	NOUN
cjfa-35415	24	11	which	which	PRON
cjfa-35415	24	12	has	have	AUX
cjfa-35415	24	13	expired	expire	VERB
cjfa-35415	24	14	eight	eight	NUM
cjfa-35415	24	15	times	time	NOUN
cjfa-35415	24	16	and	and	CCONJ
cjfa-35415	24	17	been	be	AUX
cjfa-35415	24	18	renewed	renew	VERB
cjfa-35415	24	19	14	14	NUM
cjfa-35415	24	20	times	time	NOUN
cjfa-35415	24	21	since	since	SCONJ
cjfa-35415	24	22	1981	1981	NUM
cjfa-35415	24	23	.	.	PUNCT
cjfa-35415	25	1	this	this	DET
cjfa-35415	25	2	temporary	temporary	ADJ
cjfa-35415	25	3	nature	nature	NOUN
cjfa-35415	25	4	makes	make	VERB
cjfa-35415	25	5	it	it	PRON
cjfa-35415	25	6	difficult	difficult	ADJ
cjfa-35415	25	7	for	for	SCONJ
cjfa-35415	25	8	companies	company	NOUN
cjfa-35415	25	9	to	to	PART
cjfa-35415	25	10	design	design	VERB
cjfa-35415	25	11	budgets	budget	NOUN
cjfa-35415	25	12	for	for	ADP
cjfa-35415	25	13	future	future	ADJ
cjfa-35415	25	14	projects	project	NOUN
cjfa-35415	25	15	.	.	PUNCT
cjfa-35415	26	1	second	second	ADJ
cjfa-35415	26	2	,	,	PUNCT
cjfa-35415	26	3	the	the	DET
cjfa-35415	26	4	u.s	u.s	PROPN
cjfa-35415	26	5	.	.	PROPN
cjfa-35415	26	6	r&d	r&d	NOUN
cjfa-35415	26	7	tax	tax	NOUN
cjfa-35415	26	8	credit	credit	NOUN
cjfa-35415	26	9	is	be	AUX
cjfa-35415	26	10	not	not	PART
cjfa-35415	26	11	as	as	ADV
cjfa-35415	26	12	competitive	competitive	ADJ
cjfa-35415	26	13	as	as	ADP
cjfa-35415	26	14	those	those	PRON
cjfa-35415	26	15	of	of	ADP
cjfa-35415	26	16	other	other	ADJ
cjfa-35415	26	17	nations	nation	NOUN
cjfa-35415	26	18	.	.	PUNCT
cjfa-35415	27	1	stewart	stewart	PROPN
cjfa-35415	27	2	,	,	PUNCT
cjfa-35415	27	3	warda	warda	PROPN
cjfa-35415	27	4	and	and	CCONJ
cjfa-35415	27	5	atkinson	atkinson	PROPN
cjfa-35415	27	6	(	(	PUNCT
cjfa-35415	27	7	2012	2012	NUM
cjfa-35415	27	8	)	)	PUNCT
cjfa-35415	27	9	find	find	VERB
cjfa-35415	27	10	that	that	SCONJ
cjfa-35415	27	11	the	the	DET
cjfa-35415	27	12	u.s	u.s	PROPN
cjfa-35415	27	13	.	.	PROPN
cjfa-35415	27	14	was	be	AUX
cjfa-35415	27	15	ranked	rank	VERB
cjfa-35415	27	16	only	only	ADV
cjfa-35415	27	17	27th	27th	NOUN
cjfa-35415	27	18	based	base	VERB
cjfa-35415	27	19	on	on	ADP
cjfa-35415	27	20	r&d	r&d	NOUN
cjfa-35415	27	21	tax	tax	NOUN
cjfa-35415	27	22	incentives	incentive	NOUN
cjfa-35415	27	23	among	among	ADP
cjfa-35415	27	24	42	42	NUM
cjfa-35415	27	25	countries	country	NOUN
cjfa-35415	27	26	.	.	PUNCT
cjfa-35415	28	1	in	in	ADP
cjfa-35415	28	2	addition	addition	NOUN
cjfa-35415	28	3	to	to	ADP
cjfa-35415	28	4	higher	high	ADJ
cjfa-35415	28	5	credit	credit	NOUN
cjfa-35415	28	6	rates	rate	NOUN
cjfa-35415	28	7	for	for	ADP
cjfa-35415	28	8	r&d	r&d	NOUN
cjfa-35415	28	9	,	,	PUNCT
cjfa-35415	28	10	some	some	DET
cjfa-35415	28	11	nations	nation	NOUN
cjfa-35415	28	12	,	,	PUNCT
cjfa-35415	28	13	such	such	ADJ
cjfa-35415	28	14	as	as	ADP
cjfa-35415	28	15	the	the	DET
cjfa-35415	28	16	united	united	PROPN
cjfa-35415	28	17	kingdom	kingdom	PROPN
cjfa-35415	28	18	and	and	CCONJ
cjfa-35415	28	19	france	france	PROPN
cjfa-35415	28	20	,	,	PUNCT
cjfa-35415	28	21	provide	provide	VERB
cjfa-35415	28	22	additional	additional	ADJ
cjfa-35415	28	23	deduction	deduction	NOUN
cjfa-35415	28	24	for	for	ADP
cjfa-35415	28	25	revenue	revenue	NOUN
cjfa-35415	28	26	earned	earn	VERB
cjfa-35415	28	27	from	from	ADP
cjfa-35415	28	28	innovation	innovation	NOUN
cjfa-35415	28	29	(	(	PUNCT
cjfa-35415	28	30	mohnen	mohnen	NOUN
cjfa-35415	28	31	,	,	PUNCT
cjfa-35415	28	32	vankan	vankan	ADJ
cjfa-35415	28	33	&	&	CCONJ
cjfa-35415	28	34	verspagen	verspagen	PROPN
cjfa-35415	28	35	,	,	PUNCT
cjfa-35415	28	36	1997	1997	NUM
cjfa-35415	28	37	;	;	PUNCT
cjfa-35415	28	38	gaessler	gaessler	NOUN
cjfa-35415	28	39	,	,	PUNCT
cjfa-35415	28	40	hall	hall	NOUN
cjfa-35415	28	41	&	&	CCONJ
cjfa-35415	28	42	harhoff	harhoff	NOUN
cjfa-35415	28	43	,	,	PUNCT
cjfa-35415	28	44	2021	2021	NUM
cjfa-35415	28	45	)	)	PUNCT
cjfa-35415	28	46	.	.	PUNCT
cjfa-35415	29	1	second	second	ADJ
cjfa-35415	29	2	,	,	PUNCT
cjfa-35415	29	3	opponents	opponent	NOUN
cjfa-35415	29	4	question	question	VERB
cjfa-35415	29	5	the	the	DET
cjfa-35415	29	6	efficacy	efficacy	NOUN
cjfa-35415	29	7	of	of	ADP
cjfa-35415	29	8	r&d	r&d	NOUN
cjfa-35415	29	9	tax	tax	NOUN
cjfa-35415	29	10	credits	credit	NOUN
cjfa-35415	29	11	.	.	PUNCT
cjfa-35415	30	1	first	first	ADV
cjfa-35415	30	2	of	of	ADP
cjfa-35415	30	3	all	all	PRON
cjfa-35415	30	4	,	,	PUNCT
cjfa-35415	30	5	private	private	ADJ
cjfa-35415	30	6	companies	company	NOUN
cjfa-35415	30	7	conduct	conduct	VERB
cjfa-35415	30	8	research	research	NOUN
cjfa-35415	30	9	regardless	regardless	ADV
cjfa-35415	30	10	of	of	ADP
cjfa-35415	30	11	any	any	DET
cjfa-35415	30	12	tax	tax	NOUN
cjfa-35415	30	13	credit	credit	NOUN
cjfa-35415	30	14	available	available	ADJ
cjfa-35415	30	15	.	.	PUNCT
cjfa-35415	31	1	second	second	ADJ
cjfa-35415	31	2	,	,	PUNCT
cjfa-35415	31	3	over	over	ADP
cjfa-35415	31	4	80	80	NUM
cjfa-35415	31	5	%	%	NOUN
cjfa-35415	31	6	of	of	ADP
cjfa-35415	31	7	the	the	DET
cjfa-35415	31	8	credit	credit	NOUN
cjfa-35415	31	9	claimed	claim	VERB
cjfa-35415	31	10	is	be	AUX
cjfa-35415	31	11	allocated	allocate	VERB
cjfa-35415	31	12	to	to	ADP
cjfa-35415	31	13	multinational	multinational	ADJ
cjfa-35415	31	14	companies	company	NOUN
cjfa-35415	31	15	such	such	ADJ
cjfa-35415	31	16	as	as	ADP
cjfa-35415	31	17	apple	apple	NOUN
cjfa-35415	31	18	and	and	CCONJ
cjfa-35415	31	19	microsoft	microsoft	PROPN
cjfa-35415	31	20	,	,	PUNCT
cjfa-35415	31	21	which	which	PRON
cjfa-35415	31	22	likely	likely	ADV
cjfa-35415	31	23	do	do	AUX
cjfa-35415	31	24	not	not	PART
cjfa-35415	31	25	need	need	VERB
cjfa-35415	31	26	additional	additional	ADJ
cjfa-35415	31	27	incentives	incentive	NOUN
cjfa-35415	31	28	to	to	PART
cjfa-35415	31	29	conduct	conduct	VERB
cjfa-35415	31	30	research	research	NOUN
cjfa-35415	31	31	.	.	PUNCT
cjfa-35415	32	1	third	third	ADJ
cjfa-35415	32	2	,	,	PUNCT
cjfa-35415	32	3	rankings	ranking	NOUN
cjfa-35415	32	4	of	of	ADP
cjfa-35415	32	5	r&d	r&d	NOUN
cjfa-35415	32	6	tax	tax	NOUN
cjfa-35415	32	7	credits	credit	NOUN
cjfa-35415	32	8	compare	compare	VERB
cjfa-35415	32	9	only	only	ADV
cjfa-35415	32	10	the	the	DET
cjfa-35415	32	11	generosity	generosity	NOUN
cjfa-35415	32	12	of	of	ADP
cjfa-35415	32	13	governmental	governmental	ADJ
cjfa-35415	32	14	policies	policy	NOUN
cjfa-35415	32	15	,	,	PUNCT
cjfa-35415	32	16	but	but	CCONJ
cjfa-35415	32	17	do	do	AUX
cjfa-35415	32	18	not	not	PART
cjfa-35415	32	19	reflect	reflect	VERB
cjfa-35415	32	20	actual	actual	ADJ
cjfa-35415	32	21	spending	spending	NOUN
cjfa-35415	32	22	of	of	ADP
cjfa-35415	32	23	firms	firm	NOUN
cjfa-35415	32	24	.	.	PUNCT
cjfa-35415	33	1	although	although	SCONJ
cjfa-35415	33	2	ranked	rank	VERB
cjfa-35415	33	3	27th	27th	NOUN
cjfa-35415	33	4	in	in	ADP
cjfa-35415	33	5	terms	term	NOUN
cjfa-35415	33	6	of	of	ADP
cjfa-35415	33	7	tax	tax	NOUN
cjfa-35415	33	8	incentives	incentive	NOUN
cjfa-35415	33	9	,	,	PUNCT
cjfa-35415	33	10	the	the	DET
cjfa-35415	33	11	u.s	u.s	PROPN
cjfa-35415	33	12	.	.	PROPN
cjfa-35415	33	13	was	be	AUX
cjfa-35415	33	14	ranked	rank	VERB
cjfa-35415	33	15	1st	1st	ADV
cjfa-35415	33	16	in	in	ADP
cjfa-35415	33	17	total	total	ADJ
cjfa-35415	33	18	r&d	r&d	NOUN
cjfa-35415	33	19	spending	spending	NOUN
cjfa-35415	33	20	and	and	CCONJ
cjfa-35415	33	21	10th	10th	ADJ
cjfa-35415	33	22	in	in	ADP
cjfa-35415	33	23	r&d	r&d	NOUN
cjfa-35415	33	24	spending	spending	NOUN
cjfa-35415	33	25	as	as	ADP
cjfa-35415	33	26	a	a	DET
cjfa-35415	33	27	percentage	percentage	NOUN
cjfa-35415	33	28	of	of	ADP
cjfa-35415	33	29	total	total	ADJ
cjfa-35415	33	30	gdp	gdp	NOUN
cjfa-35415	33	31	in	in	ADP
cjfa-35415	33	32	2012	2012	NUM
cjfa-35415	33	33	(	(	PUNCT
cjfa-35415	33	34	stewart	stewart	PROPN
cjfa-35415	33	35	et	et	PROPN
cjfa-35415	33	36	al	al	PROPN
cjfa-35415	33	37	.	.	PROPN
cjfa-35415	33	38	,	,	PUNCT
cjfa-35415	33	39	2012	2012	NUM
cjfa-35415	33	40	)	)	PUNCT
cjfa-35415	33	41	.	.	PUNCT
cjfa-35415	34	1	these	these	DET
cjfa-35415	34	2	findings	finding	NOUN
cjfa-35415	34	3	suggest	suggest	VERB
cjfa-35415	34	4	that	that	SCONJ
cjfa-35415	34	5	a	a	DET
cjfa-35415	34	6	more	more	ADV
cjfa-35415	34	7	generous	generous	ADJ
cjfa-35415	34	8	r&d	r&d	NOUN
cjfa-35415	34	9	tax	tax	NOUN
cjfa-35415	34	10	credit	credit	NOUN
cjfa-35415	34	11	is	be	AUX
cjfa-35415	34	12	not	not	PART
cjfa-35415	34	13	necessary	necessary	ADJ
cjfa-35415	34	14	to	to	PART
cjfa-35415	34	15	spur	spur	VERB
cjfa-35415	34	16	private	private	ADJ
cjfa-35415	34	17	research	research	NOUN
cjfa-35415	34	18	expenditures	expenditure	NOUN
cjfa-35415	34	19	.	.	PUNCT
cjfa-35415	35	1	reexamining	reexamine	VERB
cjfa-35415	35	2	the	the	DET
cjfa-35415	35	3	economic	economic	ADJ
cjfa-35415	35	4	recovery	recovery	NOUN
cjfa-35415	35	5	tax	tax	NOUN
cjfa-35415	35	6	act	act	NOUN
cjfa-35415	35	7	of	of	ADP
cjfa-35415	35	8	1981	1981	NUM
cjfa-35415	35	9	…	…	SYM
cjfa-35415	35	10	29	29	NUM
cjfa-35415	35	11	prior	prior	ADJ
cjfa-35415	35	12	literature	literature	NOUN
cjfa-35415	35	13	has	have	AUX
cjfa-35415	35	14	extensively	extensively	ADV
cjfa-35415	35	15	studied	study	VERB
cjfa-35415	35	16	how	how	SCONJ
cjfa-35415	35	17	tax	tax	NOUN
cjfa-35415	35	18	incentives	incentive	NOUN
cjfa-35415	35	19	affect	affect	VERB
cjfa-35415	35	20	r&d	r&d	NOUN
cjfa-35415	35	21	expenditures	expenditure	NOUN
cjfa-35415	35	22	and	and	CCONJ
cjfa-35415	35	23	the	the	DET
cjfa-35415	35	24	tradeoff	tradeoff	NOUN
cjfa-35415	35	25	between	between	ADP
cjfa-35415	35	26	tax	tax	NOUN
cjfa-35415	35	27	revenue	revenue	NOUN
cjfa-35415	35	28	foregone	foregone	NOUN
cjfa-35415	35	29	and	and	CCONJ
cjfa-35415	35	30	additional	additional	ADJ
cjfa-35415	35	31	private	private	ADJ
cjfa-35415	35	32	research	research	NOUN
cjfa-35415	35	33	investment	investment	NOUN
cjfa-35415	35	34	generated	generate	VERB
cjfa-35415	35	35	(	(	PUNCT
cjfa-35415	35	36	hall	hall	NOUN
cjfa-35415	35	37	,	,	PUNCT
cjfa-35415	35	38	1993	1993	NUM
cjfa-35415	35	39	;	;	PUNCT
cjfa-35415	35	40	szlęzak	szlęzak	NOUN
cjfa-35415	35	41	-	-	PUNCT
cjfa-35415	35	42	matusewicz	matusewicz	NOUN
cjfa-35415	35	43	,	,	PUNCT
cjfa-35415	35	44	2014	2014	NUM
cjfa-35415	35	45	;	;	PUNCT
cjfa-35415	35	46	kahn	kahn	PROPN
cjfa-35415	35	47	,	,	PUNCT
cjfa-35415	35	48	2018	2018	NUM
cjfa-35415	35	49	;	;	PUNCT
cjfa-35415	35	50	ziółkowska	ziółkowska	NOUN
cjfa-35415	35	51	,	,	PUNCT
cjfa-35415	35	52	2018	2018	NUM
cjfa-35415	35	53	)	)	PUNCT
cjfa-35415	35	54	.	.	PUNCT
cjfa-35415	36	1	in	in	ADP
cjfa-35415	36	2	terms	term	NOUN
cjfa-35415	36	3	of	of	ADP
cjfa-35415	36	4	tax	tax	NOUN
cjfa-35415	36	5	revenue	revenue	NOUN
cjfa-35415	36	6	loss	loss	NOUN
cjfa-35415	36	7	,	,	PUNCT
cjfa-35415	36	8	ernst	ernst	NOUN
cjfa-35415	36	9	and	and	CCONJ
cjfa-35415	36	10	young	young	ADJ
cjfa-35415	36	11	(	(	PUNCT
cjfa-35415	36	12	2008	2008	NUM
cjfa-35415	36	13	)	)	PUNCT
cjfa-35415	36	14	find	find	VERB
cjfa-35415	36	15	that	that	SCONJ
cjfa-35415	36	16	total	total	ADJ
cjfa-35415	36	17	r&d	r&d	NOUN
cjfa-35415	36	18	tax	tax	NOUN
cjfa-35415	36	19	credits	credit	NOUN
cjfa-35415	36	20	claimed	claim	VERB
cjfa-35415	36	21	are	be	AUX
cjfa-35415	36	22	$	$	SYM
cjfa-35415	36	23	4.4	4.4	NUM
cjfa-35415	36	24	billion	billion	NUM
cjfa-35415	36	25	,	,	PUNCT
cjfa-35415	36	26	$	$	SYM
cjfa-35415	36	27	6.4	6.4	NUM
cjfa-35415	36	28	billion	billion	NUM
cjfa-35415	36	29	,	,	PUNCT
cjfa-35415	36	30	and	and	CCONJ
cjfa-35415	36	31	$	$	SYM
cjfa-35415	36	32	6.4	6.4	NUM
cjfa-35415	36	33	billion	billion	NUM
cjfa-35415	36	34	in	in	ADP
cjfa-35415	36	35	1997	1997	NUM
cjfa-35415	36	36	,	,	PUNCT
cjfa-35415	36	37	2001	2001	NUM
cjfa-35415	36	38	,	,	PUNCT
cjfa-35415	36	39	and	and	CCONJ
cjfa-35415	36	40	2005	2005	NUM
cjfa-35415	36	41	respectively	respectively	ADV
cjfa-35415	36	42	.	.	PUNCT
cjfa-35415	37	1	however	however	ADV
cjfa-35415	37	2	,	,	PUNCT
cjfa-35415	37	3	researchers	researcher	NOUN
cjfa-35415	37	4	show	show	VERB
cjfa-35415	37	5	that	that	SCONJ
cjfa-35415	37	6	the	the	DET
cjfa-35415	37	7	tax	tax	NOUN
cjfa-35415	37	8	incentive	incentive	NOUN
cjfa-35415	37	9	has	have	AUX
cjfa-35415	37	10	spurred	spur	VERB
cjfa-35415	37	11	more	more	ADJ
cjfa-35415	37	12	private	private	ADJ
cjfa-35415	37	13	r&d	r&d	NOUN
cjfa-35415	37	14	spending	spending	NOUN
cjfa-35415	37	15	than	than	ADP
cjfa-35415	37	16	tax	tax	NOUN
cjfa-35415	37	17	revenue	revenue	NOUN
cjfa-35415	37	18	foregone	foregone	NOUN
cjfa-35415	37	19	(	(	PUNCT
cjfa-35415	37	20	berger	berger	PROPN
cjfa-35415	37	21	,	,	PUNCT
cjfa-35415	37	22	1993	1993	NUM
cjfa-35415	37	23	;	;	PUNCT
cjfa-35415	37	24	hall	hall	PROPN
cjfa-35415	37	25	&	&	CCONJ
cjfa-35415	37	26	van	van	PROPN
cjfa-35415	37	27	reenen	reenen	PROPN
cjfa-35415	37	28	,	,	PUNCT
cjfa-35415	37	29	2000	2000	NUM
cjfa-35415	37	30	;	;	PUNCT
cjfa-35415	37	31	edler	edler	PROPN
cjfa-35415	37	32	&	&	CCONJ
cjfa-35415	37	33	fagerberg	fagerberg	PROPN
cjfa-35415	37	34	,	,	PUNCT
cjfa-35415	37	35	2017	2017	NUM
cjfa-35415	37	36	)	)	PUNCT
cjfa-35415	37	37	.	.	PUNCT
cjfa-35415	38	1	the	the	DET
cjfa-35415	38	2	innovation	innovation	NOUN
cjfa-35415	38	3	process	process	NOUN
cjfa-35415	38	4	involves	involve	VERB
cjfa-35415	38	5	inputs	input	NOUN
cjfa-35415	38	6	such	such	ADJ
cjfa-35415	38	7	as	as	ADP
cjfa-35415	38	8	r&d	r&d	NOUN
cjfa-35415	38	9	expenditures	expenditure	NOUN
cjfa-35415	38	10	and	and	CCONJ
cjfa-35415	38	11	human	human	ADJ
cjfa-35415	38	12	capital	capital	NOUN
cjfa-35415	38	13	,	,	PUNCT
cjfa-35415	38	14	and	and	CCONJ
cjfa-35415	38	15	outputs	output	NOUN
cjfa-35415	38	16	such	such	ADJ
cjfa-35415	38	17	as	as	ADP
cjfa-35415	38	18	new	new	ADJ
cjfa-35415	38	19	patents	patent	NOUN
cjfa-35415	38	20	and	and	CCONJ
cjfa-35415	38	21	products	product	NOUN
cjfa-35415	38	22	.	.	PUNCT
cjfa-35415	39	1	r&d	r&d	NOUN
cjfa-35415	39	2	expenditure	expenditure	NOUN
cjfa-35415	39	3	captures	capture	VERB
cjfa-35415	39	4	only	only	ADV
cjfa-35415	39	5	the	the	DET
cjfa-35415	39	6	input	input	NOUN
cjfa-35415	39	7	perspective	perspective	NOUN
cjfa-35415	39	8	of	of	ADP
cjfa-35415	39	9	the	the	DET
cjfa-35415	39	10	innovation	innovation	NOUN
cjfa-35415	39	11	process	process	NOUN
cjfa-35415	39	12	.	.	PUNCT
cjfa-35415	40	1	efficiency	efficiency	NOUN
cjfa-35415	40	2	,	,	PUNCT
cjfa-35415	40	3	which	which	PRON
cjfa-35415	40	4	measures	measure	VERB
cjfa-35415	40	5	how	how	SCONJ
cjfa-35415	40	6	effectively	effectively	ADV
cjfa-35415	40	7	a	a	DET
cjfa-35415	40	8	firm	firm	NOUN
cjfa-35415	40	9	utilizes	utilize	VERB
cjfa-35415	40	10	its	its	PRON
cjfa-35415	40	11	research	research	NOUN
cjfa-35415	40	12	inputs	input	NOUN
cjfa-35415	40	13	,	,	PUNCT
cjfa-35415	40	14	is	be	AUX
cjfa-35415	40	15	another	another	DET
cjfa-35415	40	16	factor	factor	NOUN
cjfa-35415	40	17	that	that	PRON
cjfa-35415	40	18	affects	affect	VERB
cjfa-35415	40	19	innovation	innovation	NOUN
cjfa-35415	40	20	outputs	output	NOUN
cjfa-35415	40	21	.	.	PUNCT
cjfa-35415	41	1	innovative	innovative	ADJ
cjfa-35415	41	2	efficiency	efficiency	NOUN
cjfa-35415	41	3	increases	increase	NOUN
cjfa-35415	41	4	when	when	SCONJ
cjfa-35415	41	5	same	same	ADJ
cjfa-35415	41	6	research	research	NOUN
cjfa-35415	41	7	inputs	input	NOUN
cjfa-35415	41	8	generate	generate	VERB
cjfa-35415	41	9	more	more	ADJ
cjfa-35415	41	10	outputs	output	NOUN
cjfa-35415	41	11	or	or	CCONJ
cjfa-35415	41	12	fewer	few	ADJ
cjfa-35415	41	13	research	research	NOUN
cjfa-35415	41	14	inputs	input	NOUN
cjfa-35415	41	15	generate	generate	VERB
cjfa-35415	41	16	same	same	ADJ
cjfa-35415	41	17	outputs	output	NOUN
cjfa-35415	41	18	.	.	PUNCT
cjfa-35415	42	1	an	an	DET
cjfa-35415	42	2	increase	increase	NOUN
cjfa-35415	42	3	in	in	ADP
cjfa-35415	42	4	r&d	r&d	NOUN
cjfa-35415	42	5	spending	spending	NOUN
cjfa-35415	42	6	likely	likely	ADV
cjfa-35415	42	7	leads	lead	VERB
cjfa-35415	42	8	to	to	ADP
cjfa-35415	42	9	more	more	ADJ
cjfa-35415	42	10	innovation	innovation	NOUN
cjfa-35415	42	11	outputs	output	NOUN
cjfa-35415	42	12	but	but	CCONJ
cjfa-35415	42	13	not	not	PART
cjfa-35415	42	14	necessarily	necessarily	ADV
cjfa-35415	42	15	a	a	DET
cjfa-35415	42	16	higher	high	ADJ
cjfa-35415	42	17	ratio	ratio	NOUN
cjfa-35415	42	18	of	of	ADP
cjfa-35415	42	19	innovation	innovation	NOUN
cjfa-35415	42	20	outputs	output	NOUN
cjfa-35415	42	21	to	to	ADP
cjfa-35415	42	22	inputs	input	NOUN
cjfa-35415	42	23	.	.	PUNCT
cjfa-35415	43	1	an	an	DET
cjfa-35415	43	2	increase	increase	NOUN
cjfa-35415	43	3	in	in	ADP
cjfa-35415	43	4	innovative	innovative	ADJ
cjfa-35415	43	5	efficiency	efficiency	NOUN
cjfa-35415	43	6	could	could	AUX
cjfa-35415	43	7	lead	lead	VERB
cjfa-35415	43	8	to	to	ADP
cjfa-35415	43	9	more	more	ADJ
cjfa-35415	43	10	innovations	innovation	NOUN
cjfa-35415	43	11	for	for	ADP
cjfa-35415	43	12	firms	firm	NOUN
cjfa-35415	43	13	and	and	CCONJ
cjfa-35415	43	14	the	the	DET
cjfa-35415	43	15	economy	economy	NOUN
cjfa-35415	43	16	in	in	ADP
cjfa-35415	43	17	the	the	DET
cjfa-35415	43	18	long	long	ADJ
cjfa-35415	43	19	run	run	NOUN
cjfa-35415	43	20	.	.	PUNCT
cjfa-35415	44	1	researchers	researcher	NOUN
cjfa-35415	44	2	have	have	AUX
cjfa-35415	44	3	not	not	PART
cjfa-35415	44	4	studied	study	VERB
cjfa-35415	44	5	how	how	SCONJ
cjfa-35415	44	6	u.s	u.s	PROPN
cjfa-35415	44	7	.	.	PROPN
cjfa-35415	44	8	r&d	r&d	NOUN
cjfa-35415	44	9	tax	tax	NOUN
cjfa-35415	44	10	credits	credit	NOUN
cjfa-35415	44	11	impact	impact	VERB
cjfa-35415	44	12	innovative	innovative	ADJ
cjfa-35415	44	13	efficiency	efficiency	NOUN
cjfa-35415	44	14	,	,	PUNCT
cjfa-35415	44	15	and	and	CCONJ
cjfa-35415	44	16	this	this	DET
cjfa-35415	44	17	paper	paper	NOUN
cjfa-35415	44	18	seeks	seek	VERB
cjfa-35415	44	19	to	to	PART
cjfa-35415	44	20	bridge	bridge	VERB
cjfa-35415	44	21	the	the	DET
cjfa-35415	44	22	gap	gap	NOUN
cjfa-35415	44	23	.	.	PUNCT
cjfa-35415	45	1	the	the	DET
cjfa-35415	45	2	r&d	r&d	NOUN
cjfa-35415	45	3	tax	tax	NOUN
cjfa-35415	45	4	credit	credit	NOUN
cjfa-35415	45	5	can	can	AUX
cjfa-35415	45	6	either	either	CCONJ
cjfa-35415	45	7	increase	increase	VERB
cjfa-35415	45	8	or	or	CCONJ
cjfa-35415	45	9	decrease	decrease	VERB
cjfa-35415	45	10	innovative	innovative	ADJ
cjfa-35415	45	11	efficiency	efficiency	NOUN
cjfa-35415	45	12	.	.	PUNCT
cjfa-35415	46	1	on	on	ADP
cjfa-35415	46	2	the	the	DET
cjfa-35415	46	3	one	one	NUM
cjfa-35415	46	4	hand	hand	NOUN
cjfa-35415	46	5	,	,	PUNCT
cjfa-35415	46	6	the	the	DET
cjfa-35415	46	7	credit	credit	NOUN
cjfa-35415	46	8	could	could	AUX
cjfa-35415	46	9	increase	increase	VERB
cjfa-35415	46	10	the	the	DET
cjfa-35415	46	11	efficiency	efficiency	NOUN
cjfa-35415	46	12	through	through	ADP
cjfa-35415	46	13	improving	improve	VERB
cjfa-35415	46	14	factors	factor	NOUN
cjfa-35415	46	15	that	that	PRON
cjfa-35415	46	16	are	be	AUX
cjfa-35415	46	17	important	important	ADJ
cjfa-35415	46	18	for	for	ADP
cjfa-35415	46	19	innovation	innovation	NOUN
cjfa-35415	46	20	.	.	PUNCT
cjfa-35415	47	1	some	some	PRON
cjfa-35415	47	2	of	of	ADP
cjfa-35415	47	3	these	these	DET
cjfa-35415	47	4	factors	factor	NOUN
cjfa-35415	47	5	include	include	VERB
cjfa-35415	47	6	research	research	NOUN
cjfa-35415	47	7	spending	spending	NOUN
cjfa-35415	47	8	,	,	PUNCT
cjfa-35415	47	9	human	human	ADJ
cjfa-35415	47	10	capital	capital	NOUN
cjfa-35415	47	11	,	,	PUNCT
cjfa-35415	47	12	and	and	CCONJ
cjfa-35415	47	13	organizational	organizational	ADJ
cjfa-35415	47	14	structures	structure	NOUN
cjfa-35415	47	15	such	such	ADJ
cjfa-35415	47	16	as	as	ADP
cjfa-35415	47	17	corporate	corporate	ADJ
cjfa-35415	47	18	culture	culture	NOUN
cjfa-35415	47	19	and	and	CCONJ
cjfa-35415	47	20	reward	reward	NOUN
cjfa-35415	47	21	system	system	NOUN
cjfa-35415	47	22	.	.	PUNCT
cjfa-35415	48	1	an	an	DET
cjfa-35415	48	2	increase	increase	NOUN
cjfa-35415	48	3	in	in	ADP
cjfa-35415	48	4	available	available	ADJ
cjfa-35415	48	5	cash	cash	NOUN
cjfa-35415	48	6	through	through	ADP
cjfa-35415	48	7	the	the	DET
cjfa-35415	48	8	tax	tax	NOUN
cjfa-35415	48	9	credit	credit	NOUN
cjfa-35415	48	10	allows	allow	VERB
cjfa-35415	48	11	firms	firm	NOUN
cjfa-35415	48	12	to	to	PART
cjfa-35415	48	13	purchase	purchase	VERB
cjfa-35415	48	14	better	well	ADJ
cjfa-35415	48	15	equipment	equipment	NOUN
cjfa-35415	48	16	and	and	CCONJ
cjfa-35415	48	17	hire	hire	VERB
cjfa-35415	48	18	more	more	ADV
cjfa-35415	48	19	experienced	experienced	ADJ
cjfa-35415	48	20	scientists	scientist	NOUN
cjfa-35415	48	21	and	and	CCONJ
cjfa-35415	48	22	engineers	engineer	NOUN
cjfa-35415	48	23	.	.	PUNCT
cjfa-35415	49	1	the	the	DET
cjfa-35415	49	2	r&d	r&d	NOUN
cjfa-35415	49	3	tax	tax	NOUN
cjfa-35415	49	4	credit	credit	NOUN
cjfa-35415	49	5	also	also	ADV
cjfa-35415	49	6	sends	send	VERB
cjfa-35415	49	7	a	a	DET
cjfa-35415	49	8	signal	signal	NOUN
cjfa-35415	49	9	to	to	ADP
cjfa-35415	49	10	managers	manager	NOUN
cjfa-35415	49	11	about	about	ADP
cjfa-35415	49	12	the	the	DET
cjfa-35415	49	13	importance	importance	NOUN
cjfa-35415	49	14	of	of	ADP
cjfa-35415	49	15	innovation	innovation	NOUN
cjfa-35415	49	16	,	,	PUNCT
cjfa-35415	49	17	and	and	CCONJ
cjfa-35415	49	18	managers	manager	NOUN
cjfa-35415	49	19	could	could	AUX
cjfa-35415	49	20	make	make	VERB
cjfa-35415	49	21	firms	firm	NOUN
cjfa-35415	49	22	more	more	ADV
cjfa-35415	49	23	innovationfriendly	innovationfriendly	ADV
cjfa-35415	49	24	.	.	PUNCT
cjfa-35415	50	1	organizational	organizational	ADJ
cjfa-35415	50	2	structures	structure	NOUN
cjfa-35415	50	3	that	that	PRON
cjfa-35415	50	4	favor	favor	VERB
cjfa-35415	50	5	innovation	innovation	NOUN
cjfa-35415	50	6	help	help	VERB
cjfa-35415	50	7	firms	firm	NOUN
cjfa-35415	50	8	to	to	PART
cjfa-35415	50	9	attract	attract	VERB
cjfa-35415	50	10	and	and	CCONJ
cjfa-35415	50	11	retain	retain	VERB
cjfa-35415	50	12	more	more	ADJ
cjfa-35415	50	13	qualified	qualified	ADJ
cjfa-35415	50	14	employees	employee	NOUN
cjfa-35415	50	15	who	who	PRON
cjfa-35415	50	16	are	be	AUX
cjfa-35415	50	17	essential	essential	ADJ
cjfa-35415	50	18	to	to	ADP
cjfa-35415	50	19	successful	successful	ADJ
cjfa-35415	50	20	research	research	NOUN
cjfa-35415	50	21	.	.	PUNCT
cjfa-35415	51	1	on	on	ADP
cjfa-35415	51	2	the	the	DET
cjfa-35415	51	3	other	other	ADJ
cjfa-35415	51	4	hand	hand	NOUN
cjfa-35415	51	5	,	,	PUNCT
cjfa-35415	51	6	innovative	innovative	ADJ
cjfa-35415	51	7	efficiency	efficiency	NOUN
cjfa-35415	51	8	can	can	AUX
cjfa-35415	51	9	also	also	ADV
cjfa-35415	51	10	decrease	decrease	VERB
cjfa-35415	51	11	as	as	ADP
cjfa-35415	51	12	a	a	DET
cjfa-35415	51	13	result	result	NOUN
cjfa-35415	51	14	of	of	ADP
cjfa-35415	51	15	the	the	DET
cjfa-35415	51	16	r&d	r&d	NOUN
cjfa-35415	51	17	tax	tax	NOUN
cjfa-35415	51	18	credit	credit	NOUN
cjfa-35415	51	19	.	.	PUNCT
cjfa-35415	52	1	the	the	DET
cjfa-35415	52	2	credit	credit	NOUN
cjfa-35415	52	3	reduces	reduce	VERB
cjfa-35415	52	4	the	the	DET
cjfa-35415	52	5	cost	cost	NOUN
cjfa-35415	52	6	for	for	ADP
cjfa-35415	52	7	research	research	NOUN
cjfa-35415	52	8	and	and	CCONJ
cjfa-35415	52	9	increases	increase	VERB
cjfa-35415	52	10	competition	competition	NOUN
cjfa-35415	52	11	and	and	CCONJ
cjfa-35415	52	12	aggregate	aggregate	ADJ
cjfa-35415	52	13	demand	demand	NOUN
cjfa-35415	52	14	for	for	ADP
cjfa-35415	52	15	r&d	r&d	NOUN
cjfa-35415	52	16	resources	resource	NOUN
cjfa-35415	52	17	.	.	PUNCT
cjfa-35415	53	1	since	since	SCONJ
cjfa-35415	53	2	research	research	NOUN
cjfa-35415	53	3	supplies	supply	NOUN
cjfa-35415	53	4	are	be	AUX
cjfa-35415	53	5	relatively	relatively	ADV
cjfa-35415	53	6	inelastic	inelastic	ADJ
cjfa-35415	53	7	(	(	PUNCT
cjfa-35415	53	8	hall	hall	PROPN
cjfa-35415	53	9	&	&	CCONJ
cjfa-35415	53	10	lerner	lerner	PROPN
cjfa-35415	53	11	,	,	PUNCT
cjfa-35415	53	12	2010	2010	NUM
cjfa-35415	53	13	)	)	PUNCT
cjfa-35415	53	14	,	,	PUNCT
cjfa-35415	53	15	additional	additional	ADJ
cjfa-35415	53	16	r&d	r&d	NOUN
cjfa-35415	53	17	inputs	input	NOUN
cjfa-35415	53	18	can	can	AUX
cjfa-35415	53	19	drive	drive	VERB
cjfa-35415	53	20	up	up	ADP
cjfa-35415	53	21	prices	price	NOUN
cjfa-35415	53	22	of	of	ADP
cjfa-35415	53	23	these	these	DET
cjfa-35415	53	24	resources	resource	NOUN
cjfa-35415	53	25	instead	instead	ADV
cjfa-35415	53	26	of	of	ADP
cjfa-35415	53	27	quantities	quantity	NOUN
cjfa-35415	53	28	in	in	ADP
cjfa-35415	53	29	the	the	DET
cjfa-35415	53	30	short	short	ADJ
cjfa-35415	53	31	term	term	NOUN
cjfa-35415	53	32	(	(	PUNCT
cjfa-35415	53	33	berger	berger	PROPN
cjfa-35415	53	34	,	,	PUNCT
cjfa-35415	53	35	1993	1993	NUM
cjfa-35415	53	36	)	)	PUNCT
cjfa-35415	53	37	.	.	PUNCT
cjfa-35415	54	1	this	this	DET
cjfa-35415	54	2	increase	increase	NOUN
cjfa-35415	54	3	in	in	ADP
cjfa-35415	54	4	prices	price	NOUN
cjfa-35415	54	5	reduces	reduce	VERB
cjfa-35415	54	6	innovation	innovation	NOUN
cjfa-35415	54	7	outputs	output	NOUN
cjfa-35415	54	8	for	for	ADP
cjfa-35415	54	9	every	every	DET
cjfa-35415	54	10	additional	additional	ADJ
cjfa-35415	54	11	dollar	dollar	NOUN
cjfa-35415	54	12	spent	spend	VERB
cjfa-35415	54	13	on	on	ADP
cjfa-35415	54	14	r&d	r&d	NOUN
cjfa-35415	54	15	,	,	PUNCT
cjfa-35415	54	16	thus	thus	ADV
cjfa-35415	54	17	reducing	reduce	VERB
cjfa-35415	54	18	innovative	innovative	ADJ
cjfa-35415	54	19	efficiency	efficiency	NOUN
cjfa-35415	54	20	.	.	PUNCT
cjfa-35415	55	1	in	in	ADP
cjfa-35415	55	2	addition	addition	NOUN
cjfa-35415	55	3	,	,	PUNCT
cjfa-35415	55	4	although	although	SCONJ
cjfa-35415	55	5	there	there	PRON
cjfa-35415	55	6	is	be	VERB
cjfa-35415	55	7	an	an	DET
cjfa-35415	55	8	inzhaochu	inzhaochu	PROPN
cjfa-35415	55	9	li30	li30	PROPN
cjfa-35415	55	10	crease	crease	NOUN
cjfa-35415	55	11	in	in	ADP
cjfa-35415	55	12	available	available	ADJ
cjfa-35415	55	13	cash	cash	NOUN
cjfa-35415	55	14	from	from	ADP
cjfa-35415	55	15	the	the	DET
cjfa-35415	55	16	tax	tax	NOUN
cjfa-35415	55	17	credit	credit	NOUN
cjfa-35415	55	18	,	,	PUNCT
cjfa-35415	55	19	their	their	PRON
cjfa-35415	55	20	overall	overall	ADJ
cjfa-35415	55	21	innovative	innovative	ADJ
cjfa-35415	55	22	efficiency	efficiency	NOUN
cjfa-35415	55	23	could	could	AUX
cjfa-35415	55	24	also	also	ADV
cjfa-35415	55	25	drop	drop	VERB
cjfa-35415	55	26	if	if	SCONJ
cjfa-35415	55	27	firms	firm	NOUN
cjfa-35415	55	28	continue	continue	VERB
cjfa-35415	55	29	to	to	PART
cjfa-35415	55	30	invest	invest	VERB
cjfa-35415	55	31	in	in	ADP
cjfa-35415	55	32	less	less	ADV
cjfa-35415	55	33	promising	promising	ADJ
cjfa-35415	55	34	research	research	NOUN
cjfa-35415	55	35	projects	project	NOUN
cjfa-35415	55	36	.	.	PUNCT
cjfa-35415	56	1	we	we	PRON
cjfa-35415	56	2	first	first	ADV
cjfa-35415	56	3	test	test	VERB
cjfa-35415	56	4	whether	whether	SCONJ
cjfa-35415	56	5	the	the	DET
cjfa-35415	56	6	r&d	r&d	NOUN
cjfa-35415	56	7	tax	tax	NOUN
cjfa-35415	56	8	credit	credit	NOUN
cjfa-35415	56	9	increases	increase	VERB
cjfa-35415	56	10	innovative	innovative	ADJ
cjfa-35415	56	11	efficiency	efficiency	NOUN
cjfa-35415	56	12	for	for	ADP
cjfa-35415	56	13	all	all	DET
cjfa-35415	56	14	the	the	DET
cjfa-35415	56	15	firms	firm	NOUN
cjfa-35415	56	16	.	.	PUNCT
cjfa-35415	57	1	we	we	PRON
cjfa-35415	57	2	use	use	VERB
cjfa-35415	57	3	the	the	DET
cjfa-35415	57	4	nber	nber	PROPN
cjfa-35415	57	5	patent	patent	NOUN
cjfa-35415	57	6	database	database	NOUN
cjfa-35415	57	7	and	and	CCONJ
cjfa-35415	57	8	measure	measure	NOUN
cjfa-35415	57	9	innovation	innovation	NOUN
cjfa-35415	57	10	as	as	ADP
cjfa-35415	57	11	the	the	DET
cjfa-35415	57	12	number	number	NOUN
cjfa-35415	57	13	of	of	ADP
cjfa-35415	57	14	new	new	ADJ
cjfa-35415	57	15	patents	patent	NOUN
cjfa-35415	57	16	.	.	PUNCT
cjfa-35415	58	1	we	we	PRON
cjfa-35415	58	2	then	then	ADV
cjfa-35415	58	3	follow	follow	VERB
cjfa-35415	58	4	hall	hall	PROPN
cjfa-35415	58	5	,	,	PUNCT
cjfa-35415	58	6	jaffe	jaffe	PROPN
cjfa-35415	58	7	and	and	CCONJ
cjfa-35415	58	8	trajtenberg	trajtenberg	PROPN
cjfa-35415	58	9	(	(	PUNCT
cjfa-35415	58	10	2005	2005	NUM
cjfa-35415	58	11	)	)	PUNCT
cjfa-35415	58	12	and	and	CCONJ
cjfa-35415	58	13	define	define	VERB
cjfa-35415	58	14	innovative	innovative	ADJ
cjfa-35415	58	15	efficiency	efficiency	NOUN
cjfa-35415	58	16	by	by	ADP
cjfa-35415	58	17	dividing	divide	VERB
cjfa-35415	58	18	the	the	DET
cjfa-35415	58	19	number	number	NOUN
cjfa-35415	58	20	of	of	ADP
cjfa-35415	58	21	patents	patent	NOUN
cjfa-35415	58	22	to	to	PART
cjfa-35415	58	23	average	average	VERB
cjfa-35415	58	24	r&d	r&d	NOUN
cjfa-35415	58	25	expense	expense	NOUN
cjfa-35415	58	26	.	.	PUNCT
cjfa-35415	59	1	the	the	DET
cjfa-35415	59	2	empirical	empirical	ADJ
cjfa-35415	59	3	results	result	NOUN
cjfa-35415	59	4	show	show	VERB
cjfa-35415	59	5	that	that	SCONJ
cjfa-35415	59	6	the	the	DET
cjfa-35415	59	7	economic	economic	ADJ
cjfa-35415	59	8	recovery	recovery	NOUN
cjfa-35415	59	9	tax	tax	NOUN
cjfa-35415	59	10	act	act	NOUN
cjfa-35415	59	11	of	of	ADP
cjfa-35415	59	12	1981	1981	NUM
cjfa-35415	59	13	on	on	ADP
cjfa-35415	59	14	average	average	ADJ
cjfa-35415	59	15	leads	lead	NOUN
cjfa-35415	59	16	to	to	ADP
cjfa-35415	59	17	lower	low	ADJ
cjfa-35415	59	18	innovative	innovative	ADJ
cjfa-35415	59	19	efficiency	efficiency	NOUN
cjfa-35415	59	20	.	.	PUNCT
cjfa-35415	60	1	we	we	PRON
cjfa-35415	60	2	next	next	ADJ
cjfa-35415	60	3	explore	explore	VERB
cjfa-35415	60	4	mechanisms	mechanism	NOUN
cjfa-35415	60	5	that	that	PRON
cjfa-35415	60	6	could	could	AUX
cjfa-35415	60	7	cause	cause	VERB
cjfa-35415	60	8	the	the	DET
cjfa-35415	60	9	drop	drop	NOUN
cjfa-35415	60	10	in	in	ADP
cjfa-35415	60	11	innovative	innovative	ADJ
cjfa-35415	60	12	efficiency	efficiency	NOUN
cjfa-35415	60	13	.	.	PUNCT
cjfa-35415	61	1	one	one	NUM
cjfa-35415	61	2	possible	possible	ADJ
cjfa-35415	61	3	mechanism	mechanism	NOUN
cjfa-35415	61	4	is	be	AUX
cjfa-35415	61	5	increased	increase	VERB
cjfa-35415	61	6	competitions	competition	NOUN
cjfa-35415	61	7	for	for	ADP
cjfa-35415	61	8	r&d	r&d	NOUN
cjfa-35415	61	9	resources	resource	NOUN
cjfa-35415	61	10	.	.	PUNCT
cjfa-35415	62	1	since	since	SCONJ
cjfa-35415	62	2	r&d	r&d	NOUN
cjfa-35415	62	3	resources	resource	NOUN
cjfa-35415	62	4	are	be	AUX
cjfa-35415	62	5	relatively	relatively	ADV
cjfa-35415	62	6	inelastic	inelastic	ADJ
cjfa-35415	62	7	in	in	ADP
cjfa-35415	62	8	the	the	DET
cjfa-35415	62	9	short	short	ADJ
cjfa-35415	62	10	run	run	NOUN
cjfa-35415	62	11	,	,	PUNCT
cjfa-35415	62	12	higher	high	ADJ
cjfa-35415	62	13	demand	demand	NOUN
cjfa-35415	62	14	means	mean	VERB
cjfa-35415	62	15	prices	price	NOUN
cjfa-35415	62	16	of	of	ADP
cjfa-35415	62	17	research	research	NOUN
cjfa-35415	62	18	resources	resource	NOUN
cjfa-35415	62	19	will	will	AUX
cjfa-35415	62	20	increase	increase	VERB
cjfa-35415	62	21	,	,	PUNCT
cjfa-35415	62	22	reducing	reduce	VERB
cjfa-35415	62	23	innovative	innovative	ADJ
cjfa-35415	62	24	efficiency	efficiency	NOUN
cjfa-35415	62	25	.	.	PUNCT
cjfa-35415	63	1	firms	firm	NOUN
cjfa-35415	63	2	in	in	ADP
cjfa-35415	63	3	more	more	ADV
cjfa-35415	63	4	competitive	competitive	ADJ
cjfa-35415	63	5	industries	industry	NOUN
cjfa-35415	63	6	likely	likely	ADV
cjfa-35415	63	7	have	have	VERB
cjfa-35415	63	8	higher	high	ADJ
cjfa-35415	63	9	demand	demand	NOUN
cjfa-35415	63	10	for	for	ADP
cjfa-35415	63	11	r&d	r&d	NOUN
cjfa-35415	63	12	resources	resource	NOUN
cjfa-35415	63	13	than	than	ADP
cjfa-35415	63	14	those	those	PRON
cjfa-35415	63	15	in	in	ADP
cjfa-35415	63	16	less	less	ADV
cjfa-35415	63	17	competitive	competitive	ADJ
cjfa-35415	63	18	industries	industry	NOUN
cjfa-35415	63	19	.	.	PUNCT
cjfa-35415	64	1	if	if	SCONJ
cjfa-35415	64	2	competitions	competition	NOUN
cjfa-35415	64	3	for	for	ADP
cjfa-35415	64	4	research	research	NOUN
cjfa-35415	64	5	resources	resource	NOUN
cjfa-35415	64	6	cause	cause	VERB
cjfa-35415	64	7	any	any	DET
cjfa-35415	64	8	change	change	NOUN
cjfa-35415	64	9	in	in	ADP
cjfa-35415	64	10	innovative	innovative	ADJ
cjfa-35415	64	11	efficiency	efficiency	NOUN
cjfa-35415	64	12	,	,	PUNCT
cjfa-35415	64	13	the	the	DET
cjfa-35415	64	14	effect	effect	NOUN
cjfa-35415	64	15	will	will	AUX
cjfa-35415	64	16	be	be	AUX
cjfa-35415	64	17	more	more	ADV
cjfa-35415	64	18	significant	significant	ADJ
cjfa-35415	64	19	for	for	ADP
cjfa-35415	64	20	companies	company	NOUN
cjfa-35415	64	21	in	in	ADP
cjfa-35415	64	22	competitive	competitive	ADJ
cjfa-35415	64	23	industries	industry	NOUN
cjfa-35415	64	24	than	than	ADP
cjfa-35415	64	25	those	those	PRON
cjfa-35415	64	26	in	in	ADP
cjfa-35415	64	27	less	less	ADV
cjfa-35415	64	28	competitive	competitive	ADJ
cjfa-35415	64	29	ones	one	NOUN
cjfa-35415	64	30	.	.	PUNCT
cjfa-35415	65	1	we	we	PRON
cjfa-35415	65	2	measure	measure	VERB
cjfa-35415	65	3	industry	industry	NOUN
cjfa-35415	65	4	competition	competition	NOUN
cjfa-35415	65	5	using	use	VERB
cjfa-35415	65	6	the	the	DET
cjfa-35415	65	7	herfindahl	herfindahl	NOUN
cjfa-35415	65	8	index	index	NOUN
cjfa-35415	65	9	and	and	CCONJ
cjfa-35415	65	10	find	find	VERB
cjfa-35415	65	11	that	that	SCONJ
cjfa-35415	65	12	there	there	PRON
cjfa-35415	65	13	is	be	VERB
cjfa-35415	65	14	a	a	DET
cjfa-35415	65	15	greater	great	ADJ
cjfa-35415	65	16	drop	drop	NOUN
cjfa-35415	65	17	in	in	ADP
cjfa-35415	65	18	innovative	innovative	ADJ
cjfa-35415	65	19	efficiency	efficiency	NOUN
cjfa-35415	65	20	for	for	ADP
cjfa-35415	65	21	companies	company	NOUN
cjfa-35415	65	22	in	in	ADP
cjfa-35415	65	23	more	more	ADV
cjfa-35415	65	24	competitive	competitive	ADJ
cjfa-35415	65	25	industries	industry	NOUN
cjfa-35415	65	26	.	.	PUNCT
cjfa-35415	66	1	this	this	DET
cjfa-35415	66	2	result	result	NOUN
cjfa-35415	66	3	provides	provide	VERB
cjfa-35415	66	4	evidence	evidence	NOUN
cjfa-35415	66	5	that	that	SCONJ
cjfa-35415	66	6	the	the	DET
cjfa-35415	66	7	r&d	r&d	NOUN
cjfa-35415	66	8	tax	tax	NOUN
cjfa-35415	66	9	incentive	incentive	NOUN
cjfa-35415	66	10	increased	increase	VERB
cjfa-35415	66	11	demand	demand	NOUN
cjfa-35415	66	12	for	for	ADP
cjfa-35415	66	13	research	research	NOUN
cjfa-35415	66	14	resources	resource	NOUN
cjfa-35415	66	15	,	,	PUNCT
cjfa-35415	66	16	leading	lead	VERB
cjfa-35415	66	17	to	to	ADP
cjfa-35415	66	18	lower	low	ADJ
cjfa-35415	66	19	innovative	innovative	ADJ
cjfa-35415	66	20	efficiency	efficiency	NOUN
cjfa-35415	66	21	.	.	PUNCT
cjfa-35415	67	1	this	this	DET
cjfa-35415	67	2	study	study	NOUN
cjfa-35415	67	3	makes	make	VERB
cjfa-35415	67	4	the	the	DET
cjfa-35415	67	5	following	follow	VERB
cjfa-35415	67	6	contributes	contribute	VERB
cjfa-35415	67	7	to	to	ADP
cjfa-35415	67	8	the	the	DET
cjfa-35415	67	9	literature	literature	NOUN
cjfa-35415	67	10	.	.	PUNCT
cjfa-35415	68	1	first	first	ADV
cjfa-35415	68	2	,	,	PUNCT
cjfa-35415	68	3	policymakers	policymaker	NOUN
cjfa-35415	68	4	and	and	CCONJ
cjfa-35415	68	5	stakeholders	stakeholder	NOUN
cjfa-35415	68	6	frequently	frequently	ADV
cjfa-35415	68	7	discuss	discuss	VERB
cjfa-35415	68	8	whether	whether	SCONJ
cjfa-35415	68	9	the	the	DET
cjfa-35415	68	10	u.s	u.s	PROPN
cjfa-35415	68	11	.	.	PROPN
cjfa-35415	68	12	r&d	r&d	NOUN
cjfa-35415	68	13	tax	tax	NOUN
cjfa-35415	68	14	credit	credit	NOUN
cjfa-35415	68	15	should	should	AUX
cjfa-35415	68	16	be	be	AUX
cjfa-35415	68	17	permanently	permanently	ADV
cjfa-35415	68	18	extended	extend	VERB
cjfa-35415	68	19	,	,	PUNCT
cjfa-35415	68	20	and	and	CCONJ
cjfa-35415	68	21	this	this	DET
cjfa-35415	68	22	paper	paper	NOUN
cjfa-35415	68	23	provides	provide	VERB
cjfa-35415	68	24	a	a	DET
cjfa-35415	68	25	new	new	ADJ
cjfa-35415	68	26	perspective	perspective	NOUN
cjfa-35415	68	27	to	to	ADP
cjfa-35415	68	28	this	this	DET
cjfa-35415	68	29	discussion	discussion	NOUN
cjfa-35415	68	30	.	.	PUNCT
cjfa-35415	69	1	the	the	DET
cjfa-35415	69	2	traditional	traditional	ADJ
cjfa-35415	69	3	input	input	NOUN
cjfa-35415	69	4	-	-	PUNCT
cjfa-35415	69	5	based	base	VERB
cjfa-35415	69	6	r&d	r&d	NOUN
cjfa-35415	69	7	tax	tax	NOUN
cjfa-35415	69	8	credit	credit	NOUN
cjfa-35415	69	9	increases	increase	VERB
cjfa-35415	69	10	innovative	innovative	ADJ
cjfa-35415	69	11	efficiency	efficiency	NOUN
cjfa-35415	69	12	for	for	ADP
cjfa-35415	69	13	more	more	ADV
cjfa-35415	69	14	financially	financially	ADV
cjfa-35415	69	15	constrained	constrain	VERB
cjfa-35415	69	16	firms	firm	NOUN
cjfa-35415	69	17	,	,	PUNCT
cjfa-35415	69	18	but	but	CCONJ
cjfa-35415	69	19	reduces	reduce	VERB
cjfa-35415	69	20	the	the	DET
cjfa-35415	69	21	efficiency	efficiency	NOUN
cjfa-35415	69	22	for	for	ADP
cjfa-35415	69	23	less	less	ADV
cjfa-35415	69	24	financially	financially	ADV
cjfa-35415	69	25	constrained	constrain	VERB
cjfa-35415	69	26	firms	firm	NOUN
cjfa-35415	69	27	.	.	PUNCT
cjfa-35415	70	1	second	second	ADJ
cjfa-35415	70	2	,	,	PUNCT
cjfa-35415	70	3	recent	recent	ADJ
cjfa-35415	70	4	literature	literature	NOUN
cjfa-35415	70	5	in	in	ADP
cjfa-35415	70	6	economic	economic	ADJ
cjfa-35415	70	7	and	and	CCONJ
cjfa-35415	70	8	finance	finance	NOUN
cjfa-35415	70	9	journals	journal	NOUN
cjfa-35415	70	10	use	use	VERB
cjfa-35415	70	11	patenting	patent	VERB
cjfa-35415	70	12	activities	activity	NOUN
cjfa-35415	70	13	to	to	PART
cjfa-35415	70	14	examine	examine	VERB
cjfa-35415	70	15	how	how	SCONJ
cjfa-35415	70	16	various	various	ADJ
cjfa-35415	70	17	non	non	ADJ
cjfa-35415	70	18	-	-	ADJ
cjfa-35415	70	19	tax	tax	ADJ
cjfa-35415	70	20	factors	factor	NOUN
cjfa-35415	70	21	impact	impact	NOUN
cjfa-35415	70	22	innovation	innovation	NOUN
cjfa-35415	70	23	.	.	PUNCT
cjfa-35415	71	1	this	this	DET
cjfa-35415	71	2	study	study	NOUN
cjfa-35415	71	3	complements	complement	VERB
cjfa-35415	71	4	this	this	DET
cjfa-35415	71	5	literature	literature	NOUN
cjfa-35415	71	6	from	from	ADP
cjfa-35415	71	7	the	the	DET
cjfa-35415	71	8	tax	tax	NOUN
cjfa-35415	71	9	perspective	perspective	NOUN
cjfa-35415	71	10	.	.	PUNCT
cjfa-35415	72	1	third	third	ADJ
cjfa-35415	72	2	,	,	PUNCT
cjfa-35415	72	3	prior	prior	ADJ
cjfa-35415	72	4	literature	literature	NOUN
cjfa-35415	72	5	focuses	focus	VERB
cjfa-35415	72	6	on	on	ADP
cjfa-35415	72	7	either	either	DET
cjfa-35415	72	8	inputs	input	NOUN
cjfa-35415	72	9	or	or	CCONJ
cjfa-35415	72	10	outputs	output	NOUN
cjfa-35415	72	11	of	of	ADP
cjfa-35415	72	12	the	the	DET
cjfa-35415	72	13	innovation	innovation	NOUN
cjfa-35415	72	14	process	process	NOUN
cjfa-35415	72	15	,	,	PUNCT
cjfa-35415	72	16	and	and	CCONJ
cjfa-35415	72	17	has	have	AUX
cjfa-35415	72	18	not	not	PART
cjfa-35415	72	19	studied	study	VERB
cjfa-35415	72	20	how	how	SCONJ
cjfa-35415	72	21	tax	tax	NOUN
cjfa-35415	72	22	incentives	incentive	NOUN
cjfa-35415	72	23	impact	impact	VERB
cjfa-35415	72	24	innovative	innovative	ADJ
cjfa-35415	72	25	efficiency	efficiency	NOUN
cjfa-35415	72	26	,	,	PUNCT
cjfa-35415	72	27	which	which	PRON
cjfa-35415	72	28	measures	measure	VERB
cjfa-35415	72	29	how	how	SCONJ
cjfa-35415	72	30	effectively	effectively	ADV
cjfa-35415	72	31	firms	firm	NOUN
cjfa-35415	72	32	convert	convert	VERB
cjfa-35415	72	33	inputs	input	NOUN
cjfa-35415	72	34	into	into	ADP
cjfa-35415	72	35	outputs	output	NOUN
cjfa-35415	72	36	.	.	PUNCT
cjfa-35415	73	1	research	research	NOUN
cjfa-35415	73	2	methodology	methodology	NOUN
cjfa-35415	73	3	and	and	CCONJ
cjfa-35415	73	4	research	research	NOUN
cjfa-35415	73	5	process	process	NOUN
cjfa-35415	73	6	the	the	DET
cjfa-35415	73	7	u.s	u.s	PROPN
cjfa-35415	73	8	.	.	PROPN
cjfa-35415	73	9	congress	congress	PROPN
cjfa-35415	73	10	introduced	introduce	VERB
cjfa-35415	73	11	its	its	PRON
cjfa-35415	73	12	first	first	ADJ
cjfa-35415	73	13	tax	tax	NOUN
cjfa-35415	73	14	credit	credit	NOUN
cjfa-35415	73	15	for	for	ADP
cjfa-35415	73	16	r&d	r&d	NOUN
cjfa-35415	73	17	expenses	expense	NOUN
cjfa-35415	73	18	in	in	ADP
cjfa-35415	73	19	1981	1981	NUM
cjfa-35415	73	20	in	in	ADP
cjfa-35415	73	21	order	order	NOUN
cjfa-35415	73	22	to	to	PART
cjfa-35415	73	23	encourage	encourage	VERB
cjfa-35415	73	24	private	private	ADJ
cjfa-35415	73	25	r&d	r&d	NOUN
cjfa-35415	73	26	spending	spending	NOUN
cjfa-35415	73	27	.	.	PUNCT
cjfa-35415	74	1	federal	federal	ADJ
cjfa-35415	74	2	tax	tax	NOUN
cjfa-35415	74	3	law	law	NOUN
cjfa-35415	74	4	provides	provide	VERB
cjfa-35415	74	5	two	two	NUM
cjfa-35415	74	6	mech	mech	NOUN
cjfa-35415	74	7	reexamining	reexamine	VERB
cjfa-35415	74	8	the	the	DET
cjfa-35415	74	9	economic	economic	ADJ
cjfa-35415	74	10	recovery	recovery	NOUN
cjfa-35415	74	11	tax	tax	NOUN
cjfa-35415	74	12	act	act	NOUN
cjfa-35415	74	13	of	of	ADP
cjfa-35415	74	14	1981	1981	NUM
cjfa-35415	74	15	…	…	SYM
cjfa-35415	74	16	31	31	NUM
cjfa-35415	74	17	anisms	anism	NOUN
cjfa-35415	74	18	for	for	ADP
cjfa-35415	74	19	firms	firm	NOUN
cjfa-35415	74	20	to	to	PART
cjfa-35415	74	21	recoup	recoup	VERB
cjfa-35415	74	22	the	the	DET
cjfa-35415	74	23	initial	initial	ADJ
cjfa-35415	74	24	costs	cost	NOUN
cjfa-35415	74	25	of	of	ADP
cjfa-35415	74	26	their	their	PRON
cjfa-35415	74	27	investment	investment	NOUN
cjfa-35415	74	28	in	in	ADP
cjfa-35415	74	29	r&d	r&d	NOUN
cjfa-35415	74	30	:	:	PUNCT
cjfa-35415	74	31	a	a	DET
cjfa-35415	74	32	full	full	ADJ
cjfa-35415	74	33	deduction	deduction	NOUN
cjfa-35415	74	34	for	for	ADP
cjfa-35415	74	35	qualified	qualified	ADJ
cjfa-35415	74	36	research	research	NOUN
cjfa-35415	74	37	expenditures	expenditure	NOUN
cjfa-35415	74	38	(	(	PUNCT
cjfa-35415	74	39	qre	qre	NOUN
cjfa-35415	74	40	)	)	PUNCT
cjfa-35415	74	41	under	under	ADP
cjfa-35415	74	42	section	section	NOUN
cjfa-35415	74	43	174	174	NUM
cjfa-35415	74	44	and	and	CCONJ
cjfa-35415	74	45	a	a	DET
cjfa-35415	74	46	nonrefundable	nonrefundable	ADJ
cjfa-35415	74	47	tax	tax	NOUN
cjfa-35415	74	48	credit	credit	NOUN
cjfa-35415	74	49	that	that	PRON
cjfa-35415	74	50	is	be	AUX
cjfa-35415	74	51	equal	equal	ADJ
cjfa-35415	74	52	to	to	ADP
cjfa-35415	74	53	a	a	DET
cjfa-35415	74	54	percentage	percentage	NOUN
cjfa-35415	74	55	of	of	ADP
cjfa-35415	74	56	the	the	DET
cjfa-35415	74	57	difference	difference	NOUN
cjfa-35415	74	58	between	between	ADP
cjfa-35415	74	59	qre	qre	NOUN
cjfa-35415	74	60	and	and	CCONJ
cjfa-35415	74	61	a	a	DET
cjfa-35415	74	62	base	base	NOUN
cjfa-35415	74	63	amount	amount	NOUN
cjfa-35415	74	64	under	under	ADP
cjfa-35415	74	65	internal	internal	ADJ
cjfa-35415	74	66	revenue	revenue	NOUN
cjfa-35415	74	67	code	code	NOUN
cjfa-35415	74	68	section	section	NOUN
cjfa-35415	74	69	41	41	NUM
cjfa-35415	74	70	.	.	PUNCT
cjfa-35415	75	1	a	a	DET
cjfa-35415	75	2	firm	firm	NOUN
cjfa-35415	75	3	’s	’s	PART
cjfa-35415	75	4	baseline	baseline	NOUN
cjfa-35415	75	5	is	be	AUX
cjfa-35415	75	6	defined	define	VERB
cjfa-35415	75	7	to	to	PART
cjfa-35415	75	8	be	be	AUX
cjfa-35415	75	9	50	50	NUM
cjfa-35415	75	10	%	%	NOUN
cjfa-35415	75	11	of	of	ADP
cjfa-35415	75	12	its	its	PRON
cjfa-35415	75	13	current	current	ADJ
cjfa-35415	75	14	spending	spending	NOUN
cjfa-35415	75	15	or	or	CCONJ
cjfa-35415	75	16	its	its	PRON
cjfa-35415	75	17	average	average	ADJ
cjfa-35415	75	18	qre	qre	NOUN
cjfa-35415	75	19	over	over	ADP
cjfa-35415	75	20	the	the	DET
cjfa-35415	75	21	previous	previous	ADJ
cjfa-35415	75	22	three	three	NUM
cjfa-35415	75	23	years	year	NOUN
cjfa-35415	75	24	,	,	PUNCT
cjfa-35415	75	25	whichever	whichever	PRON
cjfa-35415	75	26	is	be	AUX
cjfa-35415	75	27	greater	great	ADJ
cjfa-35415	75	28	,	,	PUNCT
cjfa-35415	75	29	and	and	CCONJ
cjfa-35415	75	30	the	the	DET
cjfa-35415	75	31	credit	credit	NOUN
cjfa-35415	75	32	is	be	AUX
cjfa-35415	75	33	initially	initially	ADV
cjfa-35415	75	34	set	set	VERB
cjfa-35415	75	35	to	to	PART
cjfa-35415	75	36	be	be	AUX
cjfa-35415	75	37	25	25	NUM
cjfa-35415	75	38	%	%	NOUN
cjfa-35415	75	39	of	of	ADP
cjfa-35415	75	40	r&d	r&d	NOUN
cjfa-35415	75	41	spending	spending	NOUN
cjfa-35415	75	42	above	above	ADP
cjfa-35415	75	43	the	the	DET
cjfa-35415	75	44	baseline	baseline	NOUN
cjfa-35415	75	45	.	.	PUNCT
cjfa-35415	76	1	since	since	SCONJ
cjfa-35415	76	2	the	the	DET
cjfa-35415	76	3	inception	inception	NOUN
cjfa-35415	76	4	of	of	ADP
cjfa-35415	76	5	the	the	DET
cjfa-35415	76	6	u.s	u.s	PROPN
cjfa-35415	76	7	.	.	PROPN
cjfa-35415	76	8	r&d	r&d	NOUN
cjfa-35415	76	9	tax	tax	NOUN
cjfa-35415	76	10	credit	credit	NOUN
cjfa-35415	76	11	in	in	ADP
cjfa-35415	76	12	1981	1981	NUM
cjfa-35415	76	13	,	,	PUNCT
cjfa-35415	76	14	researchers	researcher	NOUN
cjfa-35415	76	15	have	have	AUX
cjfa-35415	76	16	extensively	extensively	ADV
cjfa-35415	76	17	studied	study	VERB
cjfa-35415	76	18	its	its	PRON
cjfa-35415	76	19	impact	impact	NOUN
cjfa-35415	76	20	on	on	ADP
cjfa-35415	76	21	r&d	r&d	NOUN
cjfa-35415	76	22	spending	spending	NOUN
cjfa-35415	76	23	and	and	CCONJ
cjfa-35415	76	24	the	the	DET
cjfa-35415	76	25	results	result	NOUN
cjfa-35415	76	26	are	be	AUX
cjfa-35415	76	27	mixed	mixed	ADJ
cjfa-35415	76	28	.	.	PUNCT
cjfa-35415	77	1	hall	hall	NOUN
cjfa-35415	77	2	(	(	PUNCT
cjfa-35415	77	3	1993	1993	NUM
cjfa-35415	77	4	)	)	PUNCT
cjfa-35415	77	5	finds	find	VERB
cjfa-35415	77	6	that	that	SCONJ
cjfa-35415	77	7	,	,	PUNCT
cjfa-35415	77	8	for	for	ADP
cjfa-35415	77	9	every	every	DET
cjfa-35415	77	10	dollar	dollar	NOUN
cjfa-35415	77	11	of	of	ADP
cjfa-35415	77	12	tax	tax	NOUN
cjfa-35415	77	13	revenue	revenue	NOUN
cjfa-35415	77	14	foregone	foregone	NOUN
cjfa-35415	77	15	,	,	PUNCT
cjfa-35415	77	16	the	the	DET
cjfa-35415	77	17	tax	tax	NOUN
cjfa-35415	77	18	incentive	incentive	NOUN
cjfa-35415	77	19	stimulated	stimulate	VERB
cjfa-35415	77	20	$	$	SYM
cjfa-35415	77	21	2.00	2.00	NUM
cjfa-35415	77	22	of	of	ADP
cjfa-35415	77	23	r&d	r&d	NOUN
cjfa-35415	77	24	spending	spending	NOUN
cjfa-35415	77	25	.	.	PUNCT
cjfa-35415	78	1	similarly	similarly	ADV
cjfa-35415	78	2	,	,	PUNCT
cjfa-35415	78	3	berger	berger	PROPN
cjfa-35415	78	4	(	(	PUNCT
cjfa-35415	78	5	1993	1993	NUM
cjfa-35415	78	6	)	)	PUNCT
cjfa-35415	78	7	calculates	calculate	VERB
cjfa-35415	78	8	the	the	DET
cjfa-35415	78	9	effect	effect	NOUN
cjfa-35415	78	10	to	to	PART
cjfa-35415	78	11	be	be	AUX
cjfa-35415	78	12	$	$	SYM
cjfa-35415	78	13	1.25	1.25	NUM
cjfa-35415	78	14	induced	induce	VERB
cjfa-35415	78	15	r&d	r&d	NOUN
cjfa-35415	78	16	expense	expense	NOUN
cjfa-35415	78	17	per	per	ADP
cjfa-35415	78	18	dollar	dollar	NOUN
cjfa-35415	78	19	of	of	ADP
cjfa-35415	78	20	revenue	revenue	NOUN
cjfa-35415	78	21	foregone	foregone	NOUN
cjfa-35415	78	22	.	.	PUNCT
cjfa-35415	79	1	in	in	ADP
cjfa-35415	79	2	contrast	contrast	NOUN
cjfa-35415	79	3	,	,	PUNCT
cjfa-35415	79	4	tillinger	tillinger	NOUN
cjfa-35415	79	5	(	(	PUNCT
cjfa-35415	79	6	1991	1991	NUM
cjfa-35415	79	7	)	)	PUNCT
cjfa-35415	79	8	and	and	CCONJ
cjfa-35415	79	9	mccutchen	mccutchen	PROPN
cjfa-35415	79	10	(	(	PUNCT
cjfa-35415	79	11	1993	1993	NUM
cjfa-35415	79	12	)	)	PUNCT
cjfa-35415	79	13	find	find	VERB
cjfa-35415	79	14	that	that	SCONJ
cjfa-35415	79	15	the	the	DET
cjfa-35415	79	16	effect	effect	NOUN
cjfa-35415	79	17	is	be	AUX
cjfa-35415	79	18	only	only	ADV
cjfa-35415	79	19	$	$	SYM
cjfa-35415	79	20	0.19	0.19	NUM
cjfa-35415	79	21	and	and	CCONJ
cjfa-35415	79	22	between	between	ADP
cjfa-35415	79	23	$	$	SYM
cjfa-35415	79	24	0.29	0.29	NUM
cjfa-35415	79	25	and	and	CCONJ
cjfa-35415	79	26	$	$	SYM
cjfa-35415	79	27	0.35	0.35	NUM
cjfa-35415	79	28	respectively	respectively	ADV
cjfa-35415	79	29	for	for	ADP
cjfa-35415	79	30	every	every	DET
cjfa-35415	79	31	dollar	dollar	NOUN
cjfa-35415	79	32	of	of	ADP
cjfa-35415	79	33	tax	tax	NOUN
cjfa-35415	79	34	revenue	revenue	NOUN
cjfa-35415	79	35	foregone	foregone	NOUN
cjfa-35415	79	36	.	.	PUNCT
cjfa-35415	80	1	prior	prior	ADJ
cjfa-35415	80	2	studies	study	NOUN
cjfa-35415	80	3	have	have	AUX
cjfa-35415	80	4	also	also	ADV
cjfa-35415	80	5	examined	examine	VERB
cjfa-35415	80	6	the	the	DET
cjfa-35415	80	7	impact	impact	NOUN
cjfa-35415	80	8	of	of	ADP
cjfa-35415	80	9	r&d	r&d	NOUN
cjfa-35415	80	10	tax	tax	NOUN
cjfa-35415	80	11	policies	policy	NOUN
cjfa-35415	80	12	on	on	ADP
cjfa-35415	80	13	the	the	DET
cjfa-35415	80	14	research	research	NOUN
cjfa-35415	80	15	output	output	NOUN
cjfa-35415	80	16	such	such	ADJ
cjfa-35415	80	17	as	as	ADP
cjfa-35415	80	18	patents	patent	NOUN
cjfa-35415	80	19	and	and	CCONJ
cjfa-35415	80	20	citations	citation	NOUN
cjfa-35415	80	21	per	per	ADP
cjfa-35415	80	22	patents	patent	NOUN
cjfa-35415	80	23	.	.	PUNCT
cjfa-35415	81	1	cappelen	cappelen	VERB
cjfa-35415	81	2	,	,	PUNCT
cjfa-35415	81	3	raknerud	raknerud	NOUN
cjfa-35415	81	4	and	and	CCONJ
cjfa-35415	81	5	rybalka	rybalka	NOUN
cjfa-35415	81	6	(	(	PUNCT
cjfa-35415	81	7	2011	2011	NUM
cjfa-35415	81	8	)	)	PUNCT
cjfa-35415	81	9	use	use	VERB
cjfa-35415	81	10	a	a	DET
cjfa-35415	81	11	governmental	governmental	ADJ
cjfa-35415	81	12	tax	tax	NOUN
cjfa-35415	81	13	-	-	PUNCT
cjfa-35415	81	14	based	base	VERB
cjfa-35415	81	15	incentive	incentive	NOUN
cjfa-35415	81	16	from	from	ADP
cjfa-35415	81	17	norway	norway	NOUN
cjfa-35415	81	18	and	and	CCONJ
cjfa-35415	81	19	investigate	investigate	VERB
cjfa-35415	81	20	how	how	SCONJ
cjfa-35415	81	21	this	this	DET
cjfa-35415	81	22	policy	policy	NOUN
cjfa-35415	81	23	impacts	impact	VERB
cjfa-35415	81	24	innovation	innovation	NOUN
cjfa-35415	81	25	.	.	PUNCT
cjfa-35415	82	1	they	they	PRON
cjfa-35415	82	2	find	find	VERB
cjfa-35415	82	3	that	that	SCONJ
cjfa-35415	82	4	firms	firm	NOUN
cjfa-35415	82	5	receiving	receive	VERB
cjfa-35415	82	6	tax	tax	NOUN
cjfa-35415	82	7	credits	credit	NOUN
cjfa-35415	82	8	develop	develop	VERB
cjfa-35415	82	9	more	more	ADJ
cjfa-35415	82	10	production	production	NOUN
cjfa-35415	82	11	processes	process	NOUN
cjfa-35415	82	12	and	and	CCONJ
cjfa-35415	82	13	products	product	NOUN
cjfa-35415	82	14	.	.	PUNCT
cjfa-35415	83	1	cazrnitzki	cazrnitzki	PROPN
cjfa-35415	83	2	,	,	PUNCT
cjfa-35415	83	3	hanel	hanel	PROPN
cjfa-35415	83	4	and	and	CCONJ
cjfa-35415	83	5	rosa	rosa	PROPN
cjfa-35415	83	6	(	(	PUNCT
cjfa-35415	83	7	2010	2010	NUM
cjfa-35415	83	8	)	)	PUNCT
cjfa-35415	83	9	study	study	VERB
cjfa-35415	83	10	the	the	DET
cjfa-35415	83	11	impact	impact	NOUN
cjfa-35415	83	12	of	of	ADP
cjfa-35415	83	13	r&d	r&d	NOUN
cjfa-35415	83	14	tax	tax	NOUN
cjfa-35415	83	15	credits	credit	NOUN
cjfa-35415	83	16	on	on	ADP
cjfa-35415	83	17	the	the	DET
cjfa-35415	83	18	innovation	innovation	NOUN
cjfa-35415	83	19	activities	activity	NOUN
cjfa-35415	83	20	of	of	ADP
cjfa-35415	83	21	manufacturing	manufacture	VERB
cjfa-35415	83	22	companies	company	NOUN
cjfa-35415	83	23	in	in	ADP
cjfa-35415	83	24	canada	canada	PROPN
cjfa-35415	83	25	.	.	PUNCT
cjfa-35415	84	1	they	they	PRON
cjfa-35415	84	2	find	find	VERB
cjfa-35415	84	3	that	that	SCONJ
cjfa-35415	84	4	firms	firm	NOUN
cjfa-35415	84	5	that	that	PRON
cjfa-35415	84	6	received	receive	VERB
cjfa-35415	84	7	tax	tax	NOUN
cjfa-35415	84	8	credits	credit	NOUN
cjfa-35415	84	9	develop	develop	VERB
cjfa-35415	84	10	more	more	ADJ
cjfa-35415	84	11	original	original	ADJ
cjfa-35415	84	12	products	product	NOUN
cjfa-35415	84	13	,	,	PUNCT
cjfa-35415	84	14	and	and	CCONJ
cjfa-35415	84	15	conclude	conclude	VERB
cjfa-35415	84	16	that	that	SCONJ
cjfa-35415	84	17	r&d	r&d	NOUN
cjfa-35415	84	18	tax	tax	NOUN
cjfa-35415	84	19	credits	credit	NOUN
cjfa-35415	84	20	are	be	AUX
cjfa-35415	84	21	positively	positively	ADV
cjfa-35415	84	22	associated	associate	VERB
cjfa-35415	84	23	with	with	ADP
cjfa-35415	84	24	innovation	innovation	NOUN
cjfa-35415	84	25	outputs	output	NOUN
cjfa-35415	84	26	.	.	PUNCT
cjfa-35415	85	1	nevertheless	nevertheless	ADV
cjfa-35415	85	2	,	,	PUNCT
cjfa-35415	85	3	no	no	DET
cjfa-35415	85	4	studies	study	NOUN
cjfa-35415	85	5	have	have	AUX
cjfa-35415	85	6	examined	examine	VERB
cjfa-35415	85	7	r&d	r&d	NOUN
cjfa-35415	85	8	tax	tax	NOUN
cjfa-35415	85	9	credits	credit	NOUN
cjfa-35415	85	10	impact	impact	VERB
cjfa-35415	85	11	innovative	innovative	ADJ
cjfa-35415	85	12	efficiency	efficiency	NOUN
cjfa-35415	85	13	.	.	PUNCT
cjfa-35415	86	1	hall	hall	NOUN
cjfa-35415	86	2	et	et	PROPN
cjfa-35415	86	3	al	al	PROPN
cjfa-35415	86	4	.	.	PROPN
cjfa-35415	87	1	(	(	PUNCT
cjfa-35415	87	2	2005	2005	NUM
cjfa-35415	87	3	)	)	PUNCT
cjfa-35415	87	4	measure	measure	NOUN
cjfa-35415	87	5	innovative	innovative	ADJ
cjfa-35415	87	6	efficiency	efficiency	NOUN
cjfa-35415	87	7	by	by	ADP
cjfa-35415	87	8	dividing	divide	VERB
cjfa-35415	87	9	the	the	DET
cjfa-35415	87	10	number	number	NOUN
cjfa-35415	87	11	of	of	ADP
cjfa-35415	87	12	patents	patent	NOUN
cjfa-35415	87	13	to	to	PART
cjfa-35415	87	14	research	research	VERB
cjfa-35415	87	15	spending	spending	NOUN
cjfa-35415	87	16	.	.	PUNCT
cjfa-35415	88	1	they	they	PRON
cjfa-35415	88	2	show	show	VERB
cjfa-35415	88	3	the	the	DET
cjfa-35415	88	4	trend	trend	NOUN
cjfa-35415	88	5	of	of	ADP
cjfa-35415	88	6	innovative	innovative	ADJ
cjfa-35415	88	7	efficiency	efficiency	NOUN
cjfa-35415	88	8	in	in	ADP
cjfa-35415	88	9	the	the	DET
cjfa-35415	88	10	80s	80	NOUN
cjfa-35415	88	11	and	and	CCONJ
cjfa-35415	88	12	90s	90	NOUN
cjfa-35415	88	13	but	but	CCONJ
cjfa-35415	88	14	do	do	AUX
cjfa-35415	88	15	not	not	PART
cjfa-35415	88	16	test	test	VERB
cjfa-35415	88	17	what	what	PRON
cjfa-35415	88	18	affect	affect	VERB
cjfa-35415	88	19	the	the	DET
cjfa-35415	88	20	efficiency	efficiency	NOUN
cjfa-35415	88	21	directly	directly	ADV
cjfa-35415	88	22	.	.	PUNCT
cjfa-35415	89	1	aghion	aghion	NOUN
cjfa-35415	89	2	,	,	PUNCT
cjfa-35415	89	3	van	van	PROPN
cjfa-35415	89	4	reenen	reenen	PROPN
cjfa-35415	89	5	and	and	CCONJ
cjfa-35415	89	6	zingales	zingales	PROPN
cjfa-35415	89	7	(	(	PUNCT
cjfa-35415	89	8	2013	2013	NUM
cjfa-35415	89	9	)	)	PUNCT
cjfa-35415	89	10	find	find	VERB
cjfa-35415	89	11	institutional	institutional	ADJ
cjfa-35415	89	12	ownership	ownership	NOUN
cjfa-35415	89	13	is	be	AUX
cjfa-35415	89	14	associated	associate	VERB
cjfa-35415	89	15	positively	positively	ADV
cjfa-35415	89	16	with	with	ADP
cjfa-35415	89	17	research	research	NOUN
cjfa-35415	89	18	outputs	output	NOUN
cjfa-35415	89	19	and	and	CCONJ
cjfa-35415	89	20	efficiency	efficiency	NOUN
cjfa-35415	89	21	but	but	CCONJ
cjfa-35415	89	22	the	the	DET
cjfa-35415	89	23	effect	effect	NOUN
cjfa-35415	89	24	on	on	ADP
cjfa-35415	89	25	efficiency	efficiency	NOUN
cjfa-35415	89	26	is	be	AUX
cjfa-35415	89	27	larger	large	ADJ
cjfa-35415	89	28	.	.	PUNCT
cjfa-35415	90	1	chircop	chircop	PROPN
cjfa-35415	90	2	,	,	PUNCT
cjfa-35415	90	3	collins	collins	PROPN
cjfa-35415	90	4	,	,	PUNCT
cjfa-35415	90	5	hass	hass	VERB
cjfa-35415	90	6	and	and	CCONJ
cjfa-35415	90	7	nguyen	nguyen	PROPN
cjfa-35415	90	8	(	(	PUNCT
cjfa-35415	90	9	2020	2020	NUM
cjfa-35415	90	10	)	)	PUNCT
cjfa-35415	90	11	show	show	VERB
cjfa-35415	90	12	that	that	SCONJ
cjfa-35415	90	13	innovative	innovative	ADJ
cjfa-35415	90	14	efficiency	efficiency	NOUN
cjfa-35415	90	15	increases	increase	NOUN
cjfa-35415	90	16	when	when	SCONJ
cjfa-35415	90	17	a	a	DET
cjfa-35415	90	18	firm	firm	NOUN
cjfa-35415	90	19	’s	’s	PART
cjfa-35415	90	20	accounting	accounting	NOUN
cjfa-35415	90	21	system	system	NOUN
cjfa-35415	90	22	is	be	AUX
cjfa-35415	90	23	more	more	ADV
cjfa-35415	90	24	comparable	comparable	ADJ
cjfa-35415	90	25	to	to	ADP
cjfa-35415	90	26	its	its	PRON
cjfa-35415	90	27	industry	industry	NOUN
cjfa-35415	90	28	peers	peer	NOUN
cjfa-35415	90	29	.	.	PUNCT
cjfa-35415	91	1	both	both	DET
cjfa-35415	91	2	merz	merz	PROPN
cjfa-35415	91	3	(	(	PUNCT
cjfa-35415	91	4	2021	2021	NUM
cjfa-35415	91	5	)	)	PUNCT
cjfa-35415	91	6	and	and	CCONJ
cjfa-35415	91	7	almeida	almeida	PROPN
cjfa-35415	91	8	,	,	PUNCT
cjfa-35415	91	9	hsu	hsu	PROPN
cjfa-35415	91	10	,	,	PUNCT
cjfa-35415	91	11	li	li	PROPN
cjfa-35415	91	12	and	and	CCONJ
cjfa-35415	91	13	tseng	tseng	PROPN
cjfa-35415	91	14	(	(	PUNCT
cjfa-35415	91	15	2021	2021	NUM
cjfa-35415	91	16	)	)	PUNCT
cjfa-35415	91	17	find	find	VERB
cjfa-35415	91	18	that	that	SCONJ
cjfa-35415	91	19	innovative	innovative	ADJ
cjfa-35415	91	20	efficiency	efficiency	NOUN
cjfa-35415	91	21	is	be	AUX
cjfa-35415	91	22	negatively	negatively	ADV
cjfa-35415	91	23	associated	associate	VERB
cjfa-35415	91	24	with	with	ADP
cjfa-35415	91	25	financial	financial	ADJ
cjfa-35415	91	26	constraint	constraint	NOUN
cjfa-35415	91	27	.	.	PUNCT
cjfa-35415	92	1	in	in	ADP
cjfa-35415	92	2	addition	addition	NOUN
cjfa-35415	92	3	,	,	PUNCT
cjfa-35415	92	4	researchers	researcher	NOUN
cjfa-35415	92	5	have	have	AUX
cjfa-35415	92	6	identified	identify	VERB
cjfa-35415	92	7	factors	factor	NOUN
cjfa-35415	92	8	that	that	PRON
cjfa-35415	92	9	affect	affect	VERB
cjfa-35415	92	10	the	the	DET
cjfa-35415	92	11	input	input	NOUN
cjfa-35415	92	12	and	and	CCONJ
cjfa-35415	92	13	output	output	NOUN
cjfa-35415	92	14	of	of	ADP
cjfa-35415	92	15	innovation	innovation	NOUN
cjfa-35415	92	16	.	.	PUNCT
cjfa-35415	93	1	input	input	NOUN
cjfa-35415	93	2	wise	wise	ADV
cjfa-35415	93	3	,	,	PUNCT
cjfa-35415	93	4	prior	prior	ADJ
cjfa-35415	93	5	research	research	NOUN
cjfa-35415	93	6	finds	find	VERB
cjfa-35415	93	7	that	that	SCONJ
cjfa-35415	93	8	greater	great	ADJ
cjfa-35415	93	9	institutional	institutional	ADJ
cjfa-35415	93	10	ownership	ownership	NOUN
cjfa-35415	93	11	reduces	reduce	VERB
cjfa-35415	93	12	a	a	DET
cjfa-35415	93	13	firm	firm	NOUN
cjfa-35415	93	14	’s	’s	PART
cjfa-35415	93	15	tendency	tendency	NOUN
cjfa-35415	93	16	to	to	PART
cjfa-35415	93	17	reduce	reduce	VERB
cjfa-35415	93	18	r&d	r&d	NOUN
cjfa-35415	93	19	spending	spending	NOUN
cjfa-35415	93	20	following	follow	VERB
cjfa-35415	93	21	less	less	ADV
cjfa-35415	93	22	fazhaochu	fazhaochu	ADJ
cjfa-35415	93	23	li32	li32	PROPN
cjfa-35415	93	24	vorable	vorable	ADJ
cjfa-35415	93	25	financial	financial	ADJ
cjfa-35415	93	26	performance	performance	NOUN
cjfa-35415	93	27	(	(	PUNCT
cjfa-35415	93	28	francis	francis	PROPN
cjfa-35415	93	29	&	&	CCONJ
cjfa-35415	93	30	smith	smith	PROPN
cjfa-35415	93	31	,	,	PUNCT
cjfa-35415	93	32	1995	1995	NUM
cjfa-35415	93	33	;	;	PUNCT
cjfa-35415	93	34	eng	eng	PROPN
cjfa-35415	93	35	&	&	CCONJ
cjfa-35415	93	36	shackell	shackell	PROPN
cjfa-35415	93	37	,	,	PUNCT
cjfa-35415	93	38	2001	2001	NUM
cjfa-35415	93	39	)	)	PUNCT
cjfa-35415	93	40	.	.	PUNCT
cjfa-35415	94	1	output	output	PROPN
cjfa-35415	94	2	wise	wise	ADJ
cjfa-35415	94	3	,	,	PUNCT
cjfa-35415	94	4	.	.	PUNCT
cjfa-35415	95	1	analyst	analyst	NOUN
cjfa-35415	95	2	coverage	coverage	NOUN
cjfa-35415	95	3	and	and	CCONJ
cjfa-35415	95	4	accounting	accounting	NOUN
cjfa-35415	95	5	conservatisam	conservatisam	NOUN
cjfa-35415	95	6	are	be	AUX
cjfa-35415	95	7	found	find	VERB
cjfa-35415	95	8	to	to	PART
cjfa-35415	95	9	negatively	negatively	ADV
cjfa-35415	95	10	affect	affect	VERB
cjfa-35415	95	11	intonation	intonation	NOUN
cjfa-35415	95	12	due	due	ADP
cjfa-35415	95	13	to	to	ADP
cjfa-35415	95	14	managerial	managerial	ADJ
cjfa-35415	95	15	myopia	myopia	NOUN
cjfa-35415	95	16	(	(	PUNCT
cjfa-35415	95	17	he	he	PRON
cjfa-35415	95	18	&	&	CCONJ
cjfa-35415	95	19	tian	tian	PROPN
cjfa-35415	95	20	,	,	PUNCT
cjfa-35415	95	21	2013	2013	NUM
cjfa-35415	95	22	;	;	PUNCT
cjfa-35415	95	23	chang	chang	PROPN
cjfa-35415	95	24	,	,	PUNCT
cjfa-35415	95	25	hilary	hilary	PROPN
cjfa-35415	95	26	,	,	PUNCT
cjfa-35415	95	27	kang	kang	PROPN
cjfa-35415	95	28	&	&	CCONJ
cjfa-35415	95	29	zhang	zhang	PROPN
cjfa-35415	95	30	,	,	PUNCT
cjfa-35415	95	31	2015	2015	NUM
cjfa-35415	95	32	)	)	PUNCT
cjfa-35415	95	33	.	.	PUNCT
cjfa-35415	96	1	aghion	aghion	NOUN
cjfa-35415	96	2	et	et	PROPN
cjfa-35415	96	3	al	al	PROPN
cjfa-35415	96	4	.	.	PROPN
cjfa-35415	97	1	(	(	PUNCT
cjfa-35415	97	2	2013	2013	NUM
cjfa-35415	97	3	)	)	PUNCT
cjfa-35415	97	4	find	find	VERB
cjfa-35415	97	5	that	that	SCONJ
cjfa-35415	97	6	higher	high	ADJ
cjfa-35415	97	7	institutional	institutional	ADJ
cjfa-35415	97	8	ownership	ownership	NOUN
cjfa-35415	97	9	ensures	ensure	VERB
cjfa-35415	97	10	ceos	ceo	NOUN
cjfa-35415	97	11	a	a	DET
cjfa-35415	97	12	secure	secure	ADJ
cjfa-35415	97	13	job	job	NOUN
cjfa-35415	97	14	and	and	CCONJ
cjfa-35415	97	15	hence	hence	ADV
cjfa-35415	97	16	helps	helps	AUX
cjfa-35415	97	17	overcome	overcome	VERB
cjfa-35415	97	18	ceos	ceo	NOUN
cjfa-35415	97	19	’	'	PUNCT
cjfa-35415	97	20	myopia	myopia	NOUN
cjfa-35415	97	21	and	and	CCONJ
cjfa-35415	97	22	promotes	promote	VERB
cjfa-35415	97	23	innovative	innovative	ADJ
cjfa-35415	97	24	efficiency	efficiency	NOUN
cjfa-35415	97	25	.	.	PUNCT
cjfa-35415	98	1	in	in	ADP
cjfa-35415	98	2	contrast	contrast	NOUN
cjfa-35415	98	3	,	,	PUNCT
cjfa-35415	98	4	greater	great	ADJ
cjfa-35415	98	5	institutional	institutional	ADJ
cjfa-35415	98	6	ownership	ownership	NOUN
cjfa-35415	98	7	alleviates	alleviate	VERB
cjfa-35415	98	8	managerial	managerial	ADJ
cjfa-35415	98	9	myopia	myopia	NOUN
cjfa-35415	98	10	and	and	CCONJ
cjfa-35415	98	11	accounting	account	VERB
cjfa-35415	98	12	conservatism	conservatism	NOUN
cjfa-35415	98	13	and	and	CCONJ
cjfa-35415	98	14	increases	increase	VERB
cjfa-35415	98	15	innovative	innovative	ADJ
cjfa-35415	98	16	efficiency	efficiency	NOUN
cjfa-35415	98	17	(	(	PUNCT
cjfa-35415	98	18	aghion	aghion	NOUN
cjfa-35415	98	19	et	et	PROPN
cjfa-35415	98	20	al	al	PROPN
cjfa-35415	98	21	.	.	PROPN
cjfa-35415	98	22	,	,	PUNCT
cjfa-35415	98	23	2013	2013	NUM
cjfa-35415	98	24	)	)	PUNCT
cjfa-35415	98	25	.	.	PUNCT
cjfa-35415	99	1	hypothesis	hypothesis	NOUN
cjfa-35415	99	2	development	development	NOUN
cjfa-35415	99	3	r&d	r&d	NOUN
cjfa-35415	99	4	tax	tax	NOUN
cjfa-35415	99	5	credits	credit	NOUN
cjfa-35415	99	6	could	could	AUX
cjfa-35415	99	7	either	either	CCONJ
cjfa-35415	99	8	increase	increase	VERB
cjfa-35415	99	9	or	or	CCONJ
cjfa-35415	99	10	decrease	decrease	VERB
cjfa-35415	99	11	innovative	innovative	ADJ
cjfa-35415	99	12	efficiency	efficiency	NOUN
cjfa-35415	99	13	.	.	PUNCT
cjfa-35415	100	1	innovation	innovation	NOUN
cjfa-35415	100	2	is	be	AUX
cjfa-35415	100	3	a	a	DET
cjfa-35415	100	4	complex	complex	ADJ
cjfa-35415	100	5	process	process	NOUN
cjfa-35415	100	6	and	and	CCONJ
cjfa-35415	100	7	its	its	PRON
cjfa-35415	100	8	efficiency	efficiency	NOUN
cjfa-35415	100	9	depends	depend	VERB
cjfa-35415	100	10	on	on	ADP
cjfa-35415	100	11	many	many	ADJ
cjfa-35415	100	12	factors	factor	NOUN
cjfa-35415	100	13	.	.	PUNCT
cjfa-35415	101	1	some	some	PRON
cjfa-35415	101	2	of	of	ADP
cjfa-35415	101	3	these	these	DET
cjfa-35415	101	4	factors	factor	NOUN
cjfa-35415	101	5	include	include	VERB
cjfa-35415	101	6	research	research	NOUN
cjfa-35415	101	7	spending	spending	NOUN
cjfa-35415	101	8	,	,	PUNCT
cjfa-35415	101	9	qualified	qualified	ADJ
cjfa-35415	101	10	employees	employee	NOUN
cjfa-35415	101	11	,	,	PUNCT
cjfa-35415	101	12	and	and	CCONJ
cjfa-35415	101	13	organizational	organizational	ADJ
cjfa-35415	101	14	structures	structure	NOUN
cjfa-35415	101	15	such	such	ADJ
cjfa-35415	101	16	as	as	ADP
cjfa-35415	101	17	corporate	corporate	ADJ
cjfa-35415	101	18	culture	culture	NOUN
cjfa-35415	101	19	and	and	CCONJ
cjfa-35415	101	20	reward	reward	NOUN
cjfa-35415	101	21	systems	system	NOUN
cjfa-35415	101	22	.	.	PUNCT
cjfa-35415	102	1	r&d	r&d	NOUN
cjfa-35415	102	2	tax	tax	NOUN
cjfa-35415	102	3	credits	credit	NOUN
cjfa-35415	102	4	could	could	AUX
cjfa-35415	102	5	increase	increase	VERB
cjfa-35415	102	6	innovative	innovative	ADJ
cjfa-35415	102	7	efficiency	efficiency	NOUN
cjfa-35415	102	8	by	by	ADP
cjfa-35415	102	9	improving	improve	VERB
cjfa-35415	102	10	these	these	DET
cjfa-35415	102	11	factors	factor	NOUN
cjfa-35415	102	12	.	.	PUNCT
cjfa-35415	103	1	first	first	ADV
cjfa-35415	103	2	,	,	PUNCT
cjfa-35415	103	3	with	with	ADP
cjfa-35415	103	4	the	the	DET
cjfa-35415	103	5	additional	additional	ADJ
cjfa-35415	103	6	cash	cash	NOUN
cjfa-35415	103	7	saved	save	VERB
cjfa-35415	103	8	from	from	ADP
cjfa-35415	103	9	the	the	DET
cjfa-35415	103	10	r&d	r&d	NOUN
cjfa-35415	103	11	incentive	incentive	NOUN
cjfa-35415	103	12	,	,	PUNCT
cjfa-35415	103	13	firms	firm	NOUN
cjfa-35415	103	14	are	be	AUX
cjfa-35415	103	15	more	more	ADV
cjfa-35415	103	16	likely	likely	ADJ
cjfa-35415	103	17	to	to	PART
cjfa-35415	103	18	purchase	purchase	VERB
cjfa-35415	103	19	equipment	equipment	NOUN
cjfa-35415	103	20	,	,	PUNCT
cjfa-35415	103	21	upgrade	upgrade	VERB
cjfa-35415	103	22	research	research	NOUN
cjfa-35415	103	23	facilities	facility	NOUN
cjfa-35415	103	24	,	,	PUNCT
cjfa-35415	103	25	and	and	CCONJ
cjfa-35415	103	26	hire	hire	VERB
cjfa-35415	103	27	better	well	ADJ
cjfa-35415	103	28	scientists	scientist	NOUN
cjfa-35415	103	29	and	and	CCONJ
cjfa-35415	103	30	engineers	engineer	NOUN
cjfa-35415	103	31	.	.	PUNCT
cjfa-35415	104	1	furthermore	furthermore	ADV
cjfa-35415	104	2	,	,	PUNCT
cjfa-35415	104	3	the	the	DET
cjfa-35415	104	4	r&d	r&d	NOUN
cjfa-35415	104	5	tax	tax	NOUN
cjfa-35415	104	6	credit	credit	NOUN
cjfa-35415	104	7	could	could	AUX
cjfa-35415	104	8	reinforce	reinforce	VERB
cjfa-35415	104	9	the	the	DET
cjfa-35415	104	10	importance	importance	NOUN
cjfa-35415	104	11	of	of	ADP
cjfa-35415	104	12	innovation	innovation	NOUN
cjfa-35415	104	13	and	and	CCONJ
cjfa-35415	104	14	lead	lead	VERB
cjfa-35415	104	15	to	to	ADP
cjfa-35415	104	16	managers	manager	NOUN
cjfa-35415	104	17	to	to	PART
cjfa-35415	104	18	improve	improve	VERB
cjfa-35415	104	19	their	their	PRON
cjfa-35415	104	20	organizational	organizational	ADJ
cjfa-35415	104	21	structure	structure	NOUN
cjfa-35415	104	22	.	.	PUNCT
cjfa-35415	105	1	organizational	organizational	ADJ
cjfa-35415	105	2	structures	structure	NOUN
cjfa-35415	105	3	affect	affect	VERB
cjfa-35415	105	4	innovative	innovative	ADJ
cjfa-35415	105	5	efficiency	efficiency	NOUN
cjfa-35415	105	6	in	in	ADP
cjfa-35415	105	7	many	many	ADJ
cjfa-35415	105	8	ways	way	NOUN
cjfa-35415	105	9	.	.	PUNCT
cjfa-35415	106	1	for	for	ADP
cjfa-35415	106	2	instance	instance	NOUN
cjfa-35415	106	3	,	,	PUNCT
cjfa-35415	106	4	an	an	DET
cjfa-35415	106	5	innovation	innovation	NOUN
cjfa-35415	106	6	-	-	PUNCT
cjfa-35415	106	7	friendly	friendly	ADJ
cjfa-35415	106	8	corporate	corporate	ADJ
cjfa-35415	106	9	culture	culture	NOUN
cjfa-35415	106	10	helps	help	VERB
cjfa-35415	106	11	a	a	DET
cjfa-35415	106	12	firm	firm	NOUN
cjfa-35415	106	13	to	to	PART
cjfa-35415	106	14	attract	attract	VERB
cjfa-35415	106	15	and	and	CCONJ
cjfa-35415	106	16	retain	retain	VERB
cjfa-35415	106	17	highly	highly	ADV
cjfa-35415	106	18	talented	talented	ADJ
cjfa-35415	106	19	employees	employee	NOUN
cjfa-35415	106	20	.	.	PUNCT
cjfa-35415	107	1	a	a	DET
cjfa-35415	107	2	reward	reward	NOUN
cjfa-35415	107	3	system	system	NOUN
cjfa-35415	107	4	that	that	PRON
cjfa-35415	107	5	puts	put	VERB
cjfa-35415	107	6	less	less	ADJ
cjfa-35415	107	7	focus	focus	NOUN
cjfa-35415	107	8	on	on	ADP
cjfa-35415	107	9	the	the	DET
cjfa-35415	107	10	results	result	NOUN
cjfa-35415	107	11	of	of	ADP
cjfa-35415	107	12	individual	individual	ADJ
cjfa-35415	107	13	research	research	NOUN
cjfa-35415	107	14	projects	project	NOUN
cjfa-35415	107	15	reduces	reduce	VERB
cjfa-35415	107	16	employees	employee	NOUN
cjfa-35415	107	17	’	’	PART
cjfa-35415	107	18	career	career	NOUN
cjfa-35415	107	19	concerns	concern	NOUN
cjfa-35415	107	20	and	and	CCONJ
cjfa-35415	107	21	leads	lead	VERB
cjfa-35415	107	22	to	to	ADP
cjfa-35415	107	23	greater	great	ADJ
cjfa-35415	107	24	research	research	NOUN
cjfa-35415	107	25	efforts	effort	NOUN
cjfa-35415	107	26	(	(	PUNCT
cjfa-35415	107	27	manso	manso	NOUN
cjfa-35415	107	28	,	,	PUNCT
cjfa-35415	107	29	2011	2011	NUM
cjfa-35415	107	30	)	)	PUNCT
cjfa-35415	107	31	.	.	PUNCT
cjfa-35415	108	1	in	in	ADP
cjfa-35415	108	2	addition	addition	NOUN
cjfa-35415	108	3	,	,	PUNCT
cjfa-35415	108	4	flexible	flexible	ADJ
cjfa-35415	108	5	working	working	NOUN
cjfa-35415	108	6	hours	hour	NOUN
cjfa-35415	108	7	accommodate	accommodate	ADJ
cjfa-35415	108	8	employees	employee	NOUN
cjfa-35415	108	9	’	’	PART
cjfa-35415	108	10	schedules	schedule	NOUN
cjfa-35415	108	11	and	and	CCONJ
cjfa-35415	108	12	allow	allow	VERB
cjfa-35415	108	13	them	they	PRON
cjfa-35415	108	14	to	to	PART
cjfa-35415	108	15	determine	determine	VERB
cjfa-35415	108	16	their	their	PRON
cjfa-35415	108	17	own	own	ADJ
cjfa-35415	108	18	,	,	PUNCT
cjfa-35415	108	19	possibly	possibly	ADV
cjfa-35415	108	20	more	more	ADV
cjfa-35415	108	21	efficient	efficient	ADJ
cjfa-35415	108	22	,	,	PUNCT
cjfa-35415	108	23	work	work	NOUN
cjfa-35415	108	24	schedule	schedule	NOUN
cjfa-35415	108	25	.	.	PUNCT
cjfa-35415	109	1	if	if	SCONJ
cjfa-35415	109	2	a	a	DET
cjfa-35415	109	3	r&d	r&d	NOUN
cjfa-35415	109	4	favorable	favorable	ADJ
cjfa-35415	109	5	policy	policy	NOUN
cjfa-35415	109	6	spurs	spur	VERB
cjfa-35415	109	7	managers	manager	NOUN
cjfa-35415	109	8	to	to	PART
cjfa-35415	109	9	make	make	VERB
cjfa-35415	109	10	firms	firm	NOUN
cjfa-35415	109	11	more	more	ADJ
cjfa-35415	109	12	innovation	innovation	NOUN
cjfa-35415	109	13	-	-	PUNCT
cjfa-35415	109	14	friendly	friendly	ADJ
cjfa-35415	109	15	,	,	PUNCT
cjfa-35415	109	16	these	these	DET
cjfa-35415	109	17	firms	firm	NOUN
cjfa-35415	109	18	will	will	AUX
cjfa-35415	109	19	likely	likely	ADV
cjfa-35415	109	20	hire	hire	VERB
cjfa-35415	109	21	and	and	CCONJ
cjfa-35415	109	22	retain	retain	VERB
cjfa-35415	109	23	more	more	ADV
cjfa-35415	109	24	talented	talented	ADJ
cjfa-35415	109	25	employees	employee	NOUN
cjfa-35415	109	26	,	,	PUNCT
cjfa-35415	109	27	leading	lead	VERB
cjfa-35415	109	28	to	to	ADP
cjfa-35415	109	29	greater	great	ADJ
cjfa-35415	109	30	efficiency	efficiency	NOUN
cjfa-35415	109	31	in	in	ADP
cjfa-35415	109	32	the	the	DET
cjfa-35415	109	33	use	use	NOUN
cjfa-35415	109	34	of	of	ADP
cjfa-35415	109	35	r&d	r&d	NOUN
cjfa-35415	109	36	resources	resource	NOUN
cjfa-35415	109	37	.	.	PUNCT
cjfa-35415	110	1	on	on	ADP
cjfa-35415	110	2	the	the	DET
cjfa-35415	110	3	other	other	ADJ
cjfa-35415	110	4	hand	hand	NOUN
cjfa-35415	110	5	,	,	PUNCT
cjfa-35415	110	6	the	the	DET
cjfa-35415	110	7	r&d	r&d	NOUN
cjfa-35415	110	8	tax	tax	NOUN
cjfa-35415	110	9	credit	credit	NOUN
cjfa-35415	110	10	could	could	AUX
cjfa-35415	110	11	also	also	ADV
cjfa-35415	110	12	lower	lower	VERB
cjfa-35415	110	13	innovative	innovative	ADJ
cjfa-35415	110	14	efficiency	efficiency	NOUN
cjfa-35415	110	15	.	.	PUNCT
cjfa-35415	111	1	r&d	r&d	NOUN
cjfa-35415	111	2	tax	tax	NOUN
cjfa-35415	111	3	credits	credit	NOUN
cjfa-35415	111	4	aim	aim	VERB
cjfa-35415	111	5	to	to	PART
cjfa-35415	111	6	increase	increase	VERB
cjfa-35415	111	7	overall	overall	ADJ
cjfa-35415	111	8	private	private	ADJ
cjfa-35415	111	9	research	research	NOUN
cjfa-35415	111	10	spending	spending	NOUN
cjfa-35415	111	11	by	by	ADP
cjfa-35415	111	12	reducing	reduce	VERB
cjfa-35415	111	13	the	the	DET
cjfa-35415	111	14	cost	cost	NOUN
cjfa-35415	111	15	of	of	ADP
cjfa-35415	111	16	innovation	innovation	NOUN
cjfa-35415	111	17	,	,	PUNCT
cjfa-35415	111	18	but	but	CCONJ
cjfa-35415	111	19	could	could	AUX
cjfa-35415	111	20	also	also	ADV
cjfa-35415	111	21	lead	lead	VERB
cjfa-35415	111	22	to	to	ADP
cjfa-35415	111	23	greater	great	ADJ
cjfa-35415	111	24	competitions	competition	NOUN
cjfa-35415	111	25	for	for	ADP
cjfa-35415	111	26	research	research	NOUN
cjfa-35415	111	27	resources	resource	NOUN
cjfa-35415	111	28	among	among	ADP
cjfa-35415	111	29	firms	firm	NOUN
cjfa-35415	111	30	.	.	PUNCT
cjfa-35415	112	1	research	research	NOUN
cjfa-35415	112	2	resources	resource	NOUN
cjfa-35415	112	3	,	,	PUNCT
cjfa-35415	112	4	such	such	ADJ
cjfa-35415	112	5	as	as	ADP
cjfa-35415	112	6	human	human	ADJ
cjfa-35415	112	7	capital	capital	NOUN
cjfa-35415	112	8	,	,	PUNCT
cjfa-35415	112	9	are	be	AUX
cjfa-35415	112	10	generally	generally	ADV
cjfa-35415	112	11	inelastic	inelastic	ADJ
cjfa-35415	112	12	in	in	ADP
cjfa-35415	112	13	the	the	DET
cjfa-35415	112	14	short	short	ADJ
cjfa-35415	112	15	-	-	PUNCT
cjfa-35415	112	16	run	run	NOUN
cjfa-35415	112	17	(	(	PUNCT
cjfa-35415	112	18	hall	hall	PROPN
cjfa-35415	112	19	&	&	CCONJ
cjfa-35415	112	20	lerner	lerner	PROPN
cjfa-35415	112	21	,	,	PUNCT
cjfa-35415	112	22	2010	2010	NUM
cjfa-35415	112	23	)	)	PUNCT
cjfa-35415	112	24	,	,	PUNCT
cjfa-35415	112	25	and	and	CCONJ
cjfa-35415	112	26	increases	increase	NOUN
cjfa-35415	112	27	in	in	ADP
cjfa-35415	112	28	overall	overall	ADJ
cjfa-35415	112	29	r&d	r&d	NOUN
cjfa-35415	112	30	spending	spending	NOUN
cjfa-35415	112	31	could	could	AUX
cjfa-35415	112	32	increase	increase	VERB
cjfa-35415	112	33	the	the	DET
cjfa-35415	112	34	prices	price	NOUN
cjfa-35415	112	35	of	of	ADP
cjfa-35415	112	36	research	research	NOUN
cjfa-35415	112	37	resources	resource	NOUN
cjfa-35415	112	38	instead	instead	ADV
cjfa-35415	112	39	of	of	ADP
cjfa-35415	112	40	their	their	PRON
cjfa-35415	112	41	reexamining	reexamine	VERB
cjfa-35415	112	42	the	the	DET
cjfa-35415	112	43	economic	economic	ADJ
cjfa-35415	112	44	recovery	recovery	NOUN
cjfa-35415	112	45	tax	tax	NOUN
cjfa-35415	112	46	act	act	NOUN
cjfa-35415	112	47	of	of	ADP
cjfa-35415	112	48	1981	1981	NUM
cjfa-35415	112	49	…	…	PUNCT
cjfa-35415	112	50	33	33	NUM
cjfa-35415	112	51	quantities	quantity	NOUN
cjfa-35415	112	52	(	(	PUNCT
cjfa-35415	112	53	berger	berger	PROPN
cjfa-35415	112	54	,	,	PUNCT
cjfa-35415	112	55	1993	1993	NUM
cjfa-35415	112	56	)	)	PUNCT
cjfa-35415	112	57	.	.	PUNCT
cjfa-35415	113	1	thus	thus	ADV
cjfa-35415	113	2	,	,	PUNCT
cjfa-35415	113	3	increases	increase	NOUN
cjfa-35415	113	4	in	in	ADP
cjfa-35415	113	5	r&d	r&d	NOUN
cjfa-35415	113	6	expenditures	expenditure	NOUN
cjfa-35415	113	7	could	could	AUX
cjfa-35415	113	8	be	be	AUX
cjfa-35415	113	9	the	the	DET
cjfa-35415	113	10	result	result	NOUN
cjfa-35415	113	11	of	of	ADP
cjfa-35415	113	12	increased	increase	VERB
cjfa-35415	113	13	price	price	NOUN
cjfa-35415	113	14	of	of	ADP
cjfa-35415	113	15	research	research	NOUN
cjfa-35415	113	16	inputs	input	NOUN
cjfa-35415	113	17	instead	instead	ADV
cjfa-35415	113	18	of	of	ADP
cjfa-35415	113	19	quantities	quantity	NOUN
cjfa-35415	113	20	of	of	ADP
cjfa-35415	113	21	inputs	input	NOUN
cjfa-35415	113	22	,	,	PUNCT
cjfa-35415	113	23	leading	lead	VERB
cjfa-35415	113	24	to	to	ADP
cjfa-35415	113	25	lower	low	ADJ
cjfa-35415	113	26	innovative	innovative	ADJ
cjfa-35415	113	27	efficiency	efficiency	NOUN
cjfa-35415	113	28	.	.	PUNCT
cjfa-35415	114	1	since	since	SCONJ
cjfa-35415	114	2	the	the	DET
cjfa-35415	114	3	r&d	r&d	NOUN
cjfa-35415	114	4	tax	tax	NOUN
cjfa-35415	114	5	credit	credit	NOUN
cjfa-35415	114	6	could	could	AUX
cjfa-35415	114	7	either	either	CCONJ
cjfa-35415	114	8	increase	increase	VERB
cjfa-35415	114	9	or	or	CCONJ
cjfa-35415	114	10	decrease	decrease	VERB
cjfa-35415	114	11	innovative	innovative	ADJ
cjfa-35415	114	12	efficiency	efficiency	NOUN
cjfa-35415	114	13	,	,	PUNCT
cjfa-35415	114	14	the	the	DET
cjfa-35415	114	15	actual	actual	ADJ
cjfa-35415	114	16	effect	effect	NOUN
cjfa-35415	114	17	is	be	AUX
cjfa-35415	114	18	ultimately	ultimately	ADV
cjfa-35415	114	19	an	an	DET
cjfa-35415	114	20	empirical	empirical	ADJ
cjfa-35415	114	21	question	question	NOUN
cjfa-35415	114	22	,	,	PUNCT
cjfa-35415	114	23	we	we	PRON
cjfa-35415	114	24	make	make	VERB
cjfa-35415	114	25	no	no	DET
cjfa-35415	114	26	prediction	prediction	NOUN
cjfa-35415	114	27	about	about	ADP
cjfa-35415	114	28	how	how	SCONJ
cjfa-35415	114	29	the	the	DET
cjfa-35415	114	30	erta	erta	NOUN
cjfa-35415	114	31	r&d	r&d	NOUN
cjfa-35415	114	32	credit	credit	NOUN
cjfa-35415	114	33	impact	impact	NOUN
cjfa-35415	114	34	innovative	innovative	ADJ
cjfa-35415	114	35	efficiency	efficiency	NOUN
cjfa-35415	114	36	.	.	PUNCT
cjfa-35415	115	1	h1	h1	PROPN
cjfa-35415	115	2	:	:	PUNCT
cjfa-35415	115	3	the	the	DET
cjfa-35415	115	4	1981	1981	NUM
cjfa-35415	115	5	r&d	r&d	NOUN
cjfa-35415	115	6	tax	tax	NOUN
cjfa-35415	115	7	credit	credit	NOUN
cjfa-35415	115	8	does	do	AUX
cjfa-35415	115	9	not	not	PART
cjfa-35415	115	10	change	change	VERB
cjfa-35415	115	11	innovative	innovative	ADJ
cjfa-35415	115	12	efficiency	efficiency	NOUN
cjfa-35415	115	13	.	.	PUNCT
cjfa-35415	116	1	we	we	PRON
cjfa-35415	116	2	then	then	ADV
cjfa-35415	116	3	investigate	investigate	VERB
cjfa-35415	116	4	possible	possible	ADJ
cjfa-35415	116	5	mechanisms	mechanism	NOUN
cjfa-35415	116	6	that	that	PRON
cjfa-35415	116	7	drive	drive	VERB
cjfa-35415	116	8	the	the	DET
cjfa-35415	116	9	change	change	NOUN
cjfa-35415	116	10	in	in	ADP
cjfa-35415	116	11	innovative	innovative	ADJ
cjfa-35415	116	12	efficiency	efficiency	NOUN
cjfa-35415	116	13	following	follow	VERB
cjfa-35415	116	14	the	the	DET
cjfa-35415	116	15	institution	institution	NOUN
cjfa-35415	116	16	of	of	ADP
cjfa-35415	116	17	the	the	DET
cjfa-35415	116	18	1981	1981	NUM
cjfa-35415	116	19	u.s	u.s	PROPN
cjfa-35415	116	20	.	.	PROPN
cjfa-35415	116	21	tax	tax	NOUN
cjfa-35415	116	22	credit	credit	NOUN
cjfa-35415	116	23	.	.	PUNCT
cjfa-35415	117	1	one	one	NUM
cjfa-35415	117	2	possibility	possibility	NOUN
cjfa-35415	117	3	is	be	AUX
cjfa-35415	117	4	competitions	competition	NOUN
cjfa-35415	117	5	for	for	ADP
cjfa-35415	117	6	research	research	NOUN
cjfa-35415	117	7	resources	resource	NOUN
cjfa-35415	117	8	.	.	PUNCT
cjfa-35415	118	1	demand	demand	NOUN
cjfa-35415	118	2	for	for	ADP
cjfa-35415	118	3	r&d	r&d	NOUN
cjfa-35415	118	4	resources	resource	NOUN
cjfa-35415	118	5	will	will	AUX
cjfa-35415	118	6	likely	likely	ADV
cjfa-35415	118	7	increase	increase	VERB
cjfa-35415	118	8	in	in	ADP
cjfa-35415	118	9	more	more	ADV
cjfa-35415	118	10	competitive	competitive	ADJ
cjfa-35415	118	11	industries	industry	NOUN
cjfa-35415	118	12	,	,	PUNCT
cjfa-35415	118	13	leading	lead	VERB
cjfa-35415	118	14	to	to	ADP
cjfa-35415	118	15	higher	high	ADJ
cjfa-35415	118	16	price	price	NOUN
cjfa-35415	118	17	increases	increase	NOUN
cjfa-35415	118	18	.	.	PUNCT
cjfa-35415	119	1	if	if	SCONJ
cjfa-35415	119	2	competitions	competition	NOUN
cjfa-35415	119	3	for	for	ADP
cjfa-35415	119	4	research	research	NOUN
cjfa-35415	119	5	resources	resource	NOUN
cjfa-35415	119	6	reduce	reduce	VERB
cjfa-35415	119	7	in	in	ADP
cjfa-35415	119	8	innovative	innovative	ADJ
cjfa-35415	119	9	efficiency	efficiency	NOUN
cjfa-35415	119	10	,	,	PUNCT
cjfa-35415	119	11	the	the	DET
cjfa-35415	119	12	effect	effect	NOUN
cjfa-35415	119	13	will	will	AUX
cjfa-35415	119	14	be	be	AUX
cjfa-35415	119	15	more	more	ADV
cjfa-35415	119	16	significant	significant	ADJ
cjfa-35415	119	17	for	for	ADP
cjfa-35415	119	18	firms	firm	NOUN
cjfa-35415	119	19	in	in	ADP
cjfa-35415	119	20	competitive	competitive	ADJ
cjfa-35415	119	21	industries	industry	NOUN
cjfa-35415	119	22	than	than	ADP
cjfa-35415	119	23	for	for	ADP
cjfa-35415	119	24	those	those	PRON
cjfa-35415	119	25	in	in	ADP
cjfa-35415	119	26	less	less	ADV
cjfa-35415	119	27	competitive	competitive	ADJ
cjfa-35415	119	28	ones	one	NOUN
cjfa-35415	119	29	.	.	PUNCT
cjfa-35415	120	1	h2	h2	NOUN
cjfa-35415	120	2	:	:	PUNCT
cjfa-35415	120	3	the	the	DET
cjfa-35415	120	4	effect	effect	NOUN
cjfa-35415	120	5	of	of	ADP
cjfa-35415	120	6	the	the	DET
cjfa-35415	120	7	1981	1981	NUM
cjfa-35415	120	8	r&d	r&d	NOUN
cjfa-35415	120	9	tax	tax	NOUN
cjfa-35415	120	10	credit	credit	NOUN
cjfa-35415	120	11	on	on	ADP
cjfa-35415	120	12	innovative	innovative	ADJ
cjfa-35415	120	13	efficiency	efficiency	NOUN
cjfa-35415	120	14	is	be	AUX
cjfa-35415	120	15	more	more	ADV
cjfa-35415	120	16	significant	significant	ADJ
cjfa-35415	120	17	for	for	ADP
cjfa-35415	120	18	firms	firm	NOUN
cjfa-35415	120	19	in	in	ADP
cjfa-35415	120	20	competitive	competitive	ADJ
cjfa-35415	120	21	industries	industry	NOUN
cjfa-35415	120	22	than	than	ADP
cjfa-35415	120	23	for	for	ADP
cjfa-35415	120	24	those	those	PRON
cjfa-35415	120	25	in	in	ADP
cjfa-35415	120	26	less	less	ADV
cjfa-35415	120	27	competitive	competitive	ADJ
cjfa-35415	120	28	industries	industry	NOUN
cjfa-35415	120	29	.	.	PUNCT
cjfa-35415	121	1	data	datum	NOUN
cjfa-35415	121	2	and	and	CCONJ
cjfa-35415	121	3	variables	variable	NOUN
cjfa-35415	121	4	this	this	DET
cjfa-35415	121	5	study	study	NOUN
cjfa-35415	121	6	combines	combine	VERB
cjfa-35415	121	7	accounting	accounting	NOUN
cjfa-35415	121	8	data	datum	NOUN
cjfa-35415	121	9	from	from	ADP
cjfa-35415	121	10	compustat	compustat	NOUN
cjfa-35415	121	11	and	and	CCONJ
cjfa-35415	121	12	innovation	innovation	NOUN
cjfa-35415	121	13	data	datum	NOUN
cjfa-35415	121	14	from	from	ADP
cjfa-35415	121	15	the	the	DET
cjfa-35415	121	16	national	national	PROPN
cjfa-35415	121	17	bureau	bureau	PROPN
cjfa-35415	121	18	of	of	ADP
cjfa-35415	121	19	economic	economic	ADJ
cjfa-35415	121	20	research	research	NOUN
cjfa-35415	121	21	(	(	PUNCT
cjfa-35415	121	22	nber	nber	PROPN
cjfa-35415	121	23	)	)	PUNCT
cjfa-35415	121	24	patent	patent	NOUN
cjfa-35415	121	25	database	database	NOUN
cjfa-35415	121	26	initiated	initiate	VERB
cjfa-35415	121	27	by	by	ADP
cjfa-35415	121	28	hall	hall	PROPN
cjfa-35415	121	29	,	,	PUNCT
cjfa-35415	121	30	jaffe	jaffe	PROPN
cjfa-35415	121	31	and	and	CCONJ
cjfa-35415	121	32	trajtenberg	trajtenberg	PROPN
cjfa-35415	121	33	(	(	PUNCT
cjfa-35415	121	34	2001	2001	NUM
cjfa-35415	121	35	)	)	PUNCT
cjfa-35415	121	36	.	.	PUNCT
cjfa-35415	122	1	the	the	DET
cjfa-35415	122	2	database	database	NOUN
cjfa-35415	122	3	includes	include	VERB
cjfa-35415	122	4	patent	patent	NOUN
cjfa-35415	122	5	number	number	NOUN
cjfa-35415	122	6	,	,	PUNCT
cjfa-35415	122	7	associated	associated	ADJ
cjfa-35415	122	8	companies	company	NOUN
cjfa-35415	122	9	,	,	PUNCT
cjfa-35415	122	10	accumulated	accumulate	VERB
cjfa-35415	122	11	number	number	NOUN
cjfa-35415	122	12	of	of	ADP
cjfa-35415	122	13	citations	citation	NOUN
cjfa-35415	122	14	,	,	PUNCT
cjfa-35415	122	15	locations	location	NOUN
cjfa-35415	122	16	from	from	ADP
cjfa-35415	122	17	which	which	PRON
cjfa-35415	122	18	patents	patent	NOUN
cjfa-35415	122	19	are	be	AUX
cjfa-35415	122	20	filed	file	VERB
cjfa-35415	122	21	,	,	PUNCT
cjfa-35415	122	22	application	application	NOUN
cjfa-35415	122	23	year	year	NOUN
cjfa-35415	122	24	,	,	PUNCT
cjfa-35415	122	25	grant	grant	PROPN
cjfa-35415	122	26	year	year	NOUN
cjfa-35415	122	27	,	,	PUNCT
cjfa-35415	122	28	the	the	DET
cjfa-35415	122	29	number	number	NOUN
cjfa-35415	122	30	of	of	ADP
cjfa-35415	122	31	citations	citation	NOUN
cjfa-35415	122	32	,	,	PUNCT
cjfa-35415	122	33	and	and	CCONJ
cjfa-35415	122	34	the	the	DET
cjfa-35415	122	35	6	6	NUM
cjfa-35415	122	36	-	-	PUNCT
cjfa-35415	122	37	digit	digit	NOUN
cjfa-35415	122	38	cusip	cusip	NOUN
cjfa-35415	122	39	number	number	NOUN
cjfa-35415	122	40	for	for	ADP
cjfa-35415	122	41	each	each	DET
cjfa-35415	122	42	company	company	NOUN
cjfa-35415	122	43	in	in	ADP
cjfa-35415	122	44	the	the	DET
cjfa-35415	122	45	database	database	NOUN
cjfa-35415	122	46	that	that	PRON
cjfa-35415	122	47	allows	allow	VERB
cjfa-35415	122	48	researchers	researcher	NOUN
cjfa-35415	122	49	to	to	PART
cjfa-35415	122	50	combine	combine	VERB
cjfa-35415	122	51	the	the	DET
cjfa-35415	122	52	compustat	compustat	NOUN
cjfa-35415	122	53	database	database	NOUN
cjfa-35415	122	54	with	with	ADP
cjfa-35415	122	55	the	the	DET
cjfa-35415	122	56	patent	patent	NOUN
cjfa-35415	122	57	database	database	NOUN
cjfa-35415	122	58	.	.	PUNCT
cjfa-35415	123	1	we	we	PRON
cjfa-35415	123	2	exclude	exclude	VERB
cjfa-35415	123	3	firms	firm	NOUN
cjfa-35415	123	4	in	in	ADP
cjfa-35415	123	5	the	the	DET
cjfa-35415	123	6	financial	financial	ADJ
cjfa-35415	123	7	services	service	NOUN
cjfa-35415	123	8	and	and	CCONJ
cjfa-35415	123	9	utility	utility	NOUN
cjfa-35415	123	10	industries	industry	NOUN
cjfa-35415	123	11	,	,	PUNCT
cjfa-35415	123	12	and	and	CCONJ
cjfa-35415	123	13	firms	firm	NOUN
cjfa-35415	123	14	whose	whose	DET
cjfa-35415	123	15	r&d	r&d	NOUN
cjfa-35415	123	16	expense	expense	NOUN
cjfa-35415	123	17	is	be	AUX
cjfa-35415	123	18	less	less	ADJ
cjfa-35415	123	19	than	than	ADP
cjfa-35415	123	20	2	2	NUM
cjfa-35415	123	21	%	%	NOUN
cjfa-35415	123	22	of	of	ADP
cjfa-35415	123	23	net	net	ADJ
cjfa-35415	123	24	sales	sale	NOUN
cjfa-35415	123	25	.	.	PUNCT
cjfa-35415	124	1	the	the	DET
cjfa-35415	124	2	final	final	ADJ
cjfa-35415	124	3	sample	sample	NOUN
cjfa-35415	124	4	has	have	VERB
cjfa-35415	124	5	16,251	16,251	NUM
cjfa-35415	124	6	firm	firm	ADJ
cjfa-35415	124	7	-	-	PUNCT
cjfa-35415	124	8	year	year	NOUN
cjfa-35415	124	9	observations	observation	NOUN
cjfa-35415	124	10	from	from	ADP
cjfa-35415	124	11	1975	1975	NUM
cjfa-35415	124	12	to	to	ADP
cjfa-35415	124	13	2017	2017	NUM
cjfa-35415	124	14	.	.	PUNCT
cjfa-35415	125	1	zhaochu	zhaochu	PROPN
cjfa-35415	126	1	li34	li34	PROPN
cjfa-35415	126	2	appendix	appendix	VERB
cjfa-35415	126	3	a.	a.	NOUN
cjfa-35415	126	4	variable	variable	ADJ
cjfa-35415	126	5	definitions	definition	NOUN
cjfa-35415	126	6	appendix	appendix	VERB
cjfa-35415	126	7	a.	a.	NOUN
cjfa-35415	126	8	variable	variable	ADJ
cjfa-35415	126	9	definitions	definition	NOUN
cjfa-35415	126	10	dependent	dependent	ADJ
cjfa-35415	126	11	variables	variable	VERB
cjfa-35415	126	12	pat_rdt	pat_rdt	PROPN
cjfa-35415	126	13	-	-	PUNCT
cjfa-35415	126	14	n-1,t-1	n-1,t-1	ADV
cjfa-35415	126	15	pat_rdt-2,t-1	pat_rdt-2,t-1	ADJ
cjfa-35415	126	16	,	,	PUNCT
cjfa-35415	126	17	pat_rdt-3,t-1	pat_rdt-3,t-1	ADJ
cjfa-35415	126	18	,	,	PUNCT
cjfa-35415	126	19	and	and	CCONJ
cjfa-35415	126	20	pat_rdt-4,t-1	pat_rdt-4,t-1	PROPN
cjfa-35415	126	21	denote	denote	VERB
cjfa-35415	126	22	the	the	DET
cjfa-35415	126	23	natural	natural	ADJ
cjfa-35415	126	24	logarithm	logarithm	NOUN
cjfa-35415	126	25	of	of	ADP
cjfa-35415	126	26	one	one	NUM
cjfa-35415	126	27	plus	plus	CCONJ
cjfa-35415	126	28	a	a	DET
cjfa-35415	126	29	firm	firm	NOUN
cjfa-35415	126	30	's	's	PART
cjfa-35415	126	31	total	total	ADJ
cjfa-35415	126	32	number	number	NOUN
cjfa-35415	126	33	of	of	ADP
cjfa-35415	126	34	patents	patent	NOUN
cjfa-35415	126	35	in	in	ADP
cjfa-35415	126	36	year	year	NOUN
cjfa-35415	126	37	t	t	PROPN
cjfa-35415	126	38	over	over	ADP
cjfa-35415	126	39	average	average	ADJ
cjfa-35415	126	40	r&d	r&d	NOUN
cjfa-35415	126	41	expense	expense	NOUN
cjfa-35415	126	42	in	in	ADP
cjfa-35415	126	43	the	the	DET
cjfa-35415	126	44	prior	prior	ADJ
cjfa-35415	126	45	two	two	NUM
cjfa-35415	126	46	,	,	PUNCT
cjfa-35415	126	47	three	three	NUM
cjfa-35415	126	48	,	,	PUNCT
cjfa-35415	126	49	and	and	CCONJ
cjfa-35415	126	50	four	four	NUM
cjfa-35415	126	51	years	year	NOUN
cjfa-35415	126	52	,	,	PUNCT
cjfa-35415	126	53	respectively	respectively	ADV
cjfa-35415	126	54	.	.	PUNCT
cjfa-35415	127	1	the	the	DET
cjfa-35415	127	2	number	number	NOUN
cjfa-35415	127	3	of	of	ADP
cjfa-35415	127	4	patents	patent	NOUN
cjfa-35415	127	5	is	be	AUX
cjfa-35415	127	6	corrected	correct	VERB
cjfa-35415	127	7	for	for	ADP
cjfa-35415	127	8	truncation	truncation	NOUN
cjfa-35415	127	9	bias	bias	NOUN
cjfa-35415	127	10	for	for	ADP
cjfa-35415	127	11	each	each	DET
cjfa-35415	127	12	year	year	NOUN
cjfa-35415	127	13	.	.	PUNCT
cjfa-35415	128	1	=	=	NOUN
cjfa-35415	128	2	pat_rd	pat_rd	PROPN
cjfa-35415	128	3	�	�	PROPN
cjfa-35415	128	4	�	�	PROPN
cjfa-35415	128	5	�	�	PROPN
cjfa-35415	128	6	�	�	PROPN
cjfa-35415	128	7	�	�	PROPN
cjfa-35415	128	8	�	�	PROPN
cjfa-35415	128	9	�	�	PROPN
cjfa-35415	128	10	�	�	PROPN
cjfa-35415	128	11	�	�	PROPN
cjfa-35415	128	12	=ln	=ln	NOUN
cjfa-35415	128	13	(	(	PUNCT
cjfa-35415	128	14	�	�	PROPN
cjfa-35415	128	15	�	�	PROPN
cjfa-35415	128	16	�	�	PROPN
cjfa-35415	128	17	�	�	PROPN
cjfa-35415	128	18	�	�	PROPN
cjfa-35415	128	19	t	t	PROPN
cjfa-35415	128	20	(	(	PUNCT
cjfa-35415	128	21	∑	∑	PROPN
cjfa-35415	128	22	�	�	PROPN
cjfa-35415	128	23	�	�	PROPN
cjfa-35415	128	24	m	m	NOUN
cjfa-35415	128	25	)	)	PUNCT
cjfa-35415	128	26	�	�	PROPN
cjfa-35415	128	27	�	�	PROPN
cjfa-35415	128	28	�	�	PROPN
cjfa-35415	128	29	�	�	PROPN
cjfa-35415	128	30	�	�	PROPN
cjfa-35415	128	31	�	�	PROPN
cjfa-35415	128	32	�	�	PROPN
cjfa-35415	128	33	�	�	PROPN
cjfa-35415	128	34	�	�	PROPN
cjfa-35415	128	35	�	�	PROPN
cjfa-35415	128	36	)	)	PUNCT
cjfa-35415	128	37	,	,	PUNCT
cjfa-35415	128	38	n=1	n=1	PROPN
cjfa-35415	128	39	,	,	PUNCT
cjfa-35415	128	40	2	2	NUM
cjfa-35415	128	41	,	,	PUNCT
cjfa-35415	128	42	or	or	CCONJ
cjfa-35415	128	43	3	3	NUM
cjfa-35415	128	44	variables	variable	NOUN
cjfa-35415	128	45	of	of	ADP
cjfa-35415	128	46	interest	interest	NOUN
cjfa-35415	128	47	d1981	d1981	PROPN
cjfa-35415	128	48	t	t	PROPN
cjfa-35415	128	49	a	a	DET
cjfa-35415	128	50	dummy	dummy	ADJ
cjfa-35415	128	51	variable	variable	NOUN
cjfa-35415	128	52	equals	equal	VERB
cjfa-35415	128	53	to	to	ADP
cjfa-35415	128	54	1	1	NUM
cjfa-35415	128	55	if	if	SCONJ
cjfa-35415	128	56	a	a	DET
cjfa-35415	128	57	firm	firm	ADJ
cjfa-35415	128	58	-	-	PUNCT
cjfa-35415	128	59	year	year	NOUN
cjfa-35415	128	60	observation	observation	NOUN
cjfa-35415	128	61	is	be	AUX
cjfa-35415	128	62	after	after	ADP
cjfa-35415	128	63	1981	1981	NUM
cjfa-35415	128	64	,	,	PUNCT
cjfa-35415	128	65	and	and	CCONJ
cjfa-35415	128	66	0	0	NUM
cjfa-35415	128	67	other	other	ADJ
cjfa-35415	128	68	wise	wise	ADJ
cjfa-35415	128	69	.	.	PUNCT
cjfa-35415	129	1	h_indext	h_indext	PROPN
cjfa-35415	129	2	herfindahl	herfindahl	PROPN
cjfa-35415	129	3	index	index	NOUN
cjfa-35415	129	4	of	of	ADP
cjfa-35415	129	5	a	a	DET
cjfa-35415	129	6	firm	firm	NOUN
cjfa-35415	129	7	in	in	ADP
cjfa-35415	129	8	year	year	NOUN
cjfa-35415	129	9	t	t	PROPN
cjfa-35415	129	10	constructed	construct	VERB
cjfa-35415	129	11	based	base	VERB
cjfa-35415	129	12	on	on	ADP
cjfa-35415	129	13	sales	sale	NOUN
cjfa-35415	129	14	for	for	ADP
cjfa-35415	129	15	2	2	NUM
cjfa-35415	129	16	-	-	PUNCT
cjfa-35415	129	17	digit	digit	NOUN
cjfa-35415	129	18	sic	sic	ADJ
cjfa-35415	129	19	industry	industry	NOUN
cjfa-35415	129	20	classification	classification	NOUN
cjfa-35415	129	21	.	.	PUNCT
cjfa-35415	130	1	h_index2	h_index2	PROPN
cjfa-35415	130	2	t	t	PROPN
cjfa-35415	130	3	the	the	DET
cjfa-35415	130	4	square	square	ADJ
cjfa-35415	130	5	term	term	NOUN
cjfa-35415	130	6	of	of	ADP
cjfa-35415	130	7	h_indext	h_indext	NUM
cjfa-35415	130	8	d1981	d1981	PROPN
cjfa-35415	130	9	t	t	PROPN
cjfa-35415	130	10	×hindext	×hindext	NOUN
cjfa-35415	130	11	an	an	DET
cjfa-35415	130	12	interaction	interaction	NOUN
cjfa-35415	130	13	variable	variable	NOUN
cjfa-35415	130	14	as	as	ADP
cjfa-35415	130	15	the	the	DET
cjfa-35415	130	16	product	product	NOUN
cjfa-35415	130	17	of	of	ADP
cjfa-35415	130	18	d1981	d1981	PROPN
cjfa-35415	130	19	t	t	PROPN
cjfa-35415	130	20	and	and	CCONJ
cjfa-35415	130	21	h_indext	h_indext	PROPN
cjfa-35415	130	22	control	control	NOUN
cjfa-35415	130	23	variables	variable	NOUN
cjfa-35415	130	24	aget	aget	VERB
cjfa-35415	130	25	the	the	DET
cjfa-35415	130	26	number	number	NOUN
cjfa-35415	130	27	of	of	ADP
cjfa-35415	130	28	years	year	NOUN
cjfa-35415	130	29	that	that	SCONJ
cjfa-35415	130	30	the	the	DET
cjfa-35415	130	31	firm	firm	NOUN
cjfa-35415	130	32	is	be	AUX
cjfa-35415	130	33	listed	list	VERB
cjfa-35415	130	34	on	on	ADP
cjfa-35415	130	35	compustat	compustat	NOUN
cjfa-35415	130	36	with	with	ADP
cjfa-35415	130	37	a	a	DET
cjfa-35415	130	38	non	non	ADJ
cjfa-35415	130	39	-	-	ADJ
cjfa-35415	130	40	missing	missing	ADJ
cjfa-35415	130	41	stock	stock	NOUN
cjfa-35415	130	42	price	price	NOUN
cjfa-35415	130	43	.	.	PUNCT
cjfa-35415	131	1	qt	qt	NOUN
cjfa-35415	131	2	market	market	NOUN
cjfa-35415	131	3	to	to	ADP
cjfa-35415	131	4	book	book	NOUN
cjfa-35415	131	5	ratio	ratio	NOUN
cjfa-35415	131	6	.	.	PUNCT
cjfa-35415	132	1	�	�	PROPN
cjfa-35415	132	2	�	�	PROPN
cjfa-35415	132	3	�	�	PROPN
cjfa-35415	132	4	�	�	PROPN
cjfa-35415	132	5	�	�	PROPN
cjfa-35415	132	6	�	�	PROPN
cjfa-35415	132	7	�	�	PROPN
cjfa-35415	132	8	�	�	PROPN
cjfa-35415	132	9	�	�	PROPN
cjfa-35415	132	10	�	�	PROPN
cjfa-35415	132	11	�	�	PROPN
cjfa-35415	132	12	�	�	PROPN
cjfa-35415	132	13	�	�	PROPN
cjfa-35415	132	14	�	�	PROPN
cjfa-35415	132	15	�	�	PROPN
cjfa-35415	132	16	�	�	PROPN
cjfa-35415	132	17	�	�	PROPN
cjfa-35415	132	18	�	�	PROPN
cjfa-35415	132	19	�	�	PROPN
cjfa-35415	132	20	�	�	PROPN
cjfa-35415	132	21	�	�	PROPN
cjfa-35415	132	22	�	�	PROPN
cjfa-35415	132	23	�	�	PROPN
cjfa-35415	132	24	�	�	PROPN
cjfa-35415	132	25	�	�	PROPN
cjfa-35415	132	26	�	�	PROPN
cjfa-35415	132	27	�	�	PROPN
cjfa-35415	132	28	�	�	PROPN
cjfa-35415	132	29	�	�	PROPN
cjfa-35415	132	30	�	�	PROPN
cjfa-35415	132	31	�	�	PROPN
cjfa-35415	132	32	�	�	PROPN
cjfa-35415	132	33	�	�	PROPN
cjfa-35415	132	34	�	�	PROPN
cjfa-35415	132	35	�	�	PROPN
cjfa-35415	132	36	�	�	PROPN
cjfa-35415	132	37	�	�	PROPN
cjfa-35415	132	38	�	�	PROPN
cjfa-35415	132	39	�	�	PROPN
cjfa-35415	132	40	�	�	PROPN
cjfa-35415	132	41	�	�	PROPN
cjfa-35415	132	42	�	�	PROPN
cjfa-35415	132	43	�	�	PROPN
cjfa-35415	132	44	�	�	PROPN
cjfa-35415	132	45	�	�	PROPN
cjfa-35415	132	46	�	�	PROPN
cjfa-35415	132	47	�	�	PROPN
cjfa-35415	132	48	�	�	PROPN
cjfa-35415	132	49	�	�	PROPN
cjfa-35415	132	50	�	�	PROPN
cjfa-35415	132	51	�	�	PROPN
cjfa-35415	132	52	�	�	PROPN
cjfa-35415	132	53	�	�	PROPN
cjfa-35415	132	54	�	�	PROPN
cjfa-35415	132	55	�	�	PROPN
cjfa-35415	132	56	�	�	PROPN
cjfa-35415	132	57	�	�	PROPN
cjfa-35415	132	58	rdt	rdt	PROPN
cjfa-35415	132	59	r&d	r&d	NOUN
cjfa-35415	132	60	expense	expense	NOUN
cjfa-35415	132	61	deflated	deflate	VERB
cjfa-35415	132	62	by	by	ADP
cjfa-35415	132	63	net	net	ADJ
cjfa-35415	132	64	sales	sale	NOUN
cjfa-35415	132	65	.	.	PUNCT
cjfa-35415	133	1	leveraget	leveraget	VERB
cjfa-35415	133	2	the	the	DET
cjfa-35415	133	3	ratio	ratio	NOUN
cjfa-35415	133	4	of	of	ADP
cjfa-35415	133	5	total	total	ADJ
cjfa-35415	133	6	debt	debt	NOUN
cjfa-35415	133	7	to	to	ADP
cjfa-35415	133	8	total	total	ADJ
cjfa-35415	133	9	assets	asset	NOUN
cjfa-35415	133	10	.	.	PUNCT
cjfa-35415	134	1	�	�	PROPN
cjfa-35415	134	2	�	�	PROPN
cjfa-35415	134	3	�	�	PROPN
cjfa-35415	134	4	�	�	PROPN
cjfa-35415	134	5	�	�	PROPN
cjfa-35415	134	6	�	�	PROPN
cjfa-35415	134	7	�	�	PROPN
cjfa-35415	134	8	�	�	PROPN
cjfa-35415	134	9	�	�	PROPN
cjfa-35415	134	10	�	�	PROPN
cjfa-35415	134	11	�	�	PROPN
cjfa-35415	134	12	�	�	PROPN
cjfa-35415	134	13	�	�	PROPN
cjfa-35415	134	14	�	�	PROPN
cjfa-35415	134	15	�	�	PROPN
cjfa-35415	134	16	tangibilityt	tangibilityt	PROPN
cjfa-35415	134	17	the	the	DET
cjfa-35415	134	18	ratio	ratio	NOUN
cjfa-35415	134	19	of	of	ADP
cjfa-35415	134	20	net	net	ADJ
cjfa-35415	134	21	ppe	ppe	NOUN
cjfa-35415	134	22	to	to	ADP
cjfa-35415	134	23	total	total	ADJ
cjfa-35415	134	24	assets	asset	NOUN
cjfa-35415	134	25	.	.	PUNCT
cjfa-35415	135	1	�	�	PROPN
cjfa-35415	135	2	�	�	PROPN
cjfa-35415	135	3	�	�	PROPN
cjfa-35415	135	4	�	�	PROPN
cjfa-35415	135	5	�	�	PROPN
cjfa-35415	135	6	�	�	PROPN
cjfa-35415	135	7	�	�	PROPN
cjfa-35415	135	8	�	�	PROPN
cjfa-35415	135	9	�	�	PROPN
cjfa-35415	135	10	�	�	PROPN
cjfa-35415	135	11	profitabilityt	profitabilityt	ADV
cjfa-35415	135	12	the	the	DET
cjfa-35415	135	13	ratio	ratio	NOUN
cjfa-35415	135	14	of	of	ADP
cjfa-35415	135	15	ebidta	ebidta	PROPN
cjfa-35415	135	16	to	to	ADP
cjfa-35415	135	17	total	total	ADJ
cjfa-35415	135	18	assets	asset	NOUN
cjfa-35415	135	19	.	.	PUNCT
cjfa-35415	136	1	�	�	PROPN
cjfa-35415	136	2	�	�	PROPN
cjfa-35415	136	3	�	�	PROPN
cjfa-35415	136	4	�	�	PROPN
cjfa-35415	136	5	�	�	PROPN
cjfa-35415	136	6	�	�	PROPN
cjfa-35415	136	7	�	�	PROPN
cjfa-35415	136	8	�	�	PROPN
cjfa-35415	136	9	�	�	PROPN
cjfa-35415	136	10	�	�	PROPN
cjfa-35415	136	11	�	�	PROPN
cjfa-35415	136	12	�	�	PROPN
cjfa-35415	136	13	sizet	sizet	PROPN
cjfa-35415	136	14	natural	natural	ADJ
cjfa-35415	136	15	logarithm	logarithm	NOUN
cjfa-35415	136	16	of	of	ADP
cjfa-35415	136	17	inflation	inflation	NOUN
cjfa-35415	136	18	-	-	PUNCT
cjfa-35415	136	19	adjusted	adjust	VERB
cjfa-35415	136	20	book	book	NOUN
cjfa-35415	136	21	assets	asset	NOUN
cjfa-35415	136	22	.	.	PUNCT
cjfa-35415	137	1	size2	size2	PROPN
cjfa-35415	137	2	t	t	PROPN
cjfa-35415	137	3	the	the	DET
cjfa-35415	137	4	square	square	NOUN
cjfa-35415	137	5	of	of	ADP
cjfa-35415	137	6	sizet	sizet	PROPN
cjfa-35415	137	7	source	source	NOUN
cjfa-35415	137	8	:	:	PUNCT
cjfa-35415	137	9	appendix	appendix	ADJ
cjfa-35415	137	10	table	table	NOUN
cjfa-35415	137	11	created	create	VERB
cjfa-35415	137	12	by	by	ADP
cjfa-35415	137	13	the	the	DET
cjfa-35415	137	14	authors	author	NOUN
cjfa-35415	137	15	.	.	PUNCT
cjfa-35415	138	1	there	there	PRON
cjfa-35415	138	2	are	be	VERB
cjfa-35415	138	3	a	a	DET
cjfa-35415	138	4	few	few	ADJ
cjfa-35415	138	5	issues	issue	NOUN
cjfa-35415	138	6	measuring	measure	VERB
cjfa-35415	138	7	innovative	innovative	ADJ
cjfa-35415	138	8	efficiency	efficiency	NOUN
cjfa-35415	138	9	.	.	PUNCT
cjfa-35415	139	1	first	first	ADV
cjfa-35415	139	2	,	,	PUNCT
cjfa-35415	139	3	the	the	DET
cjfa-35415	139	4	r&d	r&d	NOUN
cjfa-35415	139	5	process	process	NOUN
cjfa-35415	139	6	takes	take	VERB
cjfa-35415	139	7	time	time	NOUN
cjfa-35415	139	8	;	;	PUNCT
cjfa-35415	139	9	it	it	PRON
cjfa-35415	139	10	may	may	AUX
cjfa-35415	139	11	be	be	AUX
cjfa-35415	139	12	years	year	NOUN
cjfa-35415	139	13	from	from	ADP
cjfa-35415	139	14	the	the	DET
cjfa-35415	139	15	start	start	NOUN
cjfa-35415	139	16	of	of	ADP
cjfa-35415	139	17	a	a	DET
cjfa-35415	139	18	project	project	NOUN
cjfa-35415	139	19	to	to	ADP
cjfa-35415	139	20	the	the	DET
cjfa-35415	139	21	moment	moment	NOUN
cjfa-35415	139	22	that	that	SCONJ
cjfa-35415	139	23	a	a	DET
cjfa-35415	139	24	patent	patent	NOUN
cjfa-35415	139	25	is	be	AUX
cjfa-35415	139	26	ready	ready	ADJ
cjfa-35415	139	27	for	for	ADP
cjfa-35415	139	28	application	application	NOUN
cjfa-35415	139	29	.	.	PUNCT
cjfa-35415	140	1	the	the	DET
cjfa-35415	140	2	total	total	ADJ
cjfa-35415	140	3	spending	spending	NOUN
cjfa-35415	140	4	that	that	PRON
cjfa-35415	140	5	leads	lead	VERB
cjfa-35415	140	6	to	to	ADP
cjfa-35415	140	7	one	one	NUM
cjfa-35415	140	8	particular	particular	ADJ
cjfa-35415	140	9	patent	patent	NOUN
cjfa-35415	140	10	includes	include	VERB
cjfa-35415	140	11	r&d	r&d	NOUN
cjfa-35415	140	12	spending	spending	NOUN
cjfa-35415	140	13	in	in	ADP
cjfa-35415	140	14	prior	prior	ADJ
cjfa-35415	140	15	years	year	NOUN
cjfa-35415	140	16	and	and	CCONJ
cjfa-35415	140	17	is	be	AUX
cjfa-35415	140	18	hard	hard	ADJ
cjfa-35415	140	19	to	to	PART
cjfa-35415	140	20	directly	directly	ADV
cjfa-35415	140	21	calculate	calculate	VERB
cjfa-35415	140	22	.	.	PUNCT
cjfa-35415	141	1	second	second	ADJ
cjfa-35415	141	2	,	,	PUNCT
cjfa-35415	141	3	firms	firm	NOUN
cjfa-35415	141	4	usually	usually	ADV
cjfa-35415	141	5	engage	engage	VERB
cjfa-35415	141	6	in	in	ADP
cjfa-35415	141	7	multiple	multiple	ADJ
cjfa-35415	141	8	research	research	NOUN
cjfa-35415	141	9	projects	project	NOUN
cjfa-35415	141	10	at	at	ADP
cjfa-35415	141	11	the	the	DET
cjfa-35415	141	12	same	same	ADJ
cjfa-35415	141	13	time	time	NOUN
cjfa-35415	141	14	,	,	PUNCT
cjfa-35415	141	15	but	but	CCONJ
cjfa-35415	141	16	only	only	ADV
cjfa-35415	141	17	present	present	ADJ
cjfa-35415	141	18	total	total	ADJ
cjfa-35415	141	19	research	research	NOUN
cjfa-35415	141	20	expenditures	expenditure	NOUN
cjfa-35415	141	21	in	in	ADP
cjfa-35415	141	22	a	a	DET
cjfa-35415	141	23	given	give	VERB
cjfa-35415	141	24	year	year	NOUN
cjfa-35415	141	25	in	in	ADP
cjfa-35415	141	26	their	their	PRON
cjfa-35415	141	27	financial	financial	ADJ
cjfa-35415	141	28	statements	statement	NOUN
cjfa-35415	141	29	.	.	PUNCT
cjfa-35415	142	1	since	since	SCONJ
cjfa-35415	142	2	only	only	ADV
cjfa-35415	142	3	a	a	DET
cjfa-35415	142	4	portion	portion	NOUN
cjfa-35415	142	5	of	of	ADP
cjfa-35415	142	6	total	total	ADJ
cjfa-35415	142	7	r&d	r&d	NOUN
cjfa-35415	142	8	expenses	expense	NOUN
cjfa-35415	142	9	in	in	ADP
cjfa-35415	142	10	a	a	DET
cjfa-35415	142	11	year	year	NOUN
cjfa-35415	142	12	contribute	contribute	NOUN
cjfa-35415	142	13	to	to	ADP
cjfa-35415	142	14	a	a	DET
cjfa-35415	142	15	particular	particular	ADJ
cjfa-35415	142	16	patent	patent	NOUN
cjfa-35415	142	17	,	,	PUNCT
cjfa-35415	142	18	it	it	PRON
cjfa-35415	142	19	is	be	AUX
cjfa-35415	142	20	difficult	difficult	ADJ
cjfa-35415	142	21	to	to	PART
cjfa-35415	142	22	match	match	VERB
cjfa-35415	142	23	exact	exact	ADJ
cjfa-35415	142	24	research	research	NOUN
cjfa-35415	142	25	expenses	expense	NOUN
cjfa-35415	142	26	to	to	ADP
cjfa-35415	142	27	specific	specific	ADJ
cjfa-35415	142	28	patents	patent	NOUN
cjfa-35415	142	29	.	.	PUNCT
cjfa-35415	143	1	to	to	PART
cjfa-35415	143	2	overcome	overcome	VERB
cjfa-35415	143	3	these	these	DET
cjfa-35415	143	4	issues	issue	NOUN
cjfa-35415	143	5	,	,	PUNCT
cjfa-35415	143	6	we	we	PRON
cjfa-35415	143	7	consider	consider	VERB
cjfa-35415	143	8	mean	mean	VERB
cjfa-35415	143	9	r&d	r&d	NOUN
cjfa-35415	143	10	expenditures	expenditure	NOUN
cjfa-35415	143	11	in	in	ADP
cjfa-35415	143	12	the	the	DET
cjfa-35415	143	13	two	two	NUM
cjfa-35415	143	14	,	,	PUNCT
cjfa-35415	143	15	three	three	NUM
cjfa-35415	143	16	,	,	PUNCT
cjfa-35415	143	17	or	or	CCONJ
cjfa-35415	143	18	four	four	NUM
cjfa-35415	143	19	years	year	NOUN
cjfa-35415	143	20	before	before	ADP
cjfa-35415	143	21	patent	patent	NOUN
cjfa-35415	143	22	application	application	NOUN
cjfa-35415	143	23	.	.	PUNCT
cjfa-35415	144	1	since	since	SCONJ
cjfa-35415	144	2	approximately	approximately	ADV
cjfa-35415	144	3	half	half	NOUN
cjfa-35415	144	4	of	of	ADP
cjfa-35415	144	5	research	research	NOUN
cjfa-35415	144	6	spending	spending	NOUN
cjfa-35415	144	7	is	be	AUX
cjfa-35415	144	8	the	the	DET
cjfa-35415	144	9	wages	wage	NOUN
cjfa-35415	144	10	of	of	ADP
cjfa-35415	144	11	employees	employee	NOUN
cjfa-35415	144	12	,	,	PUNCT
cjfa-35415	144	13	and	and	CCONJ
cjfa-35415	144	14	firms	firm	NOUN
cjfa-35415	144	15	smooth	smooth	VERB
cjfa-35415	144	16	this	this	DET
cjfa-35415	144	17	spending	spending	NOUN
cjfa-35415	144	18	over	over	ADP
cjfa-35415	144	19	time	time	NOUN
cjfa-35415	144	20	,	,	PUNCT
cjfa-35415	144	21	we	we	PRON
cjfa-35415	144	22	assume	assume	VERB
cjfa-35415	144	23	that	that	SCONJ
cjfa-35415	144	24	r&d	r&d	NOUN
cjfa-35415	144	25	expenses	expense	NOUN
cjfa-35415	144	26	that	that	PRON
cjfa-35415	144	27	contribute	contribute	VERB
cjfa-35415	144	28	one	one	NUM
cjfa-35415	144	29	particular	particular	ADJ
cjfa-35415	144	30	patent	patent	NOUN
cjfa-35415	144	31	are	be	AUX
cjfa-35415	144	32	similar	similar	ADJ
cjfa-35415	144	33	each	each	DET
cjfa-35415	144	34	year	year	NOUN
cjfa-35415	144	35	on	on	ADP
cjfa-35415	144	36	average	average	ADJ
cjfa-35415	144	37	.	.	PUNCT
cjfa-35415	145	1	for	for	ADP
cjfa-35415	145	2	all	all	DET
cjfa-35415	145	3	patents	patent	NOUN
cjfa-35415	145	4	filed	file	VERB
cjfa-35415	145	5	in	in	ADP
cjfa-35415	145	6	a	a	DET
cjfa-35415	145	7	given	give	VERB
cjfa-35415	145	8	year	year	NOUN
cjfa-35415	145	9	,	,	PUNCT
cjfa-35415	145	10	average	average	ADJ
cjfa-35415	145	11	annual	annual	ADJ
cjfa-35415	145	12	research	research	NOUN
cjfa-35415	145	13	spending	spending	NOUN
cjfa-35415	145	14	from	from	ADP
cjfa-35415	145	15	prior	prior	ADJ
cjfa-35415	145	16	years	year	NOUN
cjfa-35415	145	17	provides	provide	VERB
cjfa-35415	145	18	a	a	DET
cjfa-35415	145	19	proximate	proximate	NOUN
cjfa-35415	145	20	value	value	NOUN
cjfa-35415	145	21	of	of	ADP
cjfa-35415	145	22	total	total	ADJ
cjfa-35415	145	23	annual	annual	ADJ
cjfa-35415	145	24	expenditure	expenditure	NOUN
cjfa-35415	145	25	for	for	ADP
cjfa-35415	145	26	these	these	DET
cjfa-35415	145	27	patents	patent	NOUN
cjfa-35415	145	28	.	.	PUNCT
cjfa-35415	146	1	s	s	PART
cjfa-35415	146	2	o	o	X
cjfa-35415	146	3	u	u	NOUN
cjfa-35415	146	4	r	r	NOUN
cjfa-35415	146	5	c	c	NOUN
cjfa-35415	146	6	e	e	NOUN
cjfa-35415	146	7	:	:	PUNCT
cjfa-35415	146	8	appendix	appendix	ADJ
cjfa-35415	146	9	table	table	NOUN
cjfa-35415	146	10	created	create	VERB
cjfa-35415	146	11	by	by	ADP
cjfa-35415	146	12	the	the	DET
cjfa-35415	146	13	authors	author	NOUN
cjfa-35415	146	14	.	.	PUNCT
cjfa-35415	147	1	there	there	PRON
cjfa-35415	147	2	are	be	VERB
cjfa-35415	147	3	a	a	DET
cjfa-35415	147	4	few	few	ADJ
cjfa-35415	147	5	issues	issue	NOUN
cjfa-35415	147	6	measuring	measure	VERB
cjfa-35415	147	7	innovative	innovative	ADJ
cjfa-35415	147	8	efficiency	efficiency	NOUN
cjfa-35415	147	9	.	.	PUNCT
cjfa-35415	148	1	first	first	ADV
cjfa-35415	148	2	,	,	PUNCT
cjfa-35415	148	3	the	the	DET
cjfa-35415	148	4	r&d	r&d	NOUN
cjfa-35415	148	5	process	process	NOUN
cjfa-35415	148	6	takes	take	VERB
cjfa-35415	148	7	time	time	NOUN
cjfa-35415	148	8	;	;	PUNCT
cjfa-35415	148	9	it	it	PRON
cjfa-35415	148	10	may	may	AUX
cjfa-35415	148	11	be	be	AUX
cjfa-35415	148	12	years	year	NOUN
cjfa-35415	148	13	from	from	ADP
cjfa-35415	148	14	the	the	DET
cjfa-35415	148	15	start	start	NOUN
cjfa-35415	148	16	of	of	ADP
cjfa-35415	148	17	a	a	DET
cjfa-35415	148	18	project	project	NOUN
cjfa-35415	148	19	to	to	ADP
cjfa-35415	148	20	the	the	DET
cjfa-35415	148	21	moment	moment	NOUN
cjfa-35415	148	22	that	that	SCONJ
cjfa-35415	148	23	a	a	DET
cjfa-35415	148	24	patent	patent	NOUN
cjfa-35415	148	25	is	be	AUX
cjfa-35415	148	26	ready	ready	ADJ
cjfa-35415	148	27	for	for	ADP
cjfa-35415	148	28	application	application	NOUN
cjfa-35415	148	29	.	.	PUNCT
cjfa-35415	149	1	the	the	DET
cjfa-35415	149	2	total	total	ADJ
cjfa-35415	149	3	spending	spending	NOUN
cjfa-35415	149	4	that	that	PRON
cjfa-35415	149	5	leads	lead	VERB
cjfa-35415	149	6	to	to	ADP
cjfa-35415	149	7	one	one	NUM
cjfa-35415	149	8	particular	particular	ADJ
cjfa-35415	149	9	patent	patent	NOUN
cjfa-35415	149	10	includes	include	VERB
cjfa-35415	149	11	r&d	r&d	NOUN
cjfa-35415	149	12	spending	spending	NOUN
cjfa-35415	149	13	in	in	ADP
cjfa-35415	149	14	prior	prior	ADJ
cjfa-35415	149	15	years	year	NOUN
cjfa-35415	149	16	and	and	CCONJ
cjfa-35415	149	17	is	be	AUX
cjfa-35415	149	18	hard	hard	ADJ
cjfa-35415	149	19	to	to	PART
cjfa-35415	149	20	directly	directly	ADV
cjfa-35415	149	21	calculate	calculate	VERB
cjfa-35415	149	22	.	.	PUNCT
cjfa-35415	150	1	second	second	ADJ
cjfa-35415	150	2	,	,	PUNCT
cjfa-35415	150	3	firms	firm	NOUN
cjfa-35415	150	4	usually	usually	ADV
cjfa-35415	150	5	engage	engage	VERB
cjfa-35415	150	6	in	in	ADP
cjfa-35415	150	7	multiple	multiple	ADJ
cjfa-35415	150	8	research	research	NOUN
cjfa-35415	150	9	projects	project	NOUN
cjfa-35415	150	10	at	at	ADP
cjfa-35415	150	11	the	the	DET
cjfa-35415	150	12	same	same	ADJ
cjfa-35415	150	13	time	time	NOUN
cjfa-35415	150	14	,	,	PUNCT
cjfa-35415	150	15	but	but	CCONJ
cjfa-35415	150	16	only	only	ADV
cjfa-35415	150	17	present	present	ADJ
cjfa-35415	150	18	total	total	ADJ
cjfa-35415	150	19	research	research	NOUN
cjfa-35415	150	20	expenditures	expenditure	NOUN
cjfa-35415	150	21	in	in	ADP
cjfa-35415	150	22	a	a	DET
cjfa-35415	150	23	given	give	VERB
cjfa-35415	150	24	year	year	NOUN
cjfa-35415	150	25	in	in	ADP
cjfa-35415	150	26	their	their	PRON
cjfa-35415	150	27	financial	financial	ADJ
cjfa-35415	150	28	statements	statement	NOUN
cjfa-35415	150	29	.	.	PUNCT
cjfa-35415	151	1	since	since	SCONJ
cjfa-35415	151	2	only	only	ADV
cjfa-35415	151	3	a	a	DET
cjfa-35415	151	4	portion	portion	NOUN
cjfa-35415	151	5	of	of	ADP
cjfa-35415	151	6	total	total	ADJ
cjfa-35415	151	7	r&d	r&d	NOUN
cjfa-35415	151	8	expenses	expense	NOUN
cjfa-35415	151	9	in	in	ADP
cjfa-35415	151	10	a	a	DET
cjfa-35415	151	11	year	year	NOUN
cjfa-35415	151	12	contribute	contribute	NOUN
cjfa-35415	151	13	to	to	ADP
cjfa-35415	151	14	a	a	DET
cjfa-35415	151	15	particular	particular	ADJ
cjfa-35415	151	16	patent	patent	NOUN
cjfa-35415	151	17	,	,	PUNCT
cjfa-35415	151	18	it	it	PRON
cjfa-35415	151	19	is	be	AUX
cjfa-35415	151	20	difficult	difficult	ADJ
cjfa-35415	151	21	to	to	PART
cjfa-35415	151	22	match	match	VERB
cjfa-35415	151	23	exact	exact	ADJ
cjfa-35415	151	24	research	research	NOUN
cjfa-35415	151	25	expenses	expense	NOUN
cjfa-35415	151	26	to	to	ADP
cjfa-35415	151	27	specific	specific	ADJ
cjfa-35415	151	28	patents	patent	NOUN
cjfa-35415	151	29	.	.	PUNCT
cjfa-35415	152	1	to	to	PART
cjfa-35415	152	2	overcome	overcome	VERB
cjfa-35415	152	3	these	these	DET
cjfa-35415	152	4	issues	issue	NOUN
cjfa-35415	152	5	,	,	PUNCT
cjfa-35415	152	6	we	we	PRON
cjfa-35415	152	7	consider	consider	VERB
cjfa-35415	152	8	mean	mean	VERB
cjfa-35415	152	9	r&d	r&d	NOUN
cjfa-35415	152	10	expenditures	expenditure	NOUN
cjfa-35415	152	11	in	in	ADP
cjfa-35415	152	12	the	the	DET
cjfa-35415	152	13	two	two	NUM
cjfa-35415	152	14	,	,	PUNCT
cjfa-35415	152	15	three	three	NUM
cjfa-35415	152	16	,	,	PUNCT
cjfa-35415	152	17	or	or	CCONJ
cjfa-35415	152	18	four	four	NUM
cjfa-35415	152	19	years	year	NOUN
cjfa-35415	152	20	before	before	ADP
cjfa-35415	152	21	patent	patent	NOUN
cjfa-35415	152	22	application	application	NOUN
cjfa-35415	152	23	.	.	PUNCT
cjfa-35415	153	1	since	since	SCONJ
cjfa-35415	153	2	approximately	approximately	ADV
cjfa-35415	153	3	half	half	NOUN
cjfa-35415	153	4	of	of	ADP
cjfa-35415	153	5	research	research	NOUN
cjfa-35415	153	6	spending	spending	NOUN
cjfa-35415	153	7	is	be	AUX
cjfa-35415	153	8	the	the	DET
cjfa-35415	153	9	wages	wage	NOUN
cjfa-35415	153	10	of	of	ADP
cjfa-35415	153	11	employees	employee	NOUN
cjfa-35415	153	12	,	,	PUNCT
cjfa-35415	153	13	and	and	CCONJ
cjfa-35415	153	14	firms	firm	NOUN
cjfa-35415	153	15	smooth	smooth	VERB
cjfa-35415	153	16	this	this	DET
cjfa-35415	153	17	spending	spending	NOUN
cjfa-35415	153	18	over	over	ADP
cjfa-35415	153	19	time	time	NOUN
cjfa-35415	153	20	,	,	PUNCT
cjfa-35415	153	21	we	we	PRON
cjfa-35415	153	22	assume	assume	VERB
cjfa-35415	153	23	that	that	SCONJ
cjfa-35415	153	24	r&d	r&d	NOUN
cjfa-35415	153	25	expenses	expense	NOUN
cjfa-35415	153	26	that	that	PRON
cjfa-35415	153	27	contribute	contribute	VERB
cjfa-35415	153	28	one	one	NUM
cjfa-35415	153	29	particular	particular	ADJ
cjfa-35415	153	30	patent	patent	NOUN
cjfa-35415	153	31	are	be	AUX
cjfa-35415	153	32	similar	similar	ADJ
cjfa-35415	153	33	each	each	DET
cjfa-35415	153	34	year	year	NOUN
cjfa-35415	153	35	on	on	ADP
cjfa-35415	153	36	average	average	ADJ
cjfa-35415	153	37	.	.	PUNCT
cjfa-35415	154	1	for	for	ADP
cjfa-35415	154	2	all	all	DET
cjfa-35415	154	3	patents	patent	NOUN
cjfa-35415	154	4	filed	file	VERB
cjfa-35415	154	5	in	in	ADP
cjfa-35415	154	6	a	a	DET
cjfa-35415	154	7	given	give	VERB
cjfa-35415	154	8	year	year	NOUN
cjfa-35415	154	9	,	,	PUNCT
cjfa-35415	154	10	average	average	ADJ
cjfa-35415	154	11	annual	annual	ADJ
cjfa-35415	154	12	research	research	NOUN
cjfa-35415	154	13	spending	spending	NOUN
cjfa-35415	154	14	from	from	ADP
cjfa-35415	154	15	prior	prior	ADJ
cjfa-35415	154	16	years	year	NOUN
cjfa-35415	154	17	provides	provide	VERB
cjfa-35415	154	18	a	a	DET
cjfa-35415	154	19	proximate	proximate	NOUN
cjfa-35415	154	20	value	value	NOUN
cjfa-35415	154	21	of	of	ADP
cjfa-35415	154	22	total	total	ADJ
cjfa-35415	154	23	annual	annual	ADJ
cjfa-35415	154	24	expenditure	expenditure	NOUN
cjfa-35415	154	25	for	for	ADP
cjfa-35415	154	26	these	these	DET
cjfa-35415	154	27	patents	patent	NOUN
cjfa-35415	154	28	.	.	PUNCT
cjfa-35415	155	1	reexamining	reexamine	VERB
cjfa-35415	155	2	the	the	DET
cjfa-35415	155	3	economic	economic	ADJ
cjfa-35415	155	4	recovery	recovery	NOUN
cjfa-35415	155	5	tax	tax	NOUN
cjfa-35415	155	6	act	act	NOUN
cjfa-35415	155	7	of	of	ADP
cjfa-35415	155	8	1981	1981	NUM
cjfa-35415	155	9	…	…	SYM
cjfa-35415	155	10	35	35	NUM
cjfa-35415	155	11	pat_rd	pat_rd	NUM
cjfa-35415	155	12	�	�	PROPN
cjfa-35415	155	13	�	�	PROPN
cjfa-35415	155	14	�	�	PROPN
cjfa-35415	155	15	�	�	PROPN
cjfa-35415	155	16	�	�	PROPN
cjfa-35415	155	17	�	�	PROPN
cjfa-35415	155	18	�	�	PROPN
cjfa-35415	155	19	�	�	PROPN
cjfa-35415	155	20	�	�	PROPN
cjfa-35415	155	21	=ln	=ln	NOUN
cjfa-35415	155	22	(	(	PUNCT
cjfa-35415	155	23	�	�	PROPN
cjfa-35415	155	24	�	�	PROPN
cjfa-35415	155	25	�	�	PROPN
cjfa-35415	155	26	�	�	PROPN
cjfa-35415	155	27	�	�	PROPN
cjfa-35415	155	28	t	t	PROPN
cjfa-35415	155	29	(	(	PUNCT
cjfa-35415	155	30	∑	∑	PROPN
cjfa-35415	155	31	�	�	PROPN
cjfa-35415	155	32	�	�	PROPN
cjfa-35415	155	33	m	m	NOUN
cjfa-35415	155	34	)	)	PUNCT
cjfa-35415	155	35	�	�	PROPN
cjfa-35415	155	36	�	�	PROPN
cjfa-35415	155	37	�	�	PROPN
cjfa-35415	155	38	�	�	PROPN
cjfa-35415	155	39	�	�	PROPN
cjfa-35415	155	40	�	�	PROPN
cjfa-35415	155	41	�	�	PROPN
cjfa-35415	155	42	�	�	PROPN
cjfa-35415	155	43	�	�	PROPN
cjfa-35415	155	44	�	�	PROPN
cjfa-35415	155	45	)	)	PUNCT
cjfa-35415	155	46	,	,	PUNCT
cjfa-35415	155	47	n=1	n=1	PROPN
cjfa-35415	155	48	,	,	PUNCT
cjfa-35415	155	49	2	2	NUM
cjfa-35415	155	50	,	,	PUNCT
cjfa-35415	155	51	or	or	CCONJ
cjfa-35415	155	52	3	3	NUM
cjfa-35415	155	53	(	(	PUNCT
cjfa-35415	155	54	1	1	NUM
cjfa-35415	155	55	)	)	PUNCT
cjfa-35415	155	56	pat_rd	pat_rd	PROPN
cjfa-35415	155	57	�	�	PROPN
cjfa-35415	155	58	�	�	PROPN
cjfa-35415	155	59	�	�	PROPN
cjfa-35415	155	60	�	�	PROPN
cjfa-35415	155	61	�	�	PROPN
cjfa-35415	155	62	�	�	PROPN
cjfa-35415	155	63	�	�	PROPN
cjfa-35415	155	64	�	�	PROPN
cjfa-35415	155	65	�	�	PROPN
cjfa-35415	155	66	=	=	PROPN
cjfa-35415	155	67	a	a	DET
cjfa-35415	155	68	firm	firm	NOUN
cjfa-35415	155	69	’s	’s	PART
cjfa-35415	155	70	innovative	innovative	ADJ
cjfa-35415	155	71	efficiency	efficiency	NOUN
cjfa-35415	155	72	in	in	ADP
cjfa-35415	155	73	year	year	NOUN
cjfa-35415	155	74	t	t	PROPN
cjfa-35415	155	75	patt	patt	PROPN
cjfa-35415	155	76	=	=	PUNCT
cjfa-35415	155	77	a	a	DET
cjfa-35415	155	78	firm	firm	NOUN
cjfa-35415	155	79	's	's	PART
cjfa-35415	155	80	total	total	ADJ
cjfa-35415	155	81	number	number	NOUN
cjfa-35415	155	82	of	of	ADP
cjfa-35415	155	83	patents	patent	NOUN
cjfa-35415	155	84	applied	apply	VERB
cjfa-35415	155	85	in	in	ADP
cjfa-35415	155	86	year	year	NOUN
cjfa-35415	155	87	t	t	NOUN
cjfa-35415	155	88	and	and	CCONJ
cjfa-35415	155	89	eventually	eventually	ADV
cjfa-35415	155	90	granted	grant	VERB
cjfa-35415	155	91	rdm	rdm	NOUN
cjfa-35415	155	92	=	=	SYM
cjfa-35415	155	93	r&d	r&d	NOUN
cjfa-35415	155	94	spending	spending	NOUN
cjfa-35415	155	95	in	in	ADP
cjfa-35415	155	96	year	year	NOUN
cjfa-35415	155	97	m	m	NOUN
cjfa-35415	155	98	equation	equation	NOUN
cjfa-35415	155	99	(	(	PUNCT
cjfa-35415	155	100	1	1	X
cjfa-35415	155	101	)	)	PUNCT
cjfa-35415	155	102	shows	show	VERB
cjfa-35415	155	103	the	the	DET
cjfa-35415	155	104	first	first	ADJ
cjfa-35415	155	105	measure	measure	NOUN
cjfa-35415	155	106	of	of	ADP
cjfa-35415	155	107	innovative	innovative	ADJ
cjfa-35415	155	108	efficiency	efficiency	NOUN
cjfa-35415	155	109	.	.	PUNCT
cjfa-35415	156	1	it	it	PRON
cjfa-35415	156	2	is	be	AUX
cjfa-35415	156	3	defined	define	VERB
cjfa-35415	156	4	by	by	ADP
cjfa-35415	156	5	dividing	divide	VERB
cjfa-35415	156	6	successful	successful	ADJ
cjfa-35415	156	7	patent	patent	NOUN
cjfa-35415	156	8	applications	application	NOUN
cjfa-35415	156	9	to	to	PART
cjfa-35415	156	10	average	average	VERB
cjfa-35415	156	11	r&d	r&d	NOUN
cjfa-35415	156	12	spending	spending	NOUN
cjfa-35415	156	13	over	over	ADP
cjfa-35415	156	14	two	two	NUM
cjfa-35415	156	15	,	,	PUNCT
cjfa-35415	156	16	three	three	NUM
cjfa-35415	156	17	,	,	PUNCT
cjfa-35415	156	18	and	and	CCONJ
cjfa-35415	156	19	four	four	NUM
cjfa-35415	156	20	years	year	NOUN
cjfa-35415	156	21	prior	prior	ADV
cjfa-35415	156	22	to	to	ADP
cjfa-35415	156	23	patent	patent	NOUN
cjfa-35415	156	24	application	application	NOUN
cjfa-35415	156	25	.	.	PUNCT
cjfa-35415	157	1	this	this	DET
cjfa-35415	157	2	variable	variable	ADJ
cjfa-35415	157	3	design	design	NOUN
cjfa-35415	157	4	provides	provide	VERB
cjfa-35415	157	5	the	the	DET
cjfa-35415	157	6	best	good	ADJ
cjfa-35415	157	7	possible	possible	ADJ
cjfa-35415	157	8	match	match	NOUN
cjfa-35415	157	9	of	of	ADP
cjfa-35415	157	10	the	the	DET
cjfa-35415	157	11	aggregate	aggregate	ADJ
cjfa-35415	157	12	research	research	NOUN
cjfa-35415	157	13	spending	spending	NOUN
cjfa-35415	157	14	to	to	ADP
cjfa-35415	157	15	new	new	ADJ
cjfa-35415	157	16	patents	patent	NOUN
cjfa-35415	157	17	filed	file	VERB
cjfa-35415	157	18	in	in	ADP
cjfa-35415	157	19	a	a	DET
cjfa-35415	157	20	given	give	VERB
cjfa-35415	157	21	year	year	NOUN
cjfa-35415	157	22	.	.	PUNCT
cjfa-35415	158	1	we	we	PRON
cjfa-35415	158	2	construct	construct	VERB
cjfa-35415	158	3	variables	variable	NOUN
cjfa-35415	158	4	using	use	VERB
cjfa-35415	158	5	application	application	NOUN
cjfa-35415	158	6	year	year	NOUN
cjfa-35415	158	7	instead	instead	ADV
cjfa-35415	158	8	of	of	ADP
cjfa-35415	158	9	grant	grant	NOUN
cjfa-35415	158	10	year	year	NOUN
cjfa-35415	158	11	to	to	PART
cjfa-35415	158	12	better	well	ADV
cjfa-35415	158	13	reflect	reflect	VERB
cjfa-35415	158	14	the	the	DET
cjfa-35415	158	15	year	year	NOUN
cjfa-35415	158	16	of	of	ADP
cjfa-35415	158	17	innovation	innovation	NOUN
cjfa-35415	158	18	(	(	PUNCT
cjfa-35415	158	19	griliches	griliche	NOUN
cjfa-35415	158	20	,	,	PUNCT
cjfa-35415	158	21	pakes	pake	NOUN
cjfa-35415	158	22	&	&	CCONJ
cjfa-35415	158	23	hall	hall	NOUN
cjfa-35415	158	24	,	,	PUNCT
cjfa-35415	158	25	1987	1987	NUM
cjfa-35415	158	26	)	)	PUNCT
cjfa-35415	158	27	.	.	PUNCT
cjfa-35415	159	1	however	however	ADV
cjfa-35415	159	2	,	,	PUNCT
cjfa-35415	159	3	there	there	PRON
cjfa-35415	159	4	are	be	VERB
cjfa-35415	159	5	some	some	DET
cjfa-35415	159	6	drawbacks	drawback	NOUN
cjfa-35415	159	7	in	in	ADP
cjfa-35415	159	8	using	use	VERB
cjfa-35415	159	9	patenting	patent	VERB
cjfa-35415	159	10	activity	activity	NOUN
cjfa-35415	159	11	to	to	PART
cjfa-35415	159	12	study	study	VERB
cjfa-35415	159	13	innovation	innovation	NOUN
cjfa-35415	159	14	.	.	PUNCT
cjfa-35415	160	1	first	first	ADV
cjfa-35415	160	2	,	,	PUNCT
cjfa-35415	160	3	the	the	DET
cjfa-35415	160	4	nber	nber	PROPN
cjfa-35415	160	5	patent	patent	NOUN
cjfa-35415	160	6	database	database	NOUN
cjfa-35415	160	7	suffers	suffer	VERB
cjfa-35415	160	8	from	from	ADP
cjfa-35415	160	9	truncation	truncation	NOUN
cjfa-35415	160	10	bias	bias	NOUN
cjfa-35415	160	11	since	since	SCONJ
cjfa-35415	160	12	un	un	ADJ
cjfa-35415	160	13	-	-	ADJ
cjfa-35415	160	14	granted	grant	VERB
cjfa-35415	160	15	patents	patent	NOUN
cjfa-35415	160	16	are	be	AUX
cjfa-35415	160	17	excluded	exclude	VERB
cjfa-35415	160	18	.	.	PUNCT
cjfa-35415	161	1	on	on	ADP
cjfa-35415	161	2	average	average	ADJ
cjfa-35415	161	3	,	,	PUNCT
cjfa-35415	161	4	the	the	DET
cjfa-35415	161	5	gap	gap	NOUN
cjfa-35415	161	6	between	between	ADP
cjfa-35415	161	7	a	a	DET
cjfa-35415	161	8	patent	patent	NOUN
cjfa-35415	161	9	’s	’s	PART
cjfa-35415	161	10	application	application	NOUN
cjfa-35415	161	11	and	and	CCONJ
cjfa-35415	161	12	grant	grant	NOUN
cjfa-35415	161	13	years	year	NOUN
cjfa-35415	161	14	is	be	AUX
cjfa-35415	161	15	two	two	NUM
cjfa-35415	161	16	years	year	NOUN
cjfa-35415	161	17	.	.	PUNCT
cjfa-35415	162	1	it	it	PRON
cjfa-35415	162	2	is	be	AUX
cjfa-35415	162	3	thus	thus	ADV
cjfa-35415	162	4	not	not	PART
cjfa-35415	162	5	surprising	surprising	ADJ
cjfa-35415	162	6	that	that	SCONJ
cjfa-35415	162	7	there	there	PRON
cjfa-35415	162	8	are	be	VERB
cjfa-35415	162	9	more	more	ADJ
cjfa-35415	162	10	patents	patent	NOUN
cjfa-35415	162	11	in	in	ADP
cjfa-35415	162	12	earlier	early	ADJ
cjfa-35415	162	13	years	year	NOUN
cjfa-35415	162	14	in	in	ADP
cjfa-35415	162	15	the	the	DET
cjfa-35415	162	16	database	database	NOUN
cjfa-35415	162	17	.	.	PUNCT
cjfa-35415	163	1	to	to	PART
cjfa-35415	163	2	address	address	VERB
cjfa-35415	163	3	this	this	DET
cjfa-35415	163	4	issue	issue	NOUN
cjfa-35415	163	5	,	,	PUNCT
cjfa-35415	163	6	we	we	PRON
cjfa-35415	163	7	divide	divide	VERB
cjfa-35415	163	8	a	a	DET
cjfa-35415	163	9	firm	firm	NOUN
cjfa-35415	163	10	’s	’s	PART
cjfa-35415	163	11	total	total	ADJ
cjfa-35415	163	12	patents	patent	NOUN
cjfa-35415	163	13	in	in	ADP
cjfa-35415	163	14	a	a	DET
cjfa-35415	163	15	given	give	VERB
cjfa-35415	163	16	year	year	NOUN
cjfa-35415	163	17	by	by	ADP
cjfa-35415	163	18	the	the	DET
cjfa-35415	163	19	average	average	ADJ
cjfa-35415	163	20	number	number	NOUN
cjfa-35415	163	21	of	of	ADP
cjfa-35415	163	22	patents	patent	NOUN
cjfa-35415	163	23	in	in	ADP
cjfa-35415	163	24	the	the	DET
cjfa-35415	163	25	same	same	ADJ
cjfa-35415	163	26	year	year	NOUN
cjfa-35415	163	27	and	and	CCONJ
cjfa-35415	163	28	technology	technology	NOUN
cjfa-35415	163	29	class	class	NOUN
cjfa-35415	163	30	(	(	PUNCT
cjfa-35415	163	31	hall	hall	NOUN
cjfa-35415	163	32	et	et	PROPN
cjfa-35415	163	33	al	al	PROPN
cjfa-35415	163	34	.	.	PROPN
cjfa-35415	163	35	,	,	PUNCT
cjfa-35415	163	36	2001	2001	NUM
cjfa-35415	163	37	)	)	PUNCT
cjfa-35415	163	38	.	.	PUNCT
cjfa-35415	164	1	second	second	ADJ
cjfa-35415	164	2	,	,	PUNCT
cjfa-35415	164	3	some	some	DET
cjfa-35415	164	4	firms	firm	NOUN
cjfa-35415	164	5	do	do	AUX
cjfa-35415	164	6	not	not	PART
cjfa-35415	164	7	file	file	VERB
cjfa-35415	164	8	patents	patent	NOUN
cjfa-35415	164	9	because	because	SCONJ
cjfa-35415	164	10	some	some	DET
cjfa-35415	164	11	innovations	innovation	NOUN
cjfa-35415	164	12	are	be	AUX
cjfa-35415	164	13	not	not	PART
cjfa-35415	164	14	patentable	patentable	ADJ
cjfa-35415	164	15	or	or	CCONJ
cjfa-35415	164	16	because	because	SCONJ
cjfa-35415	164	17	firms	firm	NOUN
cjfa-35415	164	18	want	want	VERB
cjfa-35415	164	19	to	to	PART
cjfa-35415	164	20	keep	keep	VERB
cjfa-35415	164	21	their	their	PRON
cjfa-35415	164	22	innovations	innovation	NOUN
cjfa-35415	164	23	secrets	secret	NOUN
cjfa-35415	164	24	.	.	PUNCT
cjfa-35415	165	1	nevertheless	nevertheless	ADV
cjfa-35415	165	2	,	,	PUNCT
cjfa-35415	165	3	we	we	PRON
cjfa-35415	165	4	believe	believe	VERB
cjfa-35415	165	5	that	that	SCONJ
cjfa-35415	165	6	empirical	empirical	ADJ
cjfa-35415	165	7	design	design	NOUN
cjfa-35415	165	8	with	with	ADP
cjfa-35415	165	9	an	an	DET
cjfa-35415	165	10	adequate	adequate	ADJ
cjfa-35415	165	11	control	control	NOUN
cjfa-35415	165	12	for	for	ADP
cjfa-35415	165	13	heterogeneity	heterogeneity	NOUN
cjfa-35415	165	14	will	will	AUX
cjfa-35415	165	15	mitigate	mitigate	VERB
cjfa-35415	165	16	these	these	DET
cjfa-35415	165	17	concerns	concern	NOUN
cjfa-35415	165	18	and	and	CCONJ
cjfa-35415	165	19	provide	provide	VERB
cjfa-35415	165	20	a	a	DET
cjfa-35415	165	21	sound	sound	ADJ
cjfa-35415	165	22	inference	inference	NOUN
cjfa-35415	165	23	.	.	PUNCT
cjfa-35415	166	1	following	follow	VERB
cjfa-35415	166	2	prior	prior	ADJ
cjfa-35415	166	3	literature	literature	NOUN
cjfa-35415	166	4	(	(	PUNCT
cjfa-35415	166	5	fang	fang	PROPN
cjfa-35415	166	6	,	,	PUNCT
cjfa-35415	166	7	tian	tian	PROPN
cjfa-35415	166	8	&	&	CCONJ
cjfa-35415	166	9	tice	tice	PROPN
cjfa-35415	166	10	,	,	PUNCT
cjfa-35415	166	11	2014	2014	NUM
cjfa-35415	166	12	;	;	PUNCT
cjfa-35415	166	13	atanassov	atanassov	VERB
cjfa-35415	166	14	,	,	PUNCT
cjfa-35415	166	15	2013	2013	NUM
cjfa-35415	166	16	)	)	PUNCT
cjfa-35415	166	17	,	,	PUNCT
cjfa-35415	166	18	we	we	PRON
cjfa-35415	166	19	control	control	VERB
cjfa-35415	166	20	for	for	ADP
cjfa-35415	166	21	the	the	DET
cjfa-35415	166	22	following	following	ADJ
cjfa-35415	166	23	variables	variable	NOUN
cjfa-35415	166	24	:	:	PUNCT
cjfa-35415	166	25	firm	firm	ADJ
cjfa-35415	166	26	size	size	NOUN
cjfa-35415	166	27	(	(	PUNCT
cjfa-35415	166	28	sizet	sizet	PROPN
cjfa-35415	166	29	)	)	PUNCT
cjfa-35415	166	30	,	,	PUNCT
cjfa-35415	166	31	firm	firm	ADJ
cjfa-35415	166	32	age	age	NOUN
cjfa-35415	166	33	(	(	PUNCT
cjfa-35415	166	34	aget	aget	PROPN
cjfa-35415	166	35	)	)	PUNCT
cjfa-35415	166	36	,	,	PUNCT
cjfa-35415	166	37	growth	growth	NOUN
cjfa-35415	166	38	opportunities	opportunity	NOUN
cjfa-35415	166	39	(	(	PUNCT
cjfa-35415	166	40	qt	qt	NOUN
cjfa-35415	166	41	)	)	PUNCT
cjfa-35415	166	42	,	,	PUNCT
cjfa-35415	166	43	leverage	leverage	NOUN
cjfa-35415	166	44	(	(	PUNCT
cjfa-35415	166	45	leveraget	leveraget	NOUN
cjfa-35415	166	46	)	)	PUNCT
cjfa-35415	166	47	,	,	PUNCT
cjfa-35415	166	48	tangibility	tangibility	NOUN
cjfa-35415	166	49	(	(	PUNCT
cjfa-35415	166	50	tangibilityt	tangibilityt	ADJ
cjfa-35415	166	51	)	)	PUNCT
cjfa-35415	166	52	,	,	PUNCT
cjfa-35415	166	53	and	and	CCONJ
cjfa-35415	166	54	profitability	profitability	NOUN
cjfa-35415	166	55	(	(	PUNCT
cjfa-35415	166	56	profitabilityt	profitabilityt	ADJ
cjfa-35415	166	57	)	)	PUNCT
cjfa-35415	166	58	.	.	PUNCT
cjfa-35415	167	1	appendix	appendix	VERB
cjfa-35415	167	2	a	a	DET
cjfa-35415	167	3	includes	include	VERB
cjfa-35415	167	4	detailed	detailed	ADJ
cjfa-35415	167	5	definitions	definition	NOUN
cjfa-35415	167	6	of	of	ADP
cjfa-35415	167	7	all	all	DET
cjfa-35415	167	8	variables	variable	NOUN
cjfa-35415	167	9	.	.	PUNCT
cjfa-35415	168	1	empirical	empirical	ADJ
cjfa-35415	168	2	designs	design	NOUN
cjfa-35415	168	3	to	to	PART
cjfa-35415	168	4	test	test	VERB
cjfa-35415	168	5	h1	h1	PROPN
cjfa-35415	168	6	,	,	PUNCT
cjfa-35415	168	7	we	we	PRON
cjfa-35415	168	8	run	run	VERB
cjfa-35415	168	9	the	the	DET
cjfa-35415	168	10	regression	regression	NOUN
cjfa-35415	168	11	using	use	VERB
cjfa-35415	168	12	equation	equation	NOUN
cjfa-35415	168	13	(	(	PUNCT
cjfa-35415	168	14	2	2	NUM
cjfa-35415	168	15	)	)	PUNCT
cjfa-35415	168	16	.	.	PUNCT
cjfa-35415	169	1	we	we	PRON
cjfa-35415	169	2	first	first	ADV
cjfa-35415	169	3	define	define	VERB
cjfa-35415	169	4	the	the	DET
cjfa-35415	169	5	dummy	dummy	ADJ
cjfa-35415	169	6	variable	variable	NOUN
cjfa-35415	169	7	,	,	PUNCT
cjfa-35415	169	8	d1981	d1981	PROPN
cjfa-35415	169	9	t	t	PROPN
cjfa-35415	169	10	,	,	PUNCT
cjfa-35415	169	11	to	to	PART
cjfa-35415	169	12	be	be	AUX
cjfa-35415	169	13	zero	zero	NUM
cjfa-35415	169	14	if	if	SCONJ
cjfa-35415	169	15	a	a	DET
cjfa-35415	169	16	firm	firm	ADJ
cjfa-35415	169	17	-	-	PUNCT
cjfa-35415	169	18	year	year	NOUN
cjfa-35415	169	19	is	be	AUX
cjfa-35415	169	20	before	before	ADP
cjfa-35415	169	21	1982	1982	NUM
cjfa-35415	169	22	,	,	PUNCT
cjfa-35415	169	23	and	and	CCONJ
cjfa-35415	169	24	one	one	NOUN
cjfa-35415	169	25	otherwise	otherwise	ADV
cjfa-35415	169	26	.	.	PUNCT
cjfa-35415	170	1	coefficients	coefficient	NOUN
cjfa-35415	170	2	of	of	ADP
cjfa-35415	170	3	d1981	d1981	PROPN
cjfa-35415	170	4	t	t	PROPN
cjfa-35415	170	5	indicate	indicate	VERB
cjfa-35415	170	6	how	how	SCONJ
cjfa-35415	170	7	the	the	DET
cjfa-35415	170	8	1981	1981	NUM
cjfa-35415	170	9	tax	tax	NOUN
cjfa-35415	170	10	credit	credit	NOUN
cjfa-35415	170	11	affects	affect	VERB
cjfa-35415	170	12	on	on	ADP
cjfa-35415	170	13	innovative	innovative	ADJ
cjfa-35415	170	14	efficiency	efficiency	NOUN
cjfa-35415	170	15	.	.	PUNCT
cjfa-35415	171	1	the	the	DET
cjfa-35415	171	2	regression	regression	NOUN
cjfa-35415	171	3	model	model	NOUN
cjfa-35415	171	4	includes	include	VERB
cjfa-35415	171	5	various	various	ADJ
cjfa-35415	171	6	control	control	NOUN
cjfa-35415	171	7	variables	variable	NOUN
cjfa-35415	171	8	and	and	CCONJ
cjfa-35415	171	9	controls	control	NOUN
cjfa-35415	171	10	for	for	ADP
cjfa-35415	171	11	year	year	NOUN
cjfa-35415	171	12	and	and	CCONJ
cjfa-35415	171	13	industry	industry	NOUN
cjfa-35415	171	14	fixed	fix	VERB
cjfa-35415	171	15	effects	effect	NOUN
cjfa-35415	171	16	.	.	PUNCT
cjfa-35415	172	1	(	(	PUNCT
cjfa-35415	172	2	1	1	X
cjfa-35415	172	3	)	)	PUNCT
cjfa-35415	172	4	pat_rd	pat_rd	PROPN
cjfa-35415	172	5	�	�	PROPN
cjfa-35415	172	6	�	�	PROPN
cjfa-35415	172	7	�	�	PROPN
cjfa-35415	172	8	�	�	PROPN
cjfa-35415	172	9	�	�	PROPN
cjfa-35415	172	10	�	�	PROPN
cjfa-35415	172	11	�	�	PROPN
cjfa-35415	172	12	�	�	PROPN
cjfa-35415	172	13	�	�	PROPN
cjfa-35415	172	14	=ln	=ln	NOUN
cjfa-35415	172	15	(	(	PUNCT
cjfa-35415	172	16	�	�	PROPN
cjfa-35415	172	17	�	�	PROPN
cjfa-35415	172	18	�	�	PROPN
cjfa-35415	172	19	�	�	PROPN
cjfa-35415	172	20	�	�	PROPN
cjfa-35415	172	21	t	t	PROPN
cjfa-35415	172	22	(	(	PUNCT
cjfa-35415	172	23	∑	∑	PROPN
cjfa-35415	172	24	�	�	PROPN
cjfa-35415	172	25	�	�	PROPN
cjfa-35415	172	26	m	m	NOUN
cjfa-35415	172	27	)	)	PUNCT
cjfa-35415	172	28	�	�	PROPN
cjfa-35415	172	29	�	�	PROPN
cjfa-35415	172	30	�	�	PROPN
cjfa-35415	172	31	�	�	PROPN
cjfa-35415	172	32	�	�	PROPN
cjfa-35415	172	33	�	�	PROPN
cjfa-35415	172	34	�	�	PROPN
cjfa-35415	172	35	�	�	PROPN
cjfa-35415	172	36	�	�	PROPN
cjfa-35415	172	37	�	�	PROPN
cjfa-35415	172	38	)	)	PUNCT
cjfa-35415	172	39	,	,	PUNCT
cjfa-35415	172	40	n=1	n=1	PROPN
cjfa-35415	172	41	,	,	PUNCT
cjfa-35415	172	42	2	2	NUM
cjfa-35415	172	43	,	,	PUNCT
cjfa-35415	172	44	or	or	CCONJ
cjfa-35415	172	45	3	3	NUM
cjfa-35415	172	46	(	(	PUNCT
cjfa-35415	172	47	1	1	NUM
cjfa-35415	172	48	)	)	PUNCT
cjfa-35415	172	49	pat_rd	pat_rd	PROPN
cjfa-35415	172	50	�	�	PROPN
cjfa-35415	172	51	�	�	PROPN
cjfa-35415	172	52	�	�	PROPN
cjfa-35415	172	53	�	�	PROPN
cjfa-35415	172	54	�	�	PROPN
cjfa-35415	172	55	�	�	PROPN
cjfa-35415	172	56	�	�	PROPN
cjfa-35415	172	57	�	�	PROPN
cjfa-35415	172	58	�	�	PROPN
cjfa-35415	172	59	=	=	PROPN
cjfa-35415	172	60	a	a	DET
cjfa-35415	172	61	firm	firm	NOUN
cjfa-35415	172	62	’s	’s	PART
cjfa-35415	172	63	innovative	innovative	ADJ
cjfa-35415	172	64	efficiency	efficiency	NOUN
cjfa-35415	172	65	in	in	ADP
cjfa-35415	172	66	year	year	NOUN
cjfa-35415	172	67	t	t	PROPN
cjfa-35415	172	68	patt	patt	PROPN
cjfa-35415	172	69	=	=	PUNCT
cjfa-35415	172	70	a	a	DET
cjfa-35415	172	71	firm	firm	NOUN
cjfa-35415	172	72	's	's	PART
cjfa-35415	172	73	total	total	ADJ
cjfa-35415	172	74	number	number	NOUN
cjfa-35415	172	75	of	of	ADP
cjfa-35415	172	76	patents	patent	NOUN
cjfa-35415	172	77	applied	apply	VERB
cjfa-35415	172	78	in	in	ADP
cjfa-35415	172	79	year	year	NOUN
cjfa-35415	172	80	t	t	NOUN
cjfa-35415	172	81	and	and	CCONJ
cjfa-35415	172	82	eventually	eventually	ADV
cjfa-35415	172	83	granted	grant	VERB
cjfa-35415	172	84	rdm	rdm	NOUN
cjfa-35415	172	85	=	=	SYM
cjfa-35415	172	86	r&d	r&d	NOUN
cjfa-35415	172	87	spending	spending	NOUN
cjfa-35415	172	88	in	in	ADP
cjfa-35415	172	89	year	year	NOUN
cjfa-35415	172	90	m	m	NOUN
cjfa-35415	172	91	equation	equation	NOUN
cjfa-35415	172	92	(	(	PUNCT
cjfa-35415	172	93	1	1	X
cjfa-35415	172	94	)	)	PUNCT
cjfa-35415	172	95	shows	show	VERB
cjfa-35415	172	96	the	the	DET
cjfa-35415	172	97	first	first	ADJ
cjfa-35415	172	98	measure	measure	NOUN
cjfa-35415	172	99	of	of	ADP
cjfa-35415	172	100	innovative	innovative	ADJ
cjfa-35415	172	101	efficiency	efficiency	NOUN
cjfa-35415	172	102	.	.	PUNCT
cjfa-35415	173	1	it	it	PRON
cjfa-35415	173	2	is	be	AUX
cjfa-35415	173	3	defined	define	VERB
cjfa-35415	173	4	by	by	ADP
cjfa-35415	173	5	dividing	divide	VERB
cjfa-35415	173	6	successful	successful	ADJ
cjfa-35415	173	7	patent	patent	NOUN
cjfa-35415	173	8	applications	application	NOUN
cjfa-35415	173	9	to	to	PART
cjfa-35415	173	10	average	average	VERB
cjfa-35415	173	11	r&d	r&d	NOUN
cjfa-35415	173	12	spending	spending	NOUN
cjfa-35415	173	13	over	over	ADP
cjfa-35415	173	14	two	two	NUM
cjfa-35415	173	15	,	,	PUNCT
cjfa-35415	173	16	three	three	NUM
cjfa-35415	173	17	,	,	PUNCT
cjfa-35415	173	18	and	and	CCONJ
cjfa-35415	173	19	four	four	NUM
cjfa-35415	173	20	years	year	NOUN
cjfa-35415	173	21	prior	prior	ADV
cjfa-35415	173	22	to	to	ADP
cjfa-35415	173	23	patent	patent	NOUN
cjfa-35415	173	24	application	application	NOUN
cjfa-35415	173	25	.	.	PUNCT
cjfa-35415	174	1	this	this	DET
cjfa-35415	174	2	variable	variable	ADJ
cjfa-35415	174	3	design	design	NOUN
cjfa-35415	174	4	provides	provide	VERB
cjfa-35415	174	5	the	the	DET
cjfa-35415	174	6	best	good	ADJ
cjfa-35415	174	7	possible	possible	ADJ
cjfa-35415	174	8	match	match	NOUN
cjfa-35415	174	9	of	of	ADP
cjfa-35415	174	10	the	the	DET
cjfa-35415	174	11	aggregate	aggregate	ADJ
cjfa-35415	174	12	research	research	NOUN
cjfa-35415	174	13	spending	spending	NOUN
cjfa-35415	174	14	to	to	ADP
cjfa-35415	174	15	new	new	ADJ
cjfa-35415	174	16	patents	patent	NOUN
cjfa-35415	174	17	filed	file	VERB
cjfa-35415	174	18	in	in	ADP
cjfa-35415	174	19	a	a	DET
cjfa-35415	174	20	given	give	VERB
cjfa-35415	174	21	year	year	NOUN
cjfa-35415	174	22	.	.	PUNCT
cjfa-35415	175	1	we	we	PRON
cjfa-35415	175	2	construct	construct	VERB
cjfa-35415	175	3	variables	variable	NOUN
cjfa-35415	175	4	using	use	VERB
cjfa-35415	175	5	application	application	NOUN
cjfa-35415	175	6	year	year	NOUN
cjfa-35415	175	7	instead	instead	ADV
cjfa-35415	175	8	of	of	ADP
cjfa-35415	175	9	grant	grant	NOUN
cjfa-35415	175	10	year	year	NOUN
cjfa-35415	175	11	to	to	PART
cjfa-35415	175	12	better	well	ADV
cjfa-35415	175	13	reflect	reflect	VERB
cjfa-35415	175	14	the	the	DET
cjfa-35415	175	15	year	year	NOUN
cjfa-35415	175	16	of	of	ADP
cjfa-35415	175	17	innovation	innovation	NOUN
cjfa-35415	175	18	(	(	PUNCT
cjfa-35415	175	19	griliches	griliche	NOUN
cjfa-35415	175	20	,	,	PUNCT
cjfa-35415	175	21	pakes	pake	NOUN
cjfa-35415	175	22	&	&	CCONJ
cjfa-35415	175	23	hall	hall	NOUN
cjfa-35415	175	24	,	,	PUNCT
cjfa-35415	175	25	1987	1987	NUM
cjfa-35415	175	26	)	)	PUNCT
cjfa-35415	175	27	.	.	PUNCT
cjfa-35415	176	1	however	however	ADV
cjfa-35415	176	2	,	,	PUNCT
cjfa-35415	176	3	there	there	PRON
cjfa-35415	176	4	are	be	VERB
cjfa-35415	176	5	some	some	DET
cjfa-35415	176	6	drawbacks	drawback	NOUN
cjfa-35415	176	7	in	in	ADP
cjfa-35415	176	8	using	use	VERB
cjfa-35415	176	9	patenting	patent	VERB
cjfa-35415	176	10	activity	activity	NOUN
cjfa-35415	176	11	to	to	PART
cjfa-35415	176	12	study	study	VERB
cjfa-35415	176	13	innovation	innovation	NOUN
cjfa-35415	176	14	.	.	PUNCT
cjfa-35415	177	1	first	first	ADV
cjfa-35415	177	2	,	,	PUNCT
cjfa-35415	177	3	the	the	DET
cjfa-35415	177	4	nber	nber	PROPN
cjfa-35415	177	5	patent	patent	NOUN
cjfa-35415	177	6	database	database	NOUN
cjfa-35415	177	7	suffers	suffer	VERB
cjfa-35415	177	8	from	from	ADP
cjfa-35415	177	9	truncation	truncation	NOUN
cjfa-35415	177	10	bias	bias	NOUN
cjfa-35415	177	11	since	since	SCONJ
cjfa-35415	177	12	un	un	ADJ
cjfa-35415	177	13	-	-	ADJ
cjfa-35415	177	14	granted	grant	VERB
cjfa-35415	177	15	patents	patent	NOUN
cjfa-35415	177	16	are	be	AUX
cjfa-35415	177	17	excluded	exclude	VERB
cjfa-35415	177	18	.	.	PUNCT
cjfa-35415	178	1	on	on	ADP
cjfa-35415	178	2	average	average	ADJ
cjfa-35415	178	3	,	,	PUNCT
cjfa-35415	178	4	the	the	DET
cjfa-35415	178	5	gap	gap	NOUN
cjfa-35415	178	6	between	between	ADP
cjfa-35415	178	7	a	a	DET
cjfa-35415	178	8	patent	patent	NOUN
cjfa-35415	178	9	’s	’s	PART
cjfa-35415	178	10	application	application	NOUN
cjfa-35415	178	11	and	and	CCONJ
cjfa-35415	178	12	grant	grant	NOUN
cjfa-35415	178	13	years	year	NOUN
cjfa-35415	178	14	is	be	AUX
cjfa-35415	178	15	two	two	NUM
cjfa-35415	178	16	years	year	NOUN
cjfa-35415	178	17	.	.	PUNCT
cjfa-35415	179	1	it	it	PRON
cjfa-35415	179	2	is	be	AUX
cjfa-35415	179	3	thus	thus	ADV
cjfa-35415	179	4	not	not	PART
cjfa-35415	179	5	surprising	surprising	ADJ
cjfa-35415	179	6	that	that	SCONJ
cjfa-35415	179	7	there	there	PRON
cjfa-35415	179	8	are	be	VERB
cjfa-35415	179	9	more	more	ADJ
cjfa-35415	179	10	patents	patent	NOUN
cjfa-35415	179	11	in	in	ADP
cjfa-35415	179	12	earlier	early	ADJ
cjfa-35415	179	13	years	year	NOUN
cjfa-35415	179	14	in	in	ADP
cjfa-35415	179	15	the	the	DET
cjfa-35415	179	16	database	database	NOUN
cjfa-35415	179	17	.	.	PUNCT
cjfa-35415	180	1	to	to	PART
cjfa-35415	180	2	address	address	VERB
cjfa-35415	180	3	this	this	DET
cjfa-35415	180	4	issue	issue	NOUN
cjfa-35415	180	5	,	,	PUNCT
cjfa-35415	180	6	we	we	PRON
cjfa-35415	180	7	divide	divide	VERB
cjfa-35415	180	8	a	a	DET
cjfa-35415	180	9	firm	firm	NOUN
cjfa-35415	180	10	’s	’s	PART
cjfa-35415	180	11	total	total	ADJ
cjfa-35415	180	12	patents	patent	NOUN
cjfa-35415	180	13	in	in	ADP
cjfa-35415	180	14	a	a	DET
cjfa-35415	180	15	given	give	VERB
cjfa-35415	180	16	year	year	NOUN
cjfa-35415	180	17	by	by	ADP
cjfa-35415	180	18	the	the	DET
cjfa-35415	180	19	average	average	ADJ
cjfa-35415	180	20	number	number	NOUN
cjfa-35415	180	21	of	of	ADP
cjfa-35415	180	22	patents	patent	NOUN
cjfa-35415	180	23	in	in	ADP
cjfa-35415	180	24	the	the	DET
cjfa-35415	180	25	same	same	ADJ
cjfa-35415	180	26	year	year	NOUN
cjfa-35415	180	27	and	and	CCONJ
cjfa-35415	180	28	technology	technology	NOUN
cjfa-35415	180	29	class	class	NOUN
cjfa-35415	180	30	(	(	PUNCT
cjfa-35415	180	31	hall	hall	NOUN
cjfa-35415	180	32	et	et	PROPN
cjfa-35415	180	33	al	al	PROPN
cjfa-35415	180	34	.	.	PROPN
cjfa-35415	180	35	,	,	PUNCT
cjfa-35415	180	36	2001	2001	NUM
cjfa-35415	180	37	)	)	PUNCT
cjfa-35415	180	38	.	.	PUNCT
cjfa-35415	181	1	second	second	ADJ
cjfa-35415	181	2	,	,	PUNCT
cjfa-35415	181	3	some	some	DET
cjfa-35415	181	4	firms	firm	NOUN
cjfa-35415	181	5	do	do	AUX
cjfa-35415	181	6	not	not	PART
cjfa-35415	181	7	file	file	VERB
cjfa-35415	181	8	patents	patent	NOUN
cjfa-35415	181	9	because	because	SCONJ
cjfa-35415	181	10	some	some	DET
cjfa-35415	181	11	innovations	innovation	NOUN
cjfa-35415	181	12	are	be	AUX
cjfa-35415	181	13	not	not	PART
cjfa-35415	181	14	patentable	patentable	ADJ
cjfa-35415	181	15	or	or	CCONJ
cjfa-35415	181	16	because	because	SCONJ
cjfa-35415	181	17	firms	firm	NOUN
cjfa-35415	181	18	want	want	VERB
cjfa-35415	181	19	to	to	PART
cjfa-35415	181	20	keep	keep	VERB
cjfa-35415	181	21	their	their	PRON
cjfa-35415	181	22	innovations	innovation	NOUN
cjfa-35415	181	23	secrets	secret	NOUN
cjfa-35415	181	24	.	.	PUNCT
cjfa-35415	182	1	nevertheless	nevertheless	ADV
cjfa-35415	182	2	,	,	PUNCT
cjfa-35415	182	3	we	we	PRON
cjfa-35415	182	4	believe	believe	VERB
cjfa-35415	182	5	that	that	SCONJ
cjfa-35415	182	6	empirical	empirical	ADJ
cjfa-35415	182	7	design	design	NOUN
cjfa-35415	182	8	with	with	ADP
cjfa-35415	182	9	an	an	DET
cjfa-35415	182	10	adequate	adequate	ADJ
cjfa-35415	182	11	control	control	NOUN
cjfa-35415	182	12	for	for	ADP
cjfa-35415	182	13	heterogeneity	heterogeneity	NOUN
cjfa-35415	182	14	will	will	AUX
cjfa-35415	182	15	mitigate	mitigate	VERB
cjfa-35415	182	16	these	these	DET
cjfa-35415	182	17	concerns	concern	NOUN
cjfa-35415	182	18	and	and	CCONJ
cjfa-35415	182	19	provide	provide	VERB
cjfa-35415	182	20	a	a	DET
cjfa-35415	182	21	sound	sound	ADJ
cjfa-35415	182	22	inference	inference	NOUN
cjfa-35415	182	23	.	.	PUNCT
cjfa-35415	183	1	following	follow	VERB
cjfa-35415	183	2	prior	prior	ADJ
cjfa-35415	183	3	literature	literature	NOUN
cjfa-35415	183	4	(	(	PUNCT
cjfa-35415	183	5	fang	fang	PROPN
cjfa-35415	183	6	,	,	PUNCT
cjfa-35415	183	7	tian	tian	PROPN
cjfa-35415	183	8	&	&	CCONJ
cjfa-35415	183	9	tice	tice	PROPN
cjfa-35415	183	10	,	,	PUNCT
cjfa-35415	183	11	2014	2014	NUM
cjfa-35415	183	12	;	;	PUNCT
cjfa-35415	183	13	atanassov	atanassov	VERB
cjfa-35415	183	14	,	,	PUNCT
cjfa-35415	183	15	2013	2013	NUM
cjfa-35415	183	16	)	)	PUNCT
cjfa-35415	183	17	,	,	PUNCT
cjfa-35415	183	18	we	we	PRON
cjfa-35415	183	19	control	control	VERB
cjfa-35415	183	20	for	for	ADP
cjfa-35415	183	21	the	the	DET
cjfa-35415	183	22	following	following	ADJ
cjfa-35415	183	23	variables	variable	NOUN
cjfa-35415	183	24	:	:	PUNCT
cjfa-35415	183	25	firm	firm	ADJ
cjfa-35415	183	26	size	size	NOUN
cjfa-35415	183	27	(	(	PUNCT
cjfa-35415	183	28	sizet	sizet	PROPN
cjfa-35415	183	29	)	)	PUNCT
cjfa-35415	183	30	,	,	PUNCT
cjfa-35415	183	31	firm	firm	ADJ
cjfa-35415	183	32	age	age	NOUN
cjfa-35415	183	33	(	(	PUNCT
cjfa-35415	183	34	aget	aget	PROPN
cjfa-35415	183	35	)	)	PUNCT
cjfa-35415	183	36	,	,	PUNCT
cjfa-35415	183	37	growth	growth	NOUN
cjfa-35415	183	38	opportunities	opportunity	NOUN
cjfa-35415	183	39	(	(	PUNCT
cjfa-35415	183	40	qt	qt	NOUN
cjfa-35415	183	41	)	)	PUNCT
cjfa-35415	183	42	,	,	PUNCT
cjfa-35415	183	43	leverage	leverage	NOUN
cjfa-35415	183	44	(	(	PUNCT
cjfa-35415	183	45	leveraget	leveraget	NOUN
cjfa-35415	183	46	)	)	PUNCT
cjfa-35415	183	47	,	,	PUNCT
cjfa-35415	183	48	tangibility	tangibility	NOUN
cjfa-35415	183	49	(	(	PUNCT
cjfa-35415	183	50	tangibilityt	tangibilityt	ADJ
cjfa-35415	183	51	)	)	PUNCT
cjfa-35415	183	52	,	,	PUNCT
cjfa-35415	183	53	and	and	CCONJ
cjfa-35415	183	54	profitability	profitability	NOUN
cjfa-35415	183	55	(	(	PUNCT
cjfa-35415	183	56	profitabilityt	profitabilityt	ADJ
cjfa-35415	183	57	)	)	PUNCT
cjfa-35415	183	58	.	.	PUNCT
cjfa-35415	184	1	appendix	appendix	VERB
cjfa-35415	184	2	a	a	DET
cjfa-35415	184	3	includes	include	VERB
cjfa-35415	184	4	detailed	detailed	ADJ
cjfa-35415	184	5	definitions	definition	NOUN
cjfa-35415	184	6	of	of	ADP
cjfa-35415	184	7	all	all	DET
cjfa-35415	184	8	variables	variable	NOUN
cjfa-35415	184	9	.	.	PUNCT
cjfa-35415	185	1	empirical	empirical	ADJ
cjfa-35415	185	2	designs	design	NOUN
cjfa-35415	185	3	to	to	PART
cjfa-35415	185	4	test	test	VERB
cjfa-35415	185	5	h1	h1	PROPN
cjfa-35415	185	6	,	,	PUNCT
cjfa-35415	185	7	we	we	PRON
cjfa-35415	185	8	run	run	VERB
cjfa-35415	185	9	the	the	DET
cjfa-35415	185	10	regression	regression	NOUN
cjfa-35415	185	11	using	use	VERB
cjfa-35415	185	12	equation	equation	NOUN
cjfa-35415	185	13	(	(	PUNCT
cjfa-35415	185	14	2	2	NUM
cjfa-35415	185	15	)	)	PUNCT
cjfa-35415	185	16	.	.	PUNCT
cjfa-35415	186	1	we	we	PRON
cjfa-35415	186	2	first	first	ADV
cjfa-35415	186	3	define	define	VERB
cjfa-35415	186	4	the	the	DET
cjfa-35415	186	5	dummy	dummy	ADJ
cjfa-35415	186	6	variable	variable	NOUN
cjfa-35415	186	7	,	,	PUNCT
cjfa-35415	186	8	d1981	d1981	PROPN
cjfa-35415	186	9	t	t	PROPN
cjfa-35415	186	10	,	,	PUNCT
cjfa-35415	186	11	to	to	PART
cjfa-35415	186	12	be	be	AUX
cjfa-35415	186	13	zero	zero	NUM
cjfa-35415	186	14	if	if	SCONJ
cjfa-35415	186	15	a	a	DET
cjfa-35415	186	16	firm	firm	ADJ
cjfa-35415	186	17	-	-	PUNCT
cjfa-35415	186	18	year	year	NOUN
cjfa-35415	186	19	is	be	AUX
cjfa-35415	186	20	before	before	ADP
cjfa-35415	186	21	1982	1982	NUM
cjfa-35415	186	22	,	,	PUNCT
cjfa-35415	186	23	and	and	CCONJ
cjfa-35415	186	24	one	one	NOUN
cjfa-35415	186	25	otherwise	otherwise	ADV
cjfa-35415	186	26	.	.	PUNCT
cjfa-35415	187	1	coefficients	coefficient	NOUN
cjfa-35415	187	2	of	of	ADP
cjfa-35415	187	3	d1981	d1981	PROPN
cjfa-35415	187	4	t	t	PROPN
cjfa-35415	187	5	indicate	indicate	VERB
cjfa-35415	187	6	how	how	SCONJ
cjfa-35415	187	7	the	the	DET
cjfa-35415	187	8	1981	1981	NUM
cjfa-35415	187	9	tax	tax	NOUN
cjfa-35415	187	10	credit	credit	NOUN
cjfa-35415	187	11	affects	affect	VERB
cjfa-35415	187	12	on	on	ADP
cjfa-35415	187	13	innovative	innovative	ADJ
cjfa-35415	187	14	efficiency	efficiency	NOUN
cjfa-35415	187	15	.	.	PUNCT
cjfa-35415	188	1	the	the	DET
cjfa-35415	188	2	regression	regression	NOUN
cjfa-35415	188	3	model	model	NOUN
cjfa-35415	188	4	includes	include	VERB
cjfa-35415	188	5	various	various	ADJ
cjfa-35415	188	6	control	control	NOUN
cjfa-35415	188	7	variables	variable	NOUN
cjfa-35415	188	8	and	and	CCONJ
cjfa-35415	188	9	controls	control	NOUN
cjfa-35415	188	10	for	for	ADP
cjfa-35415	188	11	year	year	NOUN
cjfa-35415	188	12	and	and	CCONJ
cjfa-35415	188	13	industry	industry	NOUN
cjfa-35415	188	14	fixed	fix	VERB
cjfa-35415	188	15	effects	effect	NOUN
cjfa-35415	188	16	.	.	PUNCT
cjfa-35415	189	1	=	=	PUNCT
cjfa-35415	189	2	a	a	DET
cjfa-35415	189	3	firm	firm	NOUN
cjfa-35415	189	4	’s	’s	PART
cjfa-35415	189	5	innovative	innovative	ADJ
cjfa-35415	189	6	efficiency	efficiency	NOUN
cjfa-35415	189	7	in	in	ADP
cjfa-35415	189	8	year	year	NOUN
cjfa-35415	189	9	t	t	PROPN
cjfa-35415	189	10	pat_rd	pat_rd	PROPN
cjfa-35415	189	11	�	�	PROPN
cjfa-35415	189	12	�	�	PROPN
cjfa-35415	189	13	�	�	PROPN
cjfa-35415	189	14	�	�	PROPN
cjfa-35415	189	15	�	�	PROPN
cjfa-35415	189	16	�	�	PROPN
cjfa-35415	189	17	�	�	PROPN
cjfa-35415	189	18	�	�	PROPN
cjfa-35415	189	19	�	�	PROPN
cjfa-35415	189	20	=ln	=ln	NOUN
cjfa-35415	189	21	(	(	PUNCT
cjfa-35415	189	22	�	�	PROPN
cjfa-35415	189	23	�	�	PROPN
cjfa-35415	189	24	�	�	PROPN
cjfa-35415	189	25	�	�	PROPN
cjfa-35415	189	26	�	�	PROPN
cjfa-35415	189	27	t	t	PROPN
cjfa-35415	189	28	(	(	PUNCT
cjfa-35415	189	29	∑	∑	PROPN
cjfa-35415	189	30	�	�	PROPN
cjfa-35415	189	31	�	�	PROPN
cjfa-35415	189	32	m	m	NOUN
cjfa-35415	189	33	)	)	PUNCT
cjfa-35415	189	34	�	�	PROPN
cjfa-35415	189	35	�	�	PROPN
cjfa-35415	189	36	�	�	PROPN
cjfa-35415	189	37	�	�	PROPN
cjfa-35415	189	38	�	�	PROPN
cjfa-35415	189	39	�	�	PROPN
cjfa-35415	189	40	�	�	PROPN
cjfa-35415	189	41	�	�	PROPN
cjfa-35415	189	42	�	�	PROPN
cjfa-35415	189	43	�	�	PROPN
cjfa-35415	189	44	)	)	PUNCT
cjfa-35415	189	45	,	,	PUNCT
cjfa-35415	189	46	n=1	n=1	PROPN
cjfa-35415	189	47	,	,	PUNCT
cjfa-35415	189	48	2	2	NUM
cjfa-35415	189	49	,	,	PUNCT
cjfa-35415	189	50	or	or	CCONJ
cjfa-35415	189	51	3	3	NUM
cjfa-35415	189	52	(	(	PUNCT
cjfa-35415	189	53	1	1	NUM
cjfa-35415	189	54	)	)	PUNCT
cjfa-35415	189	55	pat_rd	pat_rd	PROPN
cjfa-35415	189	56	�	�	PROPN
cjfa-35415	189	57	�	�	PROPN
cjfa-35415	189	58	�	�	PROPN
cjfa-35415	189	59	�	�	PROPN
cjfa-35415	189	60	�	�	PROPN
cjfa-35415	189	61	�	�	PROPN
cjfa-35415	189	62	�	�	PROPN
cjfa-35415	189	63	�	�	PROPN
cjfa-35415	189	64	�	�	PROPN
cjfa-35415	189	65	=	=	PROPN
cjfa-35415	189	66	a	a	DET
cjfa-35415	189	67	firm	firm	NOUN
cjfa-35415	189	68	’s	’s	PART
cjfa-35415	189	69	innovative	innovative	ADJ
cjfa-35415	189	70	efficiency	efficiency	NOUN
cjfa-35415	189	71	in	in	ADP
cjfa-35415	189	72	year	year	NOUN
cjfa-35415	189	73	t	t	PROPN
cjfa-35415	189	74	patt	patt	PROPN
cjfa-35415	189	75	=	=	PUNCT
cjfa-35415	189	76	a	a	DET
cjfa-35415	189	77	firm	firm	NOUN
cjfa-35415	189	78	's	's	PART
cjfa-35415	189	79	total	total	ADJ
cjfa-35415	189	80	number	number	NOUN
cjfa-35415	189	81	of	of	ADP
cjfa-35415	189	82	patents	patent	NOUN
cjfa-35415	189	83	applied	apply	VERB
cjfa-35415	189	84	in	in	ADP
cjfa-35415	189	85	year	year	NOUN
cjfa-35415	189	86	t	t	NOUN
cjfa-35415	189	87	and	and	CCONJ
cjfa-35415	189	88	eventually	eventually	ADV
cjfa-35415	189	89	granted	grant	VERB
cjfa-35415	189	90	rdm	rdm	NOUN
cjfa-35415	189	91	=	=	SYM
cjfa-35415	189	92	r&d	r&d	NOUN
cjfa-35415	189	93	spending	spending	NOUN
cjfa-35415	189	94	in	in	ADP
cjfa-35415	189	95	year	year	NOUN
cjfa-35415	189	96	m	m	NOUN
cjfa-35415	189	97	equation	equation	NOUN
cjfa-35415	189	98	(	(	PUNCT
cjfa-35415	189	99	1	1	X
cjfa-35415	189	100	)	)	PUNCT
cjfa-35415	189	101	shows	show	VERB
cjfa-35415	189	102	the	the	DET
cjfa-35415	189	103	first	first	ADJ
cjfa-35415	189	104	measure	measure	NOUN
cjfa-35415	189	105	of	of	ADP
cjfa-35415	189	106	innovative	innovative	ADJ
cjfa-35415	189	107	efficiency	efficiency	NOUN
cjfa-35415	189	108	.	.	PUNCT
cjfa-35415	190	1	it	it	PRON
cjfa-35415	190	2	is	be	AUX
cjfa-35415	190	3	defined	define	VERB
cjfa-35415	190	4	by	by	ADP
cjfa-35415	190	5	dividing	divide	VERB
cjfa-35415	190	6	successful	successful	ADJ
cjfa-35415	190	7	patent	patent	NOUN
cjfa-35415	190	8	applications	application	NOUN
cjfa-35415	190	9	to	to	PART
cjfa-35415	190	10	average	average	VERB
cjfa-35415	190	11	r&d	r&d	NOUN
cjfa-35415	190	12	spending	spending	NOUN
cjfa-35415	190	13	over	over	ADP
cjfa-35415	190	14	two	two	NUM
cjfa-35415	190	15	,	,	PUNCT
cjfa-35415	190	16	three	three	NUM
cjfa-35415	190	17	,	,	PUNCT
cjfa-35415	190	18	and	and	CCONJ
cjfa-35415	190	19	four	four	NUM
cjfa-35415	190	20	years	year	NOUN
cjfa-35415	190	21	prior	prior	ADV
cjfa-35415	190	22	to	to	ADP
cjfa-35415	190	23	patent	patent	NOUN
cjfa-35415	190	24	application	application	NOUN
cjfa-35415	190	25	.	.	PUNCT
cjfa-35415	191	1	this	this	DET
cjfa-35415	191	2	variable	variable	ADJ
cjfa-35415	191	3	design	design	NOUN
cjfa-35415	191	4	provides	provide	VERB
cjfa-35415	191	5	the	the	DET
cjfa-35415	191	6	best	good	ADJ
cjfa-35415	191	7	possible	possible	ADJ
cjfa-35415	191	8	match	match	NOUN
cjfa-35415	191	9	of	of	ADP
cjfa-35415	191	10	the	the	DET
cjfa-35415	191	11	aggregate	aggregate	ADJ
cjfa-35415	191	12	research	research	NOUN
cjfa-35415	191	13	spending	spending	NOUN
cjfa-35415	191	14	to	to	ADP
cjfa-35415	191	15	new	new	ADJ
cjfa-35415	191	16	patents	patent	NOUN
cjfa-35415	191	17	filed	file	VERB
cjfa-35415	191	18	in	in	ADP
cjfa-35415	191	19	a	a	DET
cjfa-35415	191	20	given	give	VERB
cjfa-35415	191	21	year	year	NOUN
cjfa-35415	191	22	.	.	PUNCT
cjfa-35415	192	1	we	we	PRON
cjfa-35415	192	2	construct	construct	VERB
cjfa-35415	192	3	variables	variable	NOUN
cjfa-35415	192	4	using	use	VERB
cjfa-35415	192	5	application	application	NOUN
cjfa-35415	192	6	year	year	NOUN
cjfa-35415	192	7	instead	instead	ADV
cjfa-35415	192	8	of	of	ADP
cjfa-35415	192	9	grant	grant	NOUN
cjfa-35415	192	10	year	year	NOUN
cjfa-35415	192	11	to	to	PART
cjfa-35415	192	12	better	well	ADV
cjfa-35415	192	13	reflect	reflect	VERB
cjfa-35415	192	14	the	the	DET
cjfa-35415	192	15	year	year	NOUN
cjfa-35415	192	16	of	of	ADP
cjfa-35415	192	17	innovation	innovation	NOUN
cjfa-35415	192	18	(	(	PUNCT
cjfa-35415	192	19	griliches	griliche	NOUN
cjfa-35415	192	20	,	,	PUNCT
cjfa-35415	192	21	pakes	pake	NOUN
cjfa-35415	192	22	&	&	CCONJ
cjfa-35415	192	23	hall	hall	NOUN
cjfa-35415	192	24	,	,	PUNCT
cjfa-35415	192	25	1987	1987	NUM
cjfa-35415	192	26	)	)	PUNCT
cjfa-35415	192	27	.	.	PUNCT
cjfa-35415	193	1	however	however	ADV
cjfa-35415	193	2	,	,	PUNCT
cjfa-35415	193	3	there	there	PRON
cjfa-35415	193	4	are	be	VERB
cjfa-35415	193	5	some	some	DET
cjfa-35415	193	6	drawbacks	drawback	NOUN
cjfa-35415	193	7	in	in	ADP
cjfa-35415	193	8	using	use	VERB
cjfa-35415	193	9	patenting	patent	VERB
cjfa-35415	193	10	activity	activity	NOUN
cjfa-35415	193	11	to	to	PART
cjfa-35415	193	12	study	study	VERB
cjfa-35415	193	13	innovation	innovation	NOUN
cjfa-35415	193	14	.	.	PUNCT
cjfa-35415	194	1	first	first	ADV
cjfa-35415	194	2	,	,	PUNCT
cjfa-35415	194	3	the	the	DET
cjfa-35415	194	4	nber	nber	PROPN
cjfa-35415	194	5	patent	patent	NOUN
cjfa-35415	194	6	database	database	NOUN
cjfa-35415	194	7	suffers	suffer	VERB
cjfa-35415	194	8	from	from	ADP
cjfa-35415	194	9	truncation	truncation	NOUN
cjfa-35415	194	10	bias	bias	NOUN
cjfa-35415	194	11	since	since	SCONJ
cjfa-35415	194	12	un	un	ADJ
cjfa-35415	194	13	-	-	ADJ
cjfa-35415	194	14	granted	grant	VERB
cjfa-35415	194	15	patents	patent	NOUN
cjfa-35415	194	16	are	be	AUX
cjfa-35415	194	17	excluded	exclude	VERB
cjfa-35415	194	18	.	.	PUNCT
cjfa-35415	195	1	on	on	ADP
cjfa-35415	195	2	average	average	ADJ
cjfa-35415	195	3	,	,	PUNCT
cjfa-35415	195	4	the	the	DET
cjfa-35415	195	5	gap	gap	NOUN
cjfa-35415	195	6	between	between	ADP
cjfa-35415	195	7	a	a	DET
cjfa-35415	195	8	patent	patent	NOUN
cjfa-35415	195	9	’s	’s	PART
cjfa-35415	195	10	application	application	NOUN
cjfa-35415	195	11	and	and	CCONJ
cjfa-35415	195	12	grant	grant	NOUN
cjfa-35415	195	13	years	year	NOUN
cjfa-35415	195	14	is	be	AUX
cjfa-35415	195	15	two	two	NUM
cjfa-35415	195	16	years	year	NOUN
cjfa-35415	195	17	.	.	PUNCT
cjfa-35415	196	1	it	it	PRON
cjfa-35415	196	2	is	be	AUX
cjfa-35415	196	3	thus	thus	ADV
cjfa-35415	196	4	not	not	PART
cjfa-35415	196	5	surprising	surprising	ADJ
cjfa-35415	196	6	that	that	SCONJ
cjfa-35415	196	7	there	there	PRON
cjfa-35415	196	8	are	be	VERB
cjfa-35415	196	9	more	more	ADJ
cjfa-35415	196	10	patents	patent	NOUN
cjfa-35415	196	11	in	in	ADP
cjfa-35415	196	12	earlier	early	ADJ
cjfa-35415	196	13	years	year	NOUN
cjfa-35415	196	14	in	in	ADP
cjfa-35415	196	15	the	the	DET
cjfa-35415	196	16	database	database	NOUN
cjfa-35415	196	17	.	.	PUNCT
cjfa-35415	197	1	to	to	PART
cjfa-35415	197	2	address	address	VERB
cjfa-35415	197	3	this	this	DET
cjfa-35415	197	4	issue	issue	NOUN
cjfa-35415	197	5	,	,	PUNCT
cjfa-35415	197	6	we	we	PRON
cjfa-35415	197	7	divide	divide	VERB
cjfa-35415	197	8	a	a	DET
cjfa-35415	197	9	firm	firm	NOUN
cjfa-35415	197	10	’s	’s	PART
cjfa-35415	197	11	total	total	ADJ
cjfa-35415	197	12	patents	patent	NOUN
cjfa-35415	197	13	in	in	ADP
cjfa-35415	197	14	a	a	DET
cjfa-35415	197	15	given	give	VERB
cjfa-35415	197	16	year	year	NOUN
cjfa-35415	197	17	by	by	ADP
cjfa-35415	197	18	the	the	DET
cjfa-35415	197	19	average	average	ADJ
cjfa-35415	197	20	number	number	NOUN
cjfa-35415	197	21	of	of	ADP
cjfa-35415	197	22	patents	patent	NOUN
cjfa-35415	197	23	in	in	ADP
cjfa-35415	197	24	the	the	DET
cjfa-35415	197	25	same	same	ADJ
cjfa-35415	197	26	year	year	NOUN
cjfa-35415	197	27	and	and	CCONJ
cjfa-35415	197	28	technology	technology	NOUN
cjfa-35415	197	29	class	class	NOUN
cjfa-35415	197	30	(	(	PUNCT
cjfa-35415	197	31	hall	hall	NOUN
cjfa-35415	197	32	et	et	PROPN
cjfa-35415	197	33	al	al	PROPN
cjfa-35415	197	34	.	.	PROPN
cjfa-35415	197	35	,	,	PUNCT
cjfa-35415	197	36	2001	2001	NUM
cjfa-35415	197	37	)	)	PUNCT
cjfa-35415	197	38	.	.	PUNCT
cjfa-35415	198	1	second	second	ADJ
cjfa-35415	198	2	,	,	PUNCT
cjfa-35415	198	3	some	some	DET
cjfa-35415	198	4	firms	firm	NOUN
cjfa-35415	198	5	do	do	AUX
cjfa-35415	198	6	not	not	PART
cjfa-35415	198	7	file	file	VERB
cjfa-35415	198	8	patents	patent	NOUN
cjfa-35415	198	9	because	because	SCONJ
cjfa-35415	198	10	some	some	DET
cjfa-35415	198	11	innovations	innovation	NOUN
cjfa-35415	198	12	are	be	AUX
cjfa-35415	198	13	not	not	PART
cjfa-35415	198	14	patentable	patentable	ADJ
cjfa-35415	198	15	or	or	CCONJ
cjfa-35415	198	16	because	because	SCONJ
cjfa-35415	198	17	firms	firm	NOUN
cjfa-35415	198	18	want	want	VERB
cjfa-35415	198	19	to	to	PART
cjfa-35415	198	20	keep	keep	VERB
cjfa-35415	198	21	their	their	PRON
cjfa-35415	198	22	innovations	innovation	NOUN
cjfa-35415	198	23	secrets	secret	NOUN
cjfa-35415	198	24	.	.	PUNCT
cjfa-35415	199	1	nevertheless	nevertheless	ADV
cjfa-35415	199	2	,	,	PUNCT
cjfa-35415	199	3	we	we	PRON
cjfa-35415	199	4	believe	believe	VERB
cjfa-35415	199	5	that	that	SCONJ
cjfa-35415	199	6	empirical	empirical	ADJ
cjfa-35415	199	7	design	design	NOUN
cjfa-35415	199	8	with	with	ADP
cjfa-35415	199	9	an	an	DET
cjfa-35415	199	10	adequate	adequate	ADJ
cjfa-35415	199	11	control	control	NOUN
cjfa-35415	199	12	for	for	ADP
cjfa-35415	199	13	heterogeneity	heterogeneity	NOUN
cjfa-35415	199	14	will	will	AUX
cjfa-35415	199	15	mitigate	mitigate	VERB
cjfa-35415	199	16	these	these	DET
cjfa-35415	199	17	concerns	concern	NOUN
cjfa-35415	199	18	and	and	CCONJ
cjfa-35415	199	19	provide	provide	VERB
cjfa-35415	199	20	a	a	DET
cjfa-35415	199	21	sound	sound	ADJ
cjfa-35415	199	22	inference	inference	NOUN
cjfa-35415	199	23	.	.	PUNCT
cjfa-35415	200	1	following	follow	VERB
cjfa-35415	200	2	prior	prior	ADJ
cjfa-35415	200	3	literature	literature	NOUN
cjfa-35415	200	4	(	(	PUNCT
cjfa-35415	200	5	fang	fang	PROPN
cjfa-35415	200	6	,	,	PUNCT
cjfa-35415	200	7	tian	tian	PROPN
cjfa-35415	200	8	&	&	CCONJ
cjfa-35415	200	9	tice	tice	PROPN
cjfa-35415	200	10	,	,	PUNCT
cjfa-35415	200	11	2014	2014	NUM
cjfa-35415	200	12	;	;	PUNCT
cjfa-35415	200	13	atanassov	atanassov	VERB
cjfa-35415	200	14	,	,	PUNCT
cjfa-35415	200	15	2013	2013	NUM
cjfa-35415	200	16	)	)	PUNCT
cjfa-35415	200	17	,	,	PUNCT
cjfa-35415	200	18	we	we	PRON
cjfa-35415	200	19	control	control	VERB
cjfa-35415	200	20	for	for	ADP
cjfa-35415	200	21	the	the	DET
cjfa-35415	200	22	following	following	ADJ
cjfa-35415	200	23	variables	variable	NOUN
cjfa-35415	200	24	:	:	PUNCT
cjfa-35415	200	25	firm	firm	ADJ
cjfa-35415	200	26	size	size	NOUN
cjfa-35415	200	27	(	(	PUNCT
cjfa-35415	200	28	sizet	sizet	PROPN
cjfa-35415	200	29	)	)	PUNCT
cjfa-35415	200	30	,	,	PUNCT
cjfa-35415	200	31	firm	firm	ADJ
cjfa-35415	200	32	age	age	NOUN
cjfa-35415	200	33	(	(	PUNCT
cjfa-35415	200	34	aget	aget	PROPN
cjfa-35415	200	35	)	)	PUNCT
cjfa-35415	200	36	,	,	PUNCT
cjfa-35415	200	37	growth	growth	NOUN
cjfa-35415	200	38	opportunities	opportunity	NOUN
cjfa-35415	200	39	(	(	PUNCT
cjfa-35415	200	40	qt	qt	NOUN
cjfa-35415	200	41	)	)	PUNCT
cjfa-35415	200	42	,	,	PUNCT
cjfa-35415	200	43	leverage	leverage	NOUN
cjfa-35415	200	44	(	(	PUNCT
cjfa-35415	200	45	leveraget	leveraget	NOUN
cjfa-35415	200	46	)	)	PUNCT
cjfa-35415	200	47	,	,	PUNCT
cjfa-35415	200	48	tangibility	tangibility	NOUN
cjfa-35415	200	49	(	(	PUNCT
cjfa-35415	200	50	tangibilityt	tangibilityt	ADJ
cjfa-35415	200	51	)	)	PUNCT
cjfa-35415	200	52	,	,	PUNCT
cjfa-35415	200	53	and	and	CCONJ
cjfa-35415	200	54	profitability	profitability	NOUN
cjfa-35415	200	55	(	(	PUNCT
cjfa-35415	200	56	profitabilityt	profitabilityt	ADJ
cjfa-35415	200	57	)	)	PUNCT
cjfa-35415	200	58	.	.	PUNCT
cjfa-35415	201	1	appendix	appendix	VERB
cjfa-35415	201	2	a	a	DET
cjfa-35415	201	3	includes	include	VERB
cjfa-35415	201	4	detailed	detailed	ADJ
cjfa-35415	201	5	definitions	definition	NOUN
cjfa-35415	201	6	of	of	ADP
cjfa-35415	201	7	all	all	DET
cjfa-35415	201	8	variables	variable	NOUN
cjfa-35415	201	9	.	.	PUNCT
cjfa-35415	202	1	empirical	empirical	ADJ
cjfa-35415	202	2	designs	design	NOUN
cjfa-35415	202	3	to	to	PART
cjfa-35415	202	4	test	test	VERB
cjfa-35415	202	5	h1	h1	PROPN
cjfa-35415	202	6	,	,	PUNCT
cjfa-35415	202	7	we	we	PRON
cjfa-35415	202	8	run	run	VERB
cjfa-35415	202	9	the	the	DET
cjfa-35415	202	10	regression	regression	NOUN
cjfa-35415	202	11	using	use	VERB
cjfa-35415	202	12	equation	equation	NOUN
cjfa-35415	202	13	(	(	PUNCT
cjfa-35415	202	14	2	2	NUM
cjfa-35415	202	15	)	)	PUNCT
cjfa-35415	202	16	.	.	PUNCT
cjfa-35415	203	1	we	we	PRON
cjfa-35415	203	2	first	first	ADV
cjfa-35415	203	3	define	define	VERB
cjfa-35415	203	4	the	the	DET
cjfa-35415	203	5	dummy	dummy	ADJ
cjfa-35415	203	6	variable	variable	NOUN
cjfa-35415	203	7	,	,	PUNCT
cjfa-35415	203	8	d1981	d1981	PROPN
cjfa-35415	203	9	t	t	PROPN
cjfa-35415	203	10	,	,	PUNCT
cjfa-35415	203	11	to	to	PART
cjfa-35415	203	12	be	be	AUX
cjfa-35415	203	13	zero	zero	NUM
cjfa-35415	203	14	if	if	SCONJ
cjfa-35415	203	15	a	a	DET
cjfa-35415	203	16	firm	firm	ADJ
cjfa-35415	203	17	-	-	PUNCT
cjfa-35415	203	18	year	year	NOUN
cjfa-35415	203	19	is	be	AUX
cjfa-35415	203	20	before	before	ADP
cjfa-35415	203	21	1982	1982	NUM
cjfa-35415	203	22	,	,	PUNCT
cjfa-35415	203	23	and	and	CCONJ
cjfa-35415	203	24	one	one	NOUN
cjfa-35415	203	25	otherwise	otherwise	ADV
cjfa-35415	203	26	.	.	PUNCT
cjfa-35415	204	1	coefficients	coefficient	NOUN
cjfa-35415	204	2	of	of	ADP
cjfa-35415	204	3	d1981	d1981	PROPN
cjfa-35415	204	4	t	t	PROPN
cjfa-35415	204	5	indicate	indicate	VERB
cjfa-35415	204	6	how	how	SCONJ
cjfa-35415	204	7	the	the	DET
cjfa-35415	204	8	1981	1981	NUM
cjfa-35415	204	9	tax	tax	NOUN
cjfa-35415	204	10	credit	credit	NOUN
cjfa-35415	204	11	affects	affect	VERB
cjfa-35415	204	12	on	on	ADP
cjfa-35415	204	13	innovative	innovative	ADJ
cjfa-35415	204	14	efficiency	efficiency	NOUN
cjfa-35415	204	15	.	.	PUNCT
cjfa-35415	205	1	the	the	DET
cjfa-35415	205	2	regression	regression	NOUN
cjfa-35415	205	3	model	model	NOUN
cjfa-35415	205	4	includes	include	VERB
cjfa-35415	205	5	various	various	ADJ
cjfa-35415	205	6	control	control	NOUN
cjfa-35415	205	7	variables	variable	NOUN
cjfa-35415	205	8	and	and	CCONJ
cjfa-35415	205	9	controls	control	NOUN
cjfa-35415	205	10	for	for	ADP
cjfa-35415	205	11	year	year	NOUN
cjfa-35415	205	12	and	and	CCONJ
cjfa-35415	205	13	industry	industry	NOUN
cjfa-35415	205	14	fixed	fix	VERB
cjfa-35415	205	15	effects	effect	NOUN
cjfa-35415	205	16	.	.	PUNCT
cjfa-35415	206	1	=	=	PUNCT
cjfa-35415	206	2	a	a	DET
cjfa-35415	206	3	firm	firm	NOUN
cjfa-35415	206	4	’s	’s	PART
cjfa-35415	206	5	total	total	ADJ
cjfa-35415	206	6	number	number	NOUN
cjfa-35415	206	7	of	of	ADP
cjfa-35415	206	8	patents	patent	NOUN
cjfa-35415	206	9	applied	apply	VERB
cjfa-35415	206	10	in	in	ADP
cjfa-35415	206	11	year	year	NOUN
cjfa-35415	206	12	t	t	NOUN
cjfa-35415	206	13	and	and	CCONJ
cjfa-35415	206	14	eventually	eventually	ADV
cjfa-35415	206	15	granted	grant	VERB
cjfa-35415	206	16	pat_rd	pat_rd	PROPN
cjfa-35415	206	17	�	�	PROPN
cjfa-35415	206	18	�	�	PROPN
cjfa-35415	206	19	�	�	PROPN
cjfa-35415	206	20	�	�	PROPN
cjfa-35415	206	21	�	�	PROPN
cjfa-35415	206	22	�	�	PROPN
cjfa-35415	206	23	�	�	PROPN
cjfa-35415	206	24	�	�	PROPN
cjfa-35415	206	25	�	�	PROPN
cjfa-35415	206	26	=ln	=ln	NOUN
cjfa-35415	206	27	(	(	PUNCT
cjfa-35415	206	28	�	�	PROPN
cjfa-35415	206	29	�	�	PROPN
cjfa-35415	206	30	�	�	PROPN
cjfa-35415	206	31	�	�	PROPN
cjfa-35415	206	32	�	�	PROPN
cjfa-35415	206	33	t	t	PROPN
cjfa-35415	206	34	(	(	PUNCT
cjfa-35415	206	35	∑	∑	PROPN
cjfa-35415	206	36	�	�	PROPN
cjfa-35415	206	37	�	�	PROPN
cjfa-35415	206	38	m	m	NOUN
cjfa-35415	206	39	)	)	PUNCT
cjfa-35415	206	40	�	�	PROPN
cjfa-35415	206	41	�	�	PROPN
cjfa-35415	206	42	�	�	PROPN
cjfa-35415	206	43	�	�	PROPN
cjfa-35415	206	44	�	�	PROPN
cjfa-35415	206	45	�	�	PROPN
cjfa-35415	206	46	�	�	PROPN
cjfa-35415	206	47	�	�	PROPN
cjfa-35415	206	48	�	�	PROPN
cjfa-35415	206	49	�	�	PROPN
cjfa-35415	206	50	)	)	PUNCT
cjfa-35415	206	51	,	,	PUNCT
cjfa-35415	206	52	n=1	n=1	PROPN
cjfa-35415	206	53	,	,	PUNCT
cjfa-35415	206	54	2	2	NUM
cjfa-35415	206	55	,	,	PUNCT
cjfa-35415	206	56	or	or	CCONJ
cjfa-35415	206	57	3	3	NUM
cjfa-35415	206	58	(	(	PUNCT
cjfa-35415	206	59	1	1	NUM
cjfa-35415	206	60	)	)	PUNCT
cjfa-35415	206	61	pat_rd	pat_rd	PROPN
cjfa-35415	206	62	�	�	PROPN
cjfa-35415	206	63	�	�	PROPN
cjfa-35415	206	64	�	�	PROPN
cjfa-35415	206	65	�	�	PROPN
cjfa-35415	206	66	�	�	PROPN
cjfa-35415	206	67	�	�	PROPN
cjfa-35415	206	68	�	�	PROPN
cjfa-35415	206	69	�	�	PROPN
cjfa-35415	206	70	�	�	PROPN
cjfa-35415	206	71	=	=	PROPN
cjfa-35415	206	72	a	a	DET
cjfa-35415	206	73	firm	firm	NOUN
cjfa-35415	206	74	’s	’s	PART
cjfa-35415	206	75	innovative	innovative	ADJ
cjfa-35415	206	76	efficiency	efficiency	NOUN
cjfa-35415	206	77	in	in	ADP
cjfa-35415	206	78	year	year	NOUN
cjfa-35415	206	79	t	t	PROPN
cjfa-35415	206	80	patt	patt	PROPN
cjfa-35415	206	81	=	=	PUNCT
cjfa-35415	206	82	a	a	DET
cjfa-35415	206	83	firm	firm	NOUN
cjfa-35415	206	84	's	's	PART
cjfa-35415	206	85	total	total	ADJ
cjfa-35415	206	86	number	number	NOUN
cjfa-35415	206	87	of	of	ADP
cjfa-35415	206	88	patents	patent	NOUN
cjfa-35415	206	89	applied	apply	VERB
cjfa-35415	206	90	in	in	ADP
cjfa-35415	206	91	year	year	NOUN
cjfa-35415	206	92	t	t	NOUN
cjfa-35415	206	93	and	and	CCONJ
cjfa-35415	206	94	eventually	eventually	ADV
cjfa-35415	206	95	granted	grant	VERB
cjfa-35415	206	96	rdm	rdm	NOUN
cjfa-35415	206	97	=	=	SYM
cjfa-35415	206	98	r&d	r&d	NOUN
cjfa-35415	206	99	spending	spending	NOUN
cjfa-35415	206	100	in	in	ADP
cjfa-35415	206	101	year	year	NOUN
cjfa-35415	206	102	m	m	NOUN
cjfa-35415	206	103	equation	equation	NOUN
cjfa-35415	206	104	(	(	PUNCT
cjfa-35415	206	105	1	1	X
cjfa-35415	206	106	)	)	PUNCT
cjfa-35415	206	107	shows	show	VERB
cjfa-35415	206	108	the	the	DET
cjfa-35415	206	109	first	first	ADJ
cjfa-35415	206	110	measure	measure	NOUN
cjfa-35415	206	111	of	of	ADP
cjfa-35415	206	112	innovative	innovative	ADJ
cjfa-35415	206	113	efficiency	efficiency	NOUN
cjfa-35415	206	114	.	.	PUNCT
cjfa-35415	207	1	it	it	PRON
cjfa-35415	207	2	is	be	AUX
cjfa-35415	207	3	defined	define	VERB
cjfa-35415	207	4	by	by	ADP
cjfa-35415	207	5	dividing	divide	VERB
cjfa-35415	207	6	successful	successful	ADJ
cjfa-35415	207	7	patent	patent	NOUN
cjfa-35415	207	8	applications	application	NOUN
cjfa-35415	207	9	to	to	PART
cjfa-35415	207	10	average	average	VERB
cjfa-35415	207	11	r&d	r&d	NOUN
cjfa-35415	207	12	spending	spending	NOUN
cjfa-35415	207	13	over	over	ADP
cjfa-35415	207	14	two	two	NUM
cjfa-35415	207	15	,	,	PUNCT
cjfa-35415	207	16	three	three	NUM
cjfa-35415	207	17	,	,	PUNCT
cjfa-35415	207	18	and	and	CCONJ
cjfa-35415	207	19	four	four	NUM
cjfa-35415	207	20	years	year	NOUN
cjfa-35415	207	21	prior	prior	ADV
cjfa-35415	207	22	to	to	ADP
cjfa-35415	207	23	patent	patent	NOUN
cjfa-35415	207	24	application	application	NOUN
cjfa-35415	207	25	.	.	PUNCT
cjfa-35415	208	1	this	this	DET
cjfa-35415	208	2	variable	variable	ADJ
cjfa-35415	208	3	design	design	NOUN
cjfa-35415	208	4	provides	provide	VERB
cjfa-35415	208	5	the	the	DET
cjfa-35415	208	6	best	good	ADJ
cjfa-35415	208	7	possible	possible	ADJ
cjfa-35415	208	8	match	match	NOUN
cjfa-35415	208	9	of	of	ADP
cjfa-35415	208	10	the	the	DET
cjfa-35415	208	11	aggregate	aggregate	ADJ
cjfa-35415	208	12	research	research	NOUN
cjfa-35415	208	13	spending	spending	NOUN
cjfa-35415	208	14	to	to	ADP
cjfa-35415	208	15	new	new	ADJ
cjfa-35415	208	16	patents	patent	NOUN
cjfa-35415	208	17	filed	file	VERB
cjfa-35415	208	18	in	in	ADP
cjfa-35415	208	19	a	a	DET
cjfa-35415	208	20	given	give	VERB
cjfa-35415	208	21	year	year	NOUN
cjfa-35415	208	22	.	.	PUNCT
cjfa-35415	209	1	we	we	PRON
cjfa-35415	209	2	construct	construct	VERB
cjfa-35415	209	3	variables	variable	NOUN
cjfa-35415	209	4	using	use	VERB
cjfa-35415	209	5	application	application	NOUN
cjfa-35415	209	6	year	year	NOUN
cjfa-35415	209	7	instead	instead	ADV
cjfa-35415	209	8	of	of	ADP
cjfa-35415	209	9	grant	grant	NOUN
cjfa-35415	209	10	year	year	NOUN
cjfa-35415	209	11	to	to	PART
cjfa-35415	209	12	better	well	ADV
cjfa-35415	209	13	reflect	reflect	VERB
cjfa-35415	209	14	the	the	DET
cjfa-35415	209	15	year	year	NOUN
cjfa-35415	209	16	of	of	ADP
cjfa-35415	209	17	innovation	innovation	NOUN
cjfa-35415	209	18	(	(	PUNCT
cjfa-35415	209	19	griliches	griliche	NOUN
cjfa-35415	209	20	,	,	PUNCT
cjfa-35415	209	21	pakes	pake	NOUN
cjfa-35415	209	22	&	&	CCONJ
cjfa-35415	209	23	hall	hall	NOUN
cjfa-35415	209	24	,	,	PUNCT
cjfa-35415	209	25	1987	1987	NUM
cjfa-35415	209	26	)	)	PUNCT
cjfa-35415	209	27	.	.	PUNCT
cjfa-35415	210	1	however	however	ADV
cjfa-35415	210	2	,	,	PUNCT
cjfa-35415	210	3	there	there	PRON
cjfa-35415	210	4	are	be	VERB
cjfa-35415	210	5	some	some	DET
cjfa-35415	210	6	drawbacks	drawback	NOUN
cjfa-35415	210	7	in	in	ADP
cjfa-35415	210	8	using	use	VERB
cjfa-35415	210	9	patenting	patent	VERB
cjfa-35415	210	10	activity	activity	NOUN
cjfa-35415	210	11	to	to	PART
cjfa-35415	210	12	study	study	VERB
cjfa-35415	210	13	innovation	innovation	NOUN
cjfa-35415	210	14	.	.	PUNCT
cjfa-35415	211	1	first	first	ADV
cjfa-35415	211	2	,	,	PUNCT
cjfa-35415	211	3	the	the	DET
cjfa-35415	211	4	nber	nber	PROPN
cjfa-35415	211	5	patent	patent	NOUN
cjfa-35415	211	6	database	database	NOUN
cjfa-35415	211	7	suffers	suffer	VERB
cjfa-35415	211	8	from	from	ADP
cjfa-35415	211	9	truncation	truncation	NOUN
cjfa-35415	211	10	bias	bias	NOUN
cjfa-35415	211	11	since	since	SCONJ
cjfa-35415	211	12	un	un	ADJ
cjfa-35415	211	13	-	-	ADJ
cjfa-35415	211	14	granted	grant	VERB
cjfa-35415	211	15	patents	patent	NOUN
cjfa-35415	211	16	are	be	AUX
cjfa-35415	211	17	excluded	exclude	VERB
cjfa-35415	211	18	.	.	PUNCT
cjfa-35415	212	1	on	on	ADP
cjfa-35415	212	2	average	average	ADJ
cjfa-35415	212	3	,	,	PUNCT
cjfa-35415	212	4	the	the	DET
cjfa-35415	212	5	gap	gap	NOUN
cjfa-35415	212	6	between	between	ADP
cjfa-35415	212	7	a	a	DET
cjfa-35415	212	8	patent	patent	NOUN
cjfa-35415	212	9	’s	’s	PART
cjfa-35415	212	10	application	application	NOUN
cjfa-35415	212	11	and	and	CCONJ
cjfa-35415	212	12	grant	grant	NOUN
cjfa-35415	212	13	years	year	NOUN
cjfa-35415	212	14	is	be	AUX
cjfa-35415	212	15	two	two	NUM
cjfa-35415	212	16	years	year	NOUN
cjfa-35415	212	17	.	.	PUNCT
cjfa-35415	213	1	it	it	PRON
cjfa-35415	213	2	is	be	AUX
cjfa-35415	213	3	thus	thus	ADV
cjfa-35415	213	4	not	not	PART
cjfa-35415	213	5	surprising	surprising	ADJ
cjfa-35415	213	6	that	that	SCONJ
cjfa-35415	213	7	there	there	PRON
cjfa-35415	213	8	are	be	VERB
cjfa-35415	213	9	more	more	ADJ
cjfa-35415	213	10	patents	patent	NOUN
cjfa-35415	213	11	in	in	ADP
cjfa-35415	213	12	earlier	early	ADJ
cjfa-35415	213	13	years	year	NOUN
cjfa-35415	213	14	in	in	ADP
cjfa-35415	213	15	the	the	DET
cjfa-35415	213	16	database	database	NOUN
cjfa-35415	213	17	.	.	PUNCT
cjfa-35415	214	1	to	to	PART
cjfa-35415	214	2	address	address	VERB
cjfa-35415	214	3	this	this	DET
cjfa-35415	214	4	issue	issue	NOUN
cjfa-35415	214	5	,	,	PUNCT
cjfa-35415	214	6	we	we	PRON
cjfa-35415	214	7	divide	divide	VERB
cjfa-35415	214	8	a	a	DET
cjfa-35415	214	9	firm	firm	NOUN
cjfa-35415	214	10	’s	’s	PART
cjfa-35415	214	11	total	total	ADJ
cjfa-35415	214	12	patents	patent	NOUN
cjfa-35415	214	13	in	in	ADP
cjfa-35415	214	14	a	a	DET
cjfa-35415	214	15	given	give	VERB
cjfa-35415	214	16	year	year	NOUN
cjfa-35415	214	17	by	by	ADP
cjfa-35415	214	18	the	the	DET
cjfa-35415	214	19	average	average	ADJ
cjfa-35415	214	20	number	number	NOUN
cjfa-35415	214	21	of	of	ADP
cjfa-35415	214	22	patents	patent	NOUN
cjfa-35415	214	23	in	in	ADP
cjfa-35415	214	24	the	the	DET
cjfa-35415	214	25	same	same	ADJ
cjfa-35415	214	26	year	year	NOUN
cjfa-35415	214	27	and	and	CCONJ
cjfa-35415	214	28	technology	technology	NOUN
cjfa-35415	214	29	class	class	NOUN
cjfa-35415	214	30	(	(	PUNCT
cjfa-35415	214	31	hall	hall	NOUN
cjfa-35415	214	32	et	et	PROPN
cjfa-35415	214	33	al	al	PROPN
cjfa-35415	214	34	.	.	PROPN
cjfa-35415	214	35	,	,	PUNCT
cjfa-35415	214	36	2001	2001	NUM
cjfa-35415	214	37	)	)	PUNCT
cjfa-35415	214	38	.	.	PUNCT
cjfa-35415	215	1	second	second	ADJ
cjfa-35415	215	2	,	,	PUNCT
cjfa-35415	215	3	some	some	DET
cjfa-35415	215	4	firms	firm	NOUN
cjfa-35415	215	5	do	do	AUX
cjfa-35415	215	6	not	not	PART
cjfa-35415	215	7	file	file	VERB
cjfa-35415	215	8	patents	patent	NOUN
cjfa-35415	215	9	because	because	SCONJ
cjfa-35415	215	10	some	some	DET
cjfa-35415	215	11	innovations	innovation	NOUN
cjfa-35415	215	12	are	be	AUX
cjfa-35415	215	13	not	not	PART
cjfa-35415	215	14	patentable	patentable	ADJ
cjfa-35415	215	15	or	or	CCONJ
cjfa-35415	215	16	because	because	SCONJ
cjfa-35415	215	17	firms	firm	NOUN
cjfa-35415	215	18	want	want	VERB
cjfa-35415	215	19	to	to	PART
cjfa-35415	215	20	keep	keep	VERB
cjfa-35415	215	21	their	their	PRON
cjfa-35415	215	22	innovations	innovation	NOUN
cjfa-35415	215	23	secrets	secret	NOUN
cjfa-35415	215	24	.	.	PUNCT
cjfa-35415	216	1	nevertheless	nevertheless	ADV
cjfa-35415	216	2	,	,	PUNCT
cjfa-35415	216	3	we	we	PRON
cjfa-35415	216	4	believe	believe	VERB
cjfa-35415	216	5	that	that	SCONJ
cjfa-35415	216	6	empirical	empirical	ADJ
cjfa-35415	216	7	design	design	NOUN
cjfa-35415	216	8	with	with	ADP
cjfa-35415	216	9	an	an	DET
cjfa-35415	216	10	adequate	adequate	ADJ
cjfa-35415	216	11	control	control	NOUN
cjfa-35415	216	12	for	for	ADP
cjfa-35415	216	13	heterogeneity	heterogeneity	NOUN
cjfa-35415	216	14	will	will	AUX
cjfa-35415	216	15	mitigate	mitigate	VERB
cjfa-35415	216	16	these	these	DET
cjfa-35415	216	17	concerns	concern	NOUN
cjfa-35415	216	18	and	and	CCONJ
cjfa-35415	216	19	provide	provide	VERB
cjfa-35415	216	20	a	a	DET
cjfa-35415	216	21	sound	sound	ADJ
cjfa-35415	216	22	inference	inference	NOUN
cjfa-35415	216	23	.	.	PUNCT
cjfa-35415	217	1	following	follow	VERB
cjfa-35415	217	2	prior	prior	ADJ
cjfa-35415	217	3	literature	literature	NOUN
cjfa-35415	217	4	(	(	PUNCT
cjfa-35415	217	5	fang	fang	PROPN
cjfa-35415	217	6	,	,	PUNCT
cjfa-35415	217	7	tian	tian	PROPN
cjfa-35415	217	8	&	&	CCONJ
cjfa-35415	217	9	tice	tice	PROPN
cjfa-35415	217	10	,	,	PUNCT
cjfa-35415	217	11	2014	2014	NUM
cjfa-35415	217	12	;	;	PUNCT
cjfa-35415	217	13	atanassov	atanassov	VERB
cjfa-35415	217	14	,	,	PUNCT
cjfa-35415	217	15	2013	2013	NUM
cjfa-35415	217	16	)	)	PUNCT
cjfa-35415	217	17	,	,	PUNCT
cjfa-35415	217	18	we	we	PRON
cjfa-35415	217	19	control	control	VERB
cjfa-35415	217	20	for	for	ADP
cjfa-35415	217	21	the	the	DET
cjfa-35415	217	22	following	following	ADJ
cjfa-35415	217	23	variables	variable	NOUN
cjfa-35415	217	24	:	:	PUNCT
cjfa-35415	217	25	firm	firm	ADJ
cjfa-35415	217	26	size	size	NOUN
cjfa-35415	217	27	(	(	PUNCT
cjfa-35415	217	28	sizet	sizet	PROPN
cjfa-35415	217	29	)	)	PUNCT
cjfa-35415	217	30	,	,	PUNCT
cjfa-35415	217	31	firm	firm	ADJ
cjfa-35415	217	32	age	age	NOUN
cjfa-35415	217	33	(	(	PUNCT
cjfa-35415	217	34	aget	aget	PROPN
cjfa-35415	217	35	)	)	PUNCT
cjfa-35415	217	36	,	,	PUNCT
cjfa-35415	217	37	growth	growth	NOUN
cjfa-35415	217	38	opportunities	opportunity	NOUN
cjfa-35415	217	39	(	(	PUNCT
cjfa-35415	217	40	qt	qt	NOUN
cjfa-35415	217	41	)	)	PUNCT
cjfa-35415	217	42	,	,	PUNCT
cjfa-35415	217	43	leverage	leverage	NOUN
cjfa-35415	217	44	(	(	PUNCT
cjfa-35415	217	45	leveraget	leveraget	NOUN
cjfa-35415	217	46	)	)	PUNCT
cjfa-35415	217	47	,	,	PUNCT
cjfa-35415	217	48	tangibility	tangibility	NOUN
cjfa-35415	217	49	(	(	PUNCT
cjfa-35415	217	50	tangibilityt	tangibilityt	ADJ
cjfa-35415	217	51	)	)	PUNCT
cjfa-35415	217	52	,	,	PUNCT
cjfa-35415	217	53	and	and	CCONJ
cjfa-35415	217	54	profitability	profitability	NOUN
cjfa-35415	217	55	(	(	PUNCT
cjfa-35415	217	56	profitabilityt	profitabilityt	ADJ
cjfa-35415	217	57	)	)	PUNCT
cjfa-35415	217	58	.	.	PUNCT
cjfa-35415	218	1	appendix	appendix	VERB
cjfa-35415	218	2	a	a	DET
cjfa-35415	218	3	includes	include	VERB
cjfa-35415	218	4	detailed	detailed	ADJ
cjfa-35415	218	5	definitions	definition	NOUN
cjfa-35415	218	6	of	of	ADP
cjfa-35415	218	7	all	all	DET
cjfa-35415	218	8	variables	variable	NOUN
cjfa-35415	218	9	.	.	PUNCT
cjfa-35415	219	1	empirical	empirical	ADJ
cjfa-35415	219	2	designs	design	NOUN
cjfa-35415	219	3	to	to	PART
cjfa-35415	219	4	test	test	VERB
cjfa-35415	219	5	h1	h1	PROPN
cjfa-35415	219	6	,	,	PUNCT
cjfa-35415	219	7	we	we	PRON
cjfa-35415	219	8	run	run	VERB
cjfa-35415	219	9	the	the	DET
cjfa-35415	219	10	regression	regression	NOUN
cjfa-35415	219	11	using	use	VERB
cjfa-35415	219	12	equation	equation	NOUN
cjfa-35415	219	13	(	(	PUNCT
cjfa-35415	219	14	2	2	NUM
cjfa-35415	219	15	)	)	PUNCT
cjfa-35415	219	16	.	.	PUNCT
cjfa-35415	220	1	we	we	PRON
cjfa-35415	220	2	first	first	ADV
cjfa-35415	220	3	define	define	VERB
cjfa-35415	220	4	the	the	DET
cjfa-35415	220	5	dummy	dummy	ADJ
cjfa-35415	220	6	variable	variable	NOUN
cjfa-35415	220	7	,	,	PUNCT
cjfa-35415	220	8	d1981	d1981	PROPN
cjfa-35415	220	9	t	t	PROPN
cjfa-35415	220	10	,	,	PUNCT
cjfa-35415	220	11	to	to	PART
cjfa-35415	220	12	be	be	AUX
cjfa-35415	220	13	zero	zero	NUM
cjfa-35415	220	14	if	if	SCONJ
cjfa-35415	220	15	a	a	DET
cjfa-35415	220	16	firm	firm	ADJ
cjfa-35415	220	17	-	-	PUNCT
cjfa-35415	220	18	year	year	NOUN
cjfa-35415	220	19	is	be	AUX
cjfa-35415	220	20	before	before	ADP
cjfa-35415	220	21	1982	1982	NUM
cjfa-35415	220	22	,	,	PUNCT
cjfa-35415	220	23	and	and	CCONJ
cjfa-35415	220	24	one	one	NOUN
cjfa-35415	220	25	otherwise	otherwise	ADV
cjfa-35415	220	26	.	.	PUNCT
cjfa-35415	221	1	coefficients	coefficient	NOUN
cjfa-35415	221	2	of	of	ADP
cjfa-35415	221	3	d1981	d1981	PROPN
cjfa-35415	221	4	t	t	PROPN
cjfa-35415	221	5	indicate	indicate	VERB
cjfa-35415	221	6	how	how	SCONJ
cjfa-35415	221	7	the	the	DET
cjfa-35415	221	8	1981	1981	NUM
cjfa-35415	221	9	tax	tax	NOUN
cjfa-35415	221	10	credit	credit	NOUN
cjfa-35415	221	11	affects	affect	VERB
cjfa-35415	221	12	on	on	ADP
cjfa-35415	221	13	innovative	innovative	ADJ
cjfa-35415	221	14	efficiency	efficiency	NOUN
cjfa-35415	221	15	.	.	PUNCT
cjfa-35415	222	1	the	the	DET
cjfa-35415	222	2	regression	regression	NOUN
cjfa-35415	222	3	model	model	NOUN
cjfa-35415	222	4	includes	include	VERB
cjfa-35415	222	5	various	various	ADJ
cjfa-35415	222	6	control	control	NOUN
cjfa-35415	222	7	variables	variable	NOUN
cjfa-35415	222	8	and	and	CCONJ
cjfa-35415	222	9	controls	control	NOUN
cjfa-35415	222	10	for	for	ADP
cjfa-35415	222	11	year	year	NOUN
cjfa-35415	222	12	and	and	CCONJ
cjfa-35415	222	13	industry	industry	NOUN
cjfa-35415	222	14	fixed	fix	VERB
cjfa-35415	222	15	effects	effect	NOUN
cjfa-35415	222	16	.	.	PUNCT
cjfa-35415	223	1	=	=	NOUN
cjfa-35415	223	2	r&d	r&d	NOUN
cjfa-35415	223	3	spending	spending	NOUN
cjfa-35415	223	4	in	in	ADP
cjfa-35415	223	5	year	year	NOUN
cjfa-35415	223	6	m	m	NOUN
cjfa-35415	223	7	equation	equation	NOUN
cjfa-35415	223	8	(	(	PUNCT
cjfa-35415	223	9	1	1	X
cjfa-35415	223	10	)	)	PUNCT
cjfa-35415	223	11	shows	show	VERB
cjfa-35415	223	12	the	the	DET
cjfa-35415	223	13	first	first	ADJ
cjfa-35415	223	14	measure	measure	NOUN
cjfa-35415	223	15	of	of	ADP
cjfa-35415	223	16	innovative	innovative	ADJ
cjfa-35415	223	17	efficiency	efficiency	NOUN
cjfa-35415	223	18	.	.	PUNCT
cjfa-35415	224	1	it	it	PRON
cjfa-35415	224	2	is	be	AUX
cjfa-35415	224	3	defined	define	VERB
cjfa-35415	224	4	by	by	ADP
cjfa-35415	224	5	dividing	divide	VERB
cjfa-35415	224	6	successful	successful	ADJ
cjfa-35415	224	7	patent	patent	NOUN
cjfa-35415	224	8	applications	application	NOUN
cjfa-35415	224	9	to	to	PART
cjfa-35415	224	10	average	average	VERB
cjfa-35415	224	11	r&d	r&d	NOUN
cjfa-35415	224	12	spending	spending	NOUN
cjfa-35415	224	13	over	over	ADP
cjfa-35415	224	14	two	two	NUM
cjfa-35415	224	15	,	,	PUNCT
cjfa-35415	224	16	three	three	NUM
cjfa-35415	224	17	,	,	PUNCT
cjfa-35415	224	18	and	and	CCONJ
cjfa-35415	224	19	four	four	NUM
cjfa-35415	224	20	years	year	NOUN
cjfa-35415	224	21	prior	prior	ADV
cjfa-35415	224	22	to	to	ADP
cjfa-35415	224	23	patent	patent	NOUN
cjfa-35415	224	24	application	application	NOUN
cjfa-35415	224	25	.	.	PUNCT
cjfa-35415	225	1	this	this	DET
cjfa-35415	225	2	variable	variable	ADJ
cjfa-35415	225	3	design	design	NOUN
cjfa-35415	225	4	provides	provide	VERB
cjfa-35415	225	5	the	the	DET
cjfa-35415	225	6	best	good	ADJ
cjfa-35415	225	7	possible	possible	ADJ
cjfa-35415	225	8	match	match	NOUN
cjfa-35415	225	9	of	of	ADP
cjfa-35415	225	10	the	the	DET
cjfa-35415	225	11	aggregate	aggregate	ADJ
cjfa-35415	225	12	research	research	NOUN
cjfa-35415	225	13	spending	spending	NOUN
cjfa-35415	225	14	to	to	ADP
cjfa-35415	225	15	new	new	ADJ
cjfa-35415	225	16	patents	patent	NOUN
cjfa-35415	225	17	filed	file	VERB
cjfa-35415	225	18	in	in	ADP
cjfa-35415	225	19	a	a	DET
cjfa-35415	225	20	given	give	VERB
cjfa-35415	225	21	year	year	NOUN
cjfa-35415	225	22	.	.	PUNCT
cjfa-35415	226	1	we	we	PRON
cjfa-35415	226	2	construct	construct	VERB
cjfa-35415	226	3	variables	variable	NOUN
cjfa-35415	226	4	using	use	VERB
cjfa-35415	226	5	application	application	NOUN
cjfa-35415	226	6	year	year	NOUN
cjfa-35415	226	7	instead	instead	ADV
cjfa-35415	226	8	of	of	ADP
cjfa-35415	226	9	grant	grant	NOUN
cjfa-35415	226	10	year	year	NOUN
cjfa-35415	226	11	to	to	PART
cjfa-35415	226	12	better	well	ADV
cjfa-35415	226	13	reflect	reflect	VERB
cjfa-35415	226	14	the	the	DET
cjfa-35415	226	15	year	year	NOUN
cjfa-35415	226	16	of	of	ADP
cjfa-35415	226	17	innovation	innovation	NOUN
cjfa-35415	226	18	(	(	PUNCT
cjfa-35415	226	19	griliches	griliche	NOUN
cjfa-35415	226	20	,	,	PUNCT
cjfa-35415	226	21	pakes	pake	NOUN
cjfa-35415	226	22	&	&	CCONJ
cjfa-35415	226	23	hall	hall	NOUN
cjfa-35415	226	24	,	,	PUNCT
cjfa-35415	226	25	1987	1987	NUM
cjfa-35415	226	26	)	)	PUNCT
cjfa-35415	226	27	.	.	PUNCT
cjfa-35415	227	1	however	however	ADV
cjfa-35415	227	2	,	,	PUNCT
cjfa-35415	227	3	there	there	PRON
cjfa-35415	227	4	are	be	VERB
cjfa-35415	227	5	some	some	DET
cjfa-35415	227	6	drawbacks	drawback	NOUN
cjfa-35415	227	7	in	in	ADP
cjfa-35415	227	8	using	use	VERB
cjfa-35415	227	9	patenting	patent	VERB
cjfa-35415	227	10	activity	activity	NOUN
cjfa-35415	227	11	to	to	PART
cjfa-35415	227	12	study	study	VERB
cjfa-35415	227	13	innovation	innovation	NOUN
cjfa-35415	227	14	.	.	PUNCT
cjfa-35415	228	1	first	first	ADV
cjfa-35415	228	2	,	,	PUNCT
cjfa-35415	228	3	the	the	DET
cjfa-35415	228	4	nber	nber	PROPN
cjfa-35415	228	5	patent	patent	NOUN
cjfa-35415	228	6	database	database	NOUN
cjfa-35415	228	7	suffers	suffer	VERB
cjfa-35415	228	8	from	from	ADP
cjfa-35415	228	9	truncation	truncation	NOUN
cjfa-35415	228	10	bias	bias	NOUN
cjfa-35415	228	11	since	since	SCONJ
cjfa-35415	228	12	un	un	ADJ
cjfa-35415	228	13	-	-	ADJ
cjfa-35415	228	14	granted	grant	VERB
cjfa-35415	228	15	patents	patent	NOUN
cjfa-35415	228	16	are	be	AUX
cjfa-35415	228	17	excluded	exclude	VERB
cjfa-35415	228	18	.	.	PUNCT
cjfa-35415	229	1	on	on	ADP
cjfa-35415	229	2	average	average	ADJ
cjfa-35415	229	3	,	,	PUNCT
cjfa-35415	229	4	the	the	DET
cjfa-35415	229	5	gap	gap	NOUN
cjfa-35415	229	6	between	between	ADP
cjfa-35415	229	7	a	a	DET
cjfa-35415	229	8	patent	patent	NOUN
cjfa-35415	229	9	’s	’s	PART
cjfa-35415	229	10	application	application	NOUN
cjfa-35415	229	11	and	and	CCONJ
cjfa-35415	229	12	grant	grant	NOUN
cjfa-35415	229	13	years	year	NOUN
cjfa-35415	229	14	is	be	AUX
cjfa-35415	229	15	two	two	NUM
cjfa-35415	229	16	years	year	NOUN
cjfa-35415	229	17	.	.	PUNCT
cjfa-35415	230	1	it	it	PRON
cjfa-35415	230	2	is	be	AUX
cjfa-35415	230	3	thus	thus	ADV
cjfa-35415	230	4	not	not	PART
cjfa-35415	230	5	surprising	surprising	ADJ
cjfa-35415	230	6	that	that	SCONJ
cjfa-35415	230	7	there	there	PRON
cjfa-35415	230	8	are	be	VERB
cjfa-35415	230	9	more	more	ADJ
cjfa-35415	230	10	patents	patent	NOUN
cjfa-35415	230	11	in	in	ADP
cjfa-35415	230	12	earlier	early	ADJ
cjfa-35415	230	13	years	year	NOUN
cjfa-35415	230	14	in	in	ADP
cjfa-35415	230	15	the	the	DET
cjfa-35415	230	16	database	database	NOUN
cjfa-35415	230	17	.	.	PUNCT
cjfa-35415	231	1	to	to	PART
cjfa-35415	231	2	address	address	VERB
cjfa-35415	231	3	this	this	DET
cjfa-35415	231	4	issue	issue	NOUN
cjfa-35415	231	5	,	,	PUNCT
cjfa-35415	231	6	we	we	PRON
cjfa-35415	231	7	divide	divide	VERB
cjfa-35415	231	8	a	a	DET
cjfa-35415	231	9	firm	firm	NOUN
cjfa-35415	231	10	’s	’s	PART
cjfa-35415	231	11	total	total	ADJ
cjfa-35415	231	12	patents	patent	NOUN
cjfa-35415	231	13	in	in	ADP
cjfa-35415	231	14	a	a	DET
cjfa-35415	231	15	given	give	VERB
cjfa-35415	231	16	year	year	NOUN
cjfa-35415	231	17	by	by	ADP
cjfa-35415	231	18	the	the	DET
cjfa-35415	231	19	average	average	ADJ
cjfa-35415	231	20	number	number	NOUN
cjfa-35415	231	21	of	of	ADP
cjfa-35415	231	22	patents	patent	NOUN
cjfa-35415	231	23	in	in	ADP
cjfa-35415	231	24	the	the	DET
cjfa-35415	231	25	same	same	ADJ
cjfa-35415	231	26	year	year	NOUN
cjfa-35415	231	27	and	and	CCONJ
cjfa-35415	231	28	technology	technology	NOUN
cjfa-35415	231	29	class	class	NOUN
cjfa-35415	231	30	(	(	PUNCT
cjfa-35415	231	31	hall	hall	NOUN
cjfa-35415	231	32	et	et	PROPN
cjfa-35415	231	33	al	al	PROPN
cjfa-35415	231	34	.	.	PROPN
cjfa-35415	231	35	,	,	PUNCT
cjfa-35415	231	36	2001	2001	NUM
cjfa-35415	231	37	)	)	PUNCT
cjfa-35415	231	38	.	.	PUNCT
cjfa-35415	232	1	second	second	ADJ
cjfa-35415	232	2	,	,	PUNCT
cjfa-35415	232	3	some	some	DET
cjfa-35415	232	4	firms	firm	NOUN
cjfa-35415	232	5	do	do	AUX
cjfa-35415	232	6	not	not	PART
cjfa-35415	232	7	file	file	VERB
cjfa-35415	232	8	patents	patent	NOUN
cjfa-35415	232	9	because	because	SCONJ
cjfa-35415	232	10	some	some	DET
cjfa-35415	232	11	innovations	innovation	NOUN
cjfa-35415	232	12	are	be	AUX
cjfa-35415	232	13	not	not	PART
cjfa-35415	232	14	patentable	patentable	ADJ
cjfa-35415	232	15	or	or	CCONJ
cjfa-35415	232	16	because	because	SCONJ
cjfa-35415	232	17	firms	firm	NOUN
cjfa-35415	232	18	want	want	VERB
cjfa-35415	232	19	to	to	PART
cjfa-35415	232	20	keep	keep	VERB
cjfa-35415	232	21	their	their	PRON
cjfa-35415	232	22	innovations	innovation	NOUN
cjfa-35415	232	23	secrets	secret	NOUN
cjfa-35415	232	24	.	.	PUNCT
cjfa-35415	233	1	nevertheless	nevertheless	ADV
cjfa-35415	233	2	,	,	PUNCT
cjfa-35415	233	3	we	we	PRON
cjfa-35415	233	4	believe	believe	VERB
cjfa-35415	233	5	that	that	SCONJ
cjfa-35415	233	6	empirical	empirical	ADJ
cjfa-35415	233	7	design	design	NOUN
cjfa-35415	233	8	with	with	ADP
cjfa-35415	233	9	an	an	DET
cjfa-35415	233	10	adequate	adequate	ADJ
cjfa-35415	233	11	control	control	NOUN
cjfa-35415	233	12	for	for	ADP
cjfa-35415	233	13	heterogeneity	heterogeneity	NOUN
cjfa-35415	233	14	will	will	AUX
cjfa-35415	233	15	mitigate	mitigate	VERB
cjfa-35415	233	16	these	these	DET
cjfa-35415	233	17	concerns	concern	NOUN
cjfa-35415	233	18	and	and	CCONJ
cjfa-35415	233	19	provide	provide	VERB
cjfa-35415	233	20	a	a	DET
cjfa-35415	233	21	sound	sound	ADJ
cjfa-35415	233	22	inference	inference	NOUN
cjfa-35415	233	23	.	.	PUNCT
cjfa-35415	234	1	following	follow	VERB
cjfa-35415	234	2	prior	prior	ADJ
cjfa-35415	234	3	literature	literature	NOUN
cjfa-35415	234	4	(	(	PUNCT
cjfa-35415	234	5	fang	fang	PROPN
cjfa-35415	234	6	,	,	PUNCT
cjfa-35415	234	7	tian	tian	PROPN
cjfa-35415	234	8	&	&	CCONJ
cjfa-35415	234	9	tice	tice	PROPN
cjfa-35415	234	10	,	,	PUNCT
cjfa-35415	234	11	2014	2014	NUM
cjfa-35415	234	12	;	;	PUNCT
cjfa-35415	234	13	atanassov	atanassov	VERB
cjfa-35415	234	14	,	,	PUNCT
cjfa-35415	234	15	2013	2013	NUM
cjfa-35415	234	16	)	)	PUNCT
cjfa-35415	234	17	,	,	PUNCT
cjfa-35415	234	18	we	we	PRON
cjfa-35415	234	19	control	control	VERB
cjfa-35415	234	20	for	for	ADP
cjfa-35415	234	21	the	the	DET
cjfa-35415	234	22	following	following	ADJ
cjfa-35415	234	23	variables	variable	NOUN
cjfa-35415	234	24	:	:	PUNCT
cjfa-35415	234	25	firm	firm	ADJ
cjfa-35415	234	26	size	size	NOUN
cjfa-35415	234	27	(	(	PUNCT
cjfa-35415	234	28	sizet	sizet	PROPN
cjfa-35415	234	29	)	)	PUNCT
cjfa-35415	234	30	,	,	PUNCT
cjfa-35415	234	31	firm	firm	ADJ
cjfa-35415	234	32	age	age	NOUN
cjfa-35415	234	33	(	(	PUNCT
cjfa-35415	234	34	aget	aget	PROPN
cjfa-35415	234	35	)	)	PUNCT
cjfa-35415	234	36	,	,	PUNCT
cjfa-35415	234	37	growth	growth	NOUN
cjfa-35415	234	38	opportunities	opportunity	NOUN
cjfa-35415	234	39	(	(	PUNCT
cjfa-35415	234	40	qt	qt	NOUN
cjfa-35415	234	41	)	)	PUNCT
cjfa-35415	234	42	,	,	PUNCT
cjfa-35415	234	43	leverage	leverage	NOUN
cjfa-35415	234	44	(	(	PUNCT
cjfa-35415	234	45	leveraget	leveraget	NOUN
cjfa-35415	234	46	)	)	PUNCT
cjfa-35415	234	47	,	,	PUNCT
cjfa-35415	234	48	tangibility	tangibility	NOUN
cjfa-35415	234	49	(	(	PUNCT
cjfa-35415	234	50	tangibilityt	tangibilityt	ADJ
cjfa-35415	234	51	)	)	PUNCT
cjfa-35415	234	52	,	,	PUNCT
cjfa-35415	234	53	and	and	CCONJ
cjfa-35415	234	54	profitability	profitability	NOUN
cjfa-35415	234	55	(	(	PUNCT
cjfa-35415	234	56	profitabilityt	profitabilityt	ADJ
cjfa-35415	234	57	)	)	PUNCT
cjfa-35415	234	58	.	.	PUNCT
cjfa-35415	235	1	appendix	appendix	VERB
cjfa-35415	235	2	a	a	DET
cjfa-35415	235	3	includes	include	VERB
cjfa-35415	235	4	detailed	detailed	ADJ
cjfa-35415	235	5	definitions	definition	NOUN
cjfa-35415	235	6	of	of	ADP
cjfa-35415	235	7	all	all	DET
cjfa-35415	235	8	variables	variable	NOUN
cjfa-35415	235	9	.	.	PUNCT
cjfa-35415	236	1	zhaochu	zhaochu	X
cjfa-35415	236	2	li36	li36	PROPN
cjfa-35415	236	3	empirical	empirical	ADJ
cjfa-35415	236	4	designs	design	NOUN
cjfa-35415	236	5	to	to	PART
cjfa-35415	236	6	test	test	VERB
cjfa-35415	236	7	h1	h1	PROPN
cjfa-35415	236	8	,	,	PUNCT
cjfa-35415	236	9	we	we	PRON
cjfa-35415	236	10	run	run	VERB
cjfa-35415	236	11	the	the	DET
cjfa-35415	236	12	regression	regression	NOUN
cjfa-35415	236	13	using	use	VERB
cjfa-35415	236	14	equation	equation	NOUN
cjfa-35415	236	15	(	(	PUNCT
cjfa-35415	236	16	2	2	NUM
cjfa-35415	236	17	)	)	PUNCT
cjfa-35415	236	18	.	.	PUNCT
cjfa-35415	237	1	we	we	PRON
cjfa-35415	237	2	first	first	ADV
cjfa-35415	237	3	define	define	VERB
cjfa-35415	237	4	the	the	DET
cjfa-35415	237	5	dummy	dummy	ADJ
cjfa-35415	237	6	variable	variable	NOUN
cjfa-35415	237	7	,	,	PUNCT
cjfa-35415	237	8	d1981	d1981	PROPN
cjfa-35415	237	9	t	t	PROPN
cjfa-35415	237	10	,	,	PUNCT
cjfa-35415	237	11	to	to	PART
cjfa-35415	237	12	be	be	AUX
cjfa-35415	237	13	zero	zero	NUM
cjfa-35415	237	14	if	if	SCONJ
cjfa-35415	237	15	a	a	DET
cjfa-35415	237	16	firm	firm	ADJ
cjfa-35415	237	17	-	-	PUNCT
cjfa-35415	237	18	year	year	NOUN
cjfa-35415	237	19	is	be	AUX
cjfa-35415	237	20	before	before	ADP
cjfa-35415	237	21	1982	1982	NUM
cjfa-35415	237	22	,	,	PUNCT
cjfa-35415	237	23	and	and	CCONJ
cjfa-35415	237	24	one	one	NOUN
cjfa-35415	237	25	otherwise	otherwise	ADV
cjfa-35415	237	26	.	.	PUNCT
cjfa-35415	238	1	coefficients	coefficient	NOUN
cjfa-35415	238	2	of	of	ADP
cjfa-35415	238	3	d1981	d1981	PROPN
cjfa-35415	238	4	t	t	PROPN
cjfa-35415	238	5	indicate	indicate	VERB
cjfa-35415	238	6	how	how	SCONJ
cjfa-35415	238	7	the	the	DET
cjfa-35415	238	8	1981	1981	NUM
cjfa-35415	238	9	tax	tax	NOUN
cjfa-35415	238	10	credit	credit	NOUN
cjfa-35415	238	11	affects	affect	VERB
cjfa-35415	238	12	on	on	ADP
cjfa-35415	238	13	innovative	innovative	ADJ
cjfa-35415	238	14	efficiency	efficiency	NOUN
cjfa-35415	238	15	.	.	PUNCT
cjfa-35415	239	1	the	the	DET
cjfa-35415	239	2	regression	regression	NOUN
cjfa-35415	239	3	model	model	NOUN
cjfa-35415	239	4	includes	include	VERB
cjfa-35415	239	5	various	various	ADJ
cjfa-35415	239	6	control	control	NOUN
cjfa-35415	239	7	variables	variable	NOUN
cjfa-35415	239	8	and	and	CCONJ
cjfa-35415	239	9	controls	control	NOUN
cjfa-35415	239	10	for	for	ADP
cjfa-35415	239	11	year	year	NOUN
cjfa-35415	239	12	and	and	CCONJ
cjfa-35415	239	13	industry	industry	NOUN
cjfa-35415	239	14	fixed	fix	VERB
cjfa-35415	239	15	effects	effect	NOUN
cjfa-35415	239	16	.	.	PUNCT
cjfa-35415	240	1	innovative	innovative	ADJ
cjfa-35415	240	2	efficiencyt	efficiencyt	PROPN
cjfa-35415	240	3	=	=	PUNCT
cjfa-35415	240	4	β0	β0	PROPN
cjfa-35415	240	5	+	+	CCONJ
cjfa-35415	240	6	β1×d1981	β1×d1981	NOUN
cjfa-35415	240	7	t	t	NOUN
cjfa-35415	240	8	+	+	CCONJ
cjfa-35415	240	9	∑	∑	PROPN
cjfa-35415	240	10	β	β	X
cjfa-35415	240	11	×	×	PROPN
cjfa-35415	240	12	control	control	NOUN
cjfa-35415	240	13	variablest	variable	ADJ
cjfa-35415	241	1	+	+	CCONJ
cjfa-35415	241	2	εt	εt	PROPN
cjfa-35415	241	3	(	(	PUNCT
cjfa-35415	241	4	2	2	NUM
cjfa-35415	241	5	)	)	PUNCT
cjfa-35415	241	6	to	to	PART
cjfa-35415	241	7	test	test	VERB
cjfa-35415	241	8	h2	h2	PROPN
cjfa-35415	241	9	,	,	PUNCT
cjfa-35415	241	10	we	we	PRON
cjfa-35415	241	11	run	run	VERB
cjfa-35415	241	12	the	the	DET
cjfa-35415	241	13	regression	regression	NOUN
cjfa-35415	241	14	using	use	VERB
cjfa-35415	241	15	equation	equation	NOUN
cjfa-35415	241	16	(	(	PUNCT
cjfa-35415	241	17	3	3	NUM
cjfa-35415	241	18	)	)	PUNCT
cjfa-35415	241	19	.	.	PUNCT
cjfa-35415	242	1	we	we	PRON
cjfa-35415	242	2	measure	measure	VERB
cjfa-35415	242	3	industry	industry	NOUN
cjfa-35415	242	4	competition	competition	NOUN
cjfa-35415	242	5	using	use	VERB
cjfa-35415	242	6	the	the	DET
cjfa-35415	242	7	herfindahl	herfindahl	PROPN
cjfa-35415	242	8	index	index	PROPN
cjfa-35415	242	9	,	,	PUNCT
cjfa-35415	242	10	hindext	hindext	PROPN
cjfa-35415	242	11	.	.	PUNCT
cjfa-35415	243	1	the	the	DET
cjfa-35415	243	2	formula	formula	NOUN
cjfa-35415	243	3	for	for	ADP
cjfa-35415	243	4	the	the	DET
cjfa-35415	243	5	hindext	hindext	NOUN
cjfa-35415	243	6	is	be	AUX
cjfa-35415	243	7	in	in	ADP
cjfa-35415	243	8	equation	equation	NOUN
cjfa-35415	243	9	(	(	PUNCT
cjfa-35415	243	10	2	2	NUM
cjfa-35415	243	11	)	)	PUNCT
cjfa-35415	243	12	.	.	PUNCT
cjfa-35415	244	1	higher	high	ADJ
cjfa-35415	244	2	hindext	hindext	PROPN
cjfa-35415	244	3	indicates	indicate	VERB
cjfa-35415	244	4	higher	high	ADJ
cjfa-35415	244	5	industry	industry	NOUN
cjfa-35415	244	6	competition	competition	NOUN
cjfa-35415	244	7	.	.	PUNCT
cjfa-35415	245	1	we	we	PRON
cjfa-35415	245	2	use	use	VERB
cjfa-35415	245	3	4	4	NUM
cjfa-35415	245	4	-	-	PUNCT
cjfa-35415	245	5	digit	digit	NOUN
cjfa-35415	245	6	sic	sic	ADJ
cjfa-35415	245	7	codes	code	NOUN
cjfa-35415	245	8	for	for	ADP
cjfa-35415	245	9	industry	industry	NOUN
cjfa-35415	245	10	classification	classification	NOUN
cjfa-35415	245	11	and	and	CCONJ
cjfa-35415	245	12	compute	compute	VERB
cjfa-35415	245	13	this	this	DET
cjfa-35415	245	14	index	index	NOUN
cjfa-35415	245	15	using	use	VERB
cjfa-35415	245	16	all	all	DET
cjfa-35415	245	17	available	available	ADJ
cjfa-35415	245	18	data	datum	NOUN
cjfa-35415	245	19	from	from	ADP
cjfa-35415	245	20	compustat	compustat	NOUN
cjfa-35415	245	21	.	.	PUNCT
cjfa-35415	246	1	we	we	PRON
cjfa-35415	246	2	also	also	ADV
cjfa-35415	246	3	calculate	calculate	VERB
cjfa-35415	246	4	hindex2	hindex2	PROPN
cjfa-35415	246	5	t	t	PROPN
cjfa-35415	246	6	,	,	PUNCT
cjfa-35415	246	7	the	the	DET
cjfa-35415	246	8	square	square	NOUN
cjfa-35415	246	9	of	of	ADP
cjfa-35415	246	10	hindext	hindext	NOUN
cjfa-35415	246	11	,	,	PUNCT
cjfa-35415	246	12	to	to	PART
cjfa-35415	246	13	control	control	VERB
cjfa-35415	246	14	for	for	ADP
cjfa-35415	246	15	any	any	DET
cjfa-35415	246	16	non	non	ADJ
cjfa-35415	246	17	-	-	ADJ
cjfa-35415	246	18	linear	linear	ADJ
cjfa-35415	246	19	nature	nature	NOUN
cjfa-35415	246	20	of	of	ADP
cjfa-35415	246	21	this	this	DET
cjfa-35415	246	22	index	index	NOUN
cjfa-35415	246	23	.	.	PUNCT
cjfa-35415	247	1	coefficients	coefficient	NOUN
cjfa-35415	247	2	of	of	ADP
cjfa-35415	247	3	hindext	hindext	PROPN
cjfa-35415	247	4	indicate	indicate	VERB
cjfa-35415	247	5	the	the	DET
cjfa-35415	247	6	effect	effect	NOUN
cjfa-35415	247	7	of	of	ADP
cjfa-35415	247	8	industry	industry	NOUN
cjfa-35415	247	9	competition	competition	NOUN
cjfa-35415	247	10	on	on	ADP
cjfa-35415	247	11	any	any	DET
cjfa-35415	247	12	change	change	NOUN
cjfa-35415	247	13	in	in	ADP
cjfa-35415	247	14	innovative	innovative	ADJ
cjfa-35415	247	15	efficiency	efficiency	NOUN
cjfa-35415	247	16	,	,	PUNCT
cjfa-35415	247	17	regardless	regardless	ADV
cjfa-35415	247	18	of	of	ADP
cjfa-35415	247	19	any	any	DET
cjfa-35415	247	20	r&d	r&d	NOUN
cjfa-35415	247	21	tax	tax	NOUN
cjfa-35415	247	22	credit	credit	NOUN
cjfa-35415	247	23	.	.	PUNCT
cjfa-35415	248	1	d1981	d1981	PROPN
cjfa-35415	248	2	t	t	PROPN
cjfa-35415	248	3	×	×	PROPN
cjfa-35415	248	4	hindext	hindext	PROPN
cjfa-35415	248	5	is	be	AUX
cjfa-35415	248	6	an	an	DET
cjfa-35415	248	7	interaction	interaction	NOUN
cjfa-35415	248	8	variable	variable	NOUN
cjfa-35415	248	9	as	as	ADP
cjfa-35415	248	10	the	the	DET
cjfa-35415	248	11	product	product	NOUN
cjfa-35415	248	12	of	of	ADP
cjfa-35415	248	13	d1981	d1981	PROPN
cjfa-35415	248	14	t	t	PROPN
cjfa-35415	248	15	and	and	CCONJ
cjfa-35415	248	16	hindext	hindext	PROPN
cjfa-35415	248	17	,	,	PUNCT
cjfa-35415	248	18	and	and	CCONJ
cjfa-35415	248	19	is	be	AUX
cjfa-35415	248	20	the	the	DET
cjfa-35415	248	21	variable	variable	NOUN
cjfa-35415	248	22	of	of	ADP
cjfa-35415	248	23	interest	interest	NOUN
cjfa-35415	248	24	.	.	PUNCT
cjfa-35415	249	1	coefficients	coefficient	NOUN
cjfa-35415	249	2	of	of	ADP
cjfa-35415	249	3	d1981	d1981	PROPN
cjfa-35415	249	4	t	t	PROPN
cjfa-35415	249	5	×	×	PROPN
cjfa-35415	249	6	hindext	hindext	NOUN
cjfa-35415	249	7	indicate	indicate	VERB
cjfa-35415	249	8	any	any	DET
cjfa-35415	249	9	incremental	incremental	ADJ
cjfa-35415	249	10	impact	impact	NOUN
cjfa-35415	249	11	of	of	ADP
cjfa-35415	249	12	industry	industry	NOUN
cjfa-35415	249	13	competition	competition	NOUN
cjfa-35415	249	14	on	on	ADP
cjfa-35415	249	15	innovative	innovative	ADJ
cjfa-35415	249	16	efficiency	efficiency	NOUN
cjfa-35415	249	17	after	after	SCONJ
cjfa-35415	249	18	the	the	DET
cjfa-35415	249	19	tax	tax	NOUN
cjfa-35415	249	20	credit	credit	NOUN
cjfa-35415	249	21	becomes	become	VERB
cjfa-35415	249	22	available	available	ADJ
cjfa-35415	249	23	.	.	PUNCT
cjfa-35415	250	1	innovative	innovative	ADJ
cjfa-35415	250	2	efficiencyt	efficiencyt	PROPN
cjfa-35415	250	3	=	=	PUNCT
cjfa-35415	250	4	β0	β0	PROPN
cjfa-35415	250	5	+	+	CCONJ
cjfa-35415	250	6	β1×d1981	β1×d1981	NOUN
cjfa-35415	250	7	t	t	NOUN
cjfa-35415	250	8	+	+	X
cjfa-35415	250	9	β2×d1981t×hindext	β2×d1981t×hindext	PROPN
cjfa-35415	251	1	+	+	CCONJ
cjfa-35415	251	2	β3×hindext	β3×hindext	ADP
cjfa-35415	251	3	+	+	NUM
cjfa-35415	251	4	β4×hindex2	β4×hindex2	ADJ
cjfa-35415	251	5	t	t	NOUN
cjfa-35415	251	6	+	+	CCONJ
cjfa-35415	251	7	∑β×control	∑β×control	ADV
cjfa-35415	251	8	variablest	variable	ADJ
cjfa-35415	252	1	+	+	CCONJ
cjfa-35415	252	2	εt	εt	PROPN
cjfa-35415	252	3	(	(	PUNCT
cjfa-35415	252	4	3	3	X
cjfa-35415	252	5	)	)	PUNCT
cjfa-35415	252	6	𝐻𝐻𝐻𝐻𝐻𝐻𝐻𝐻𝐻𝐻𝐻𝐻	𝐻𝐻𝐻𝐻𝐻𝐻𝐻𝐻𝐻𝐻𝐻𝐻	PROPN
cjfa-35415	252	7	�	�	PROPN
cjfa-35415	252	8	�	�	PROPN
cjfa-35415	252	9	�	�	PROPN
cjfa-35415	252	10	�	�	PROPN
cjfa-35415	252	11	�	�	PROPN
cjfa-35415	252	12	�	�	PROPN
cjfa-35415	252	13	�	�	PROPN
cjfa-35415	252	14	�	�	PROPN
cjfa-35415	252	15	�	�	PROPN
cjfa-35415	252	16	�	�	PROPN
cjfa-35415	252	17	�	�	PROPN
cjfa-35415	252	18	∑	∑	PUNCT
cjfa-35415	252	19	�	�	PROPN
cjfa-35415	252	20	�	�	PROPN
cjfa-35415	252	21	�	�	PROPN
cjfa-35415	252	22	�	�	PROPN
cjfa-35415	252	23	�	�	PROPN
cjfa-35415	252	24	�	�	PROPN
cjfa-35415	252	25	�	�	PROPN
cjfa-35415	252	26	�	�	PROPN
cjfa-35415	252	27	�	�	PROPN
cjfa-35415	252	28	�	�	PROPN
cjfa-35415	252	29	�	�	PROPN
cjfa-35415	252	30	�	�	PROPN
cjfa-35415	252	31	�	�	PROPN
cjfa-35415	252	32	�	�	PROPN
cjfa-35415	252	33	�	�	PROPN
cjfa-35415	252	34	�	�	PROPN
cjfa-35415	252	35	(	(	PUNCT
cjfa-35415	252	36	4	4	NUM
cjfa-35415	252	37	)	)	PUNCT
cjfa-35415	252	38	results	result	NOUN
cjfa-35415	252	39	of	of	ADP
cjfa-35415	252	40	the	the	DET
cjfa-35415	252	41	research	research	NOUN
cjfa-35415	252	42	process	process	NOUN
cjfa-35415	252	43	summary	summary	NOUN
cjfa-35415	252	44	statistics	statistic	NOUN
cjfa-35415	252	45	are	be	AUX
cjfa-35415	252	46	presented	present	VERB
cjfa-35415	252	47	in	in	ADP
cjfa-35415	252	48	table	table	NOUN
cjfa-35415	252	49	1	1	NUM
cjfa-35415	252	50	.	.	PUNCT
cjfa-35415	253	1	panel	panel	NOUN
cjfa-35415	253	2	a	a	DET
cjfa-35415	253	3	reports	report	NOUN
cjfa-35415	253	4	the	the	DET
cjfa-35415	253	5	summary	summary	NOUN
cjfa-35415	253	6	statistics	statistic	NOUN
cjfa-35415	253	7	of	of	ADP
cjfa-35415	253	8	the	the	DET
cjfa-35415	253	9	dependent	dependent	ADJ
cjfa-35415	253	10	variables	variable	NOUN
cjfa-35415	253	11	.	.	PUNCT
cjfa-35415	254	1	on	on	ADP
cjfa-35415	254	2	average	average	ADJ
cjfa-35415	254	3	,	,	PUNCT
cjfa-35415	254	4	$	$	SYM
cjfa-35415	254	5	1	1	NUM
cjfa-35415	254	6	million	million	NUM
cjfa-35415	254	7	annual	annual	ADJ
cjfa-35415	254	8	increase	increase	NOUN
cjfa-35415	254	9	in	in	ADP
cjfa-35415	254	10	r&d	r&d	NOUN
cjfa-35415	254	11	spending	spending	NOUN
cjfa-35415	254	12	in	in	ADP
cjfa-35415	254	13	the	the	DET
cjfa-35415	254	14	last	last	ADJ
cjfa-35415	254	15	two	two	NUM
cjfa-35415	254	16	,	,	PUNCT
cjfa-35415	254	17	three	three	NUM
cjfa-35415	254	18	,	,	PUNCT
cjfa-35415	254	19	and	and	CCONJ
cjfa-35415	254	20	four	four	NUM
cjfa-35415	254	21	years	year	NOUN
cjfa-35415	254	22	leads	lead	VERB
cjfa-35415	254	23	to	to	ADP
cjfa-35415	254	24	2.133	2.133	NUM
cjfa-35415	254	25	,	,	PUNCT
cjfa-35415	254	26	3.269	3.269	NUM
cjfa-35415	254	27	,	,	PUNCT
cjfa-35415	254	28	and	and	CCONJ
cjfa-35415	254	29	4.635	4.635	NUM
cjfa-35415	254	30	new	new	ADJ
cjfa-35415	254	31	patents	patent	NOUN
cjfa-35415	254	32	.	.	PUNCT
cjfa-35415	255	1	panel	panel	NOUN
cjfa-35415	255	2	b	b	PROPN
cjfa-35415	255	3	reports	report	VERB
cjfa-35415	255	4	the	the	DET
cjfa-35415	255	5	descriptive	descriptive	ADJ
cjfa-35415	255	6	statistics	statistic	NOUN
cjfa-35415	255	7	for	for	ADP
cjfa-35415	255	8	variables	variable	NOUN
cjfa-35415	255	9	of	of	ADP
cjfa-35415	255	10	interest	interest	NOUN
cjfa-35415	255	11	.	.	PUNCT
cjfa-35415	256	1	the	the	DET
cjfa-35415	256	2	mean	mean	NOUN
cjfa-35415	256	3	of	of	ADP
cjfa-35415	256	4	d1981	d1981	PROPN
cjfa-35415	256	5	t	t	PROPN
cjfa-35415	256	6	is	be	AUX
cjfa-35415	256	7	0.902	0.902	NUM
cjfa-35415	256	8	and	and	CCONJ
cjfa-35415	256	9	suggests	suggest	VERB
cjfa-35415	256	10	that	that	SCONJ
cjfa-35415	256	11	about	about	ADV
cjfa-35415	256	12	90	90	NUM
cjfa-35415	256	13	%	%	NOUN
cjfa-35415	256	14	of	of	ADP
cjfa-35415	256	15	firm	firm	ADJ
cjfa-35415	256	16	-	-	PUNCT
cjfa-35415	256	17	year	year	NOUN
cjfa-35415	256	18	observations	observation	NOUN
cjfa-35415	256	19	occur	occur	VERB
cjfa-35415	256	20	after	after	ADP
cjfa-35415	256	21	the	the	DET
cjfa-35415	256	22	inception	inception	NOUN
cjfa-35415	256	23	of	of	ADP
cjfa-35415	256	24	the	the	DET
cjfa-35415	256	25	tax	tax	NOUN
cjfa-35415	256	26	credit	credit	NOUN
cjfa-35415	256	27	.	.	PUNCT
cjfa-35415	257	1	the	the	DET
cjfa-35415	257	2	average	average	ADJ
cjfa-35415	257	3	market	market	NOUN
cjfa-35415	257	4	competition	competition	NOUN
cjfa-35415	257	5	level	level	NOUN
cjfa-35415	257	6	is	be	AUX
cjfa-35415	257	7	14.8	14.8	NUM
cjfa-35415	257	8	%	%	NOUN
cjfa-35415	257	9	.	.	PUNCT
cjfa-35415	258	1	panel	panel	NOUN
cjfa-35415	258	2	c	c	PROPN
cjfa-35415	258	3	reports	report	VERB
cjfa-35415	258	4	the	the	DET
cjfa-35415	258	5	summary	summary	NOUN
cjfa-35415	258	6	statistics	statistic	NOUN
cjfa-35415	258	7	of	of	ADP
cjfa-35415	258	8	the	the	DET
cjfa-35415	258	9	control	control	NOUN
cjfa-35415	258	10	variables	variable	NOUN
cjfa-35415	258	11	.	.	PUNCT
cjfa-35415	259	1	on	on	ADP
cjfa-35415	259	2	average	average	ADJ
cjfa-35415	259	3	,	,	PUNCT
cjfa-35415	259	4	firms	firm	NOUN
cjfa-35415	259	5	have	have	VERB
cjfa-35415	259	6	a	a	DET
cjfa-35415	259	7	leverage	leverage	NOUN
cjfa-35415	259	8	ratio	ratio	NOUN
cjfa-35415	259	9	of	of	ADP
cjfa-35415	259	10	0.188	0.188	NUM
cjfa-35415	259	11	,	,	PUNCT
cjfa-35415	259	12	a	a	DET
cjfa-35415	259	13	net	net	ADJ
cjfa-35415	259	14	ppe	ppe	NOUN
cjfa-35415	259	15	to	to	PART
cjfa-35415	259	16	total	total	VERB
cjfa-35415	259	17	asset	asset	NOUN
cjfa-35415	259	18	ratio	ratio	NOUN
cjfa-35415	259	19	of	of	ADP
cjfa-35415	259	20	0.335	0.335	NUM
cjfa-35415	259	21	,	,	PUNCT
cjfa-35415	259	22	a	a	DET
cjfa-35415	259	23	profit	profit	NOUN
cjfa-35415	259	24	margin	margin	NOUN
cjfa-35415	259	25	of	of	ADP
cjfa-35415	259	26	0.154	0.154	NUM
cjfa-35415	259	27	,	,	PUNCT
cjfa-35415	259	28	a	a	DET
cjfa-35415	259	29	tobin	tobin	NOUN
cjfa-35415	259	30	's	's	PART
cjfa-35415	259	31	q	q	NOUN
cjfa-35415	259	32	of	of	ADP
cjfa-35415	259	33	1.152	1.152	NUM
cjfa-35415	259	34	,	,	PUNCT
cjfa-35415	259	35	and	and	CCONJ
cjfa-35415	259	36	have	have	AUX
cjfa-35415	259	37	been	be	AUX
cjfa-35415	259	38	publicly	publicly	ADV
cjfa-35415	259	39	traded	trade	VERB
cjfa-35415	259	40	for	for	ADP
cjfa-35415	259	41	31	31	NUM
cjfa-35415	259	42	years	year	NOUN
cjfa-35415	259	43	.	.	PUNCT
cjfa-35415	260	1	table	table	NOUN
cjfa-35415	260	2	1	1	NUM
cjfa-35415	260	3	.	.	PUNCT
cjfa-35415	261	1	summary	summary	NOUN
cjfa-35415	261	2	statistics	statistic	NOUN
cjfa-35415	261	3	variable	variable	NOUN
cjfa-35415	261	4	mean	mean	VERB
cjfa-35415	261	5	sd	sd	ADP
cjfa-35415	261	6	p25	p25	NOUN
cjfa-35415	261	7	p50	p50	NOUN
cjfa-35415	261	8	p75	p75	NOUN
cjfa-35415	261	9	n	n	PROPN
cjfa-35415	261	10	panel	panel	NOUN
cjfa-35415	261	11	a	a	DET
cjfa-35415	261	12	:	:	PUNCT
cjfa-35415	261	13	dependent	dependent	ADJ
cjfa-35415	261	14	variables	variable	NOUN
cjfa-35415	261	15	:	:	PUNCT
cjfa-35415	261	16	innovative	innovative	ADJ
cjfa-35415	261	17	efficiency	efficiency	NOUN
cjfa-35415	261	18	pat_rdt-2,t-1	pat_rdt-2,t-1	PROPN
cjfa-35415	261	19	-0.217	-0.217	PUNCT
cjfa-35415	261	20	1.270	1.270	NUM
cjfa-35415	261	21	-1.014	-1.014	PROPN
cjfa-35415	261	22	-0.219	-0.219	NUM
cjfa-35415	261	23	0.608	0.608	NUM
cjfa-35415	261	24	16,251	16,251	NUM
cjfa-35415	261	25	pat_rdt-3,t-1	pat_rdt-3,t-1	NOUN
cjfa-35415	261	26	0.245	0.245	NUM
cjfa-35415	261	27	1.265	1.265	NUM
cjfa-35415	261	28	-0.543	-0.543	NOUN
cjfa-35415	261	29	0.241	0.241	NUM
cjfa-35415	261	30	1.166	1.166	NUM
cjfa-35415	261	31	16,251	16,251	NUM
cjfa-35415	261	32	pat_rdt-4,t-1	pat_rdt-4,t-1	NOUN
cjfa-35415	261	33	0.559	0.559	NUM
cjfa-35415	261	34	1.278	1.278	NUM
cjfa-35415	261	35	-0.272	-0.272	NOUN
cjfa-35415	261	36	0.550	0.550	NUM
cjfa-35415	261	37	1.502	1.502	NUM
cjfa-35415	261	38	16,251	16,251	NUM
cjfa-35415	261	39	panel	panel	NOUN
cjfa-35415	261	40	b	b	NOUN
cjfa-35415	261	41	:	:	PUNCT
cjfa-35415	261	42	variables	variable	NOUN
cjfa-35415	261	43	of	of	ADP
cjfa-35415	261	44	interest	interest	NOUN
cjfa-35415	261	45	(	(	PUNCT
cjfa-35415	261	46	2	2	NUM
cjfa-35415	261	47	)	)	PUNCT
cjfa-35415	261	48	to	to	PART
cjfa-35415	261	49	test	test	VERB
cjfa-35415	261	50	h2	h2	PROPN
cjfa-35415	261	51	,	,	PUNCT
cjfa-35415	261	52	we	we	PRON
cjfa-35415	261	53	run	run	VERB
cjfa-35415	261	54	the	the	DET
cjfa-35415	261	55	regression	regression	NOUN
cjfa-35415	261	56	using	use	VERB
cjfa-35415	261	57	equation	equation	NOUN
cjfa-35415	261	58	(	(	PUNCT
cjfa-35415	261	59	3	3	NUM
cjfa-35415	261	60	)	)	PUNCT
cjfa-35415	261	61	.	.	PUNCT
cjfa-35415	262	1	we	we	PRON
cjfa-35415	262	2	measure	measure	VERB
cjfa-35415	262	3	industry	industry	NOUN
cjfa-35415	262	4	competition	competition	NOUN
cjfa-35415	262	5	using	use	VERB
cjfa-35415	262	6	the	the	DET
cjfa-35415	262	7	herfindahl	herfindahl	PROPN
cjfa-35415	262	8	index	index	PROPN
cjfa-35415	262	9	,	,	PUNCT
cjfa-35415	262	10	hindext	hindext	PROPN
cjfa-35415	262	11	.	.	PUNCT
cjfa-35415	263	1	the	the	DET
cjfa-35415	263	2	formula	formula	NOUN
cjfa-35415	263	3	for	for	ADP
cjfa-35415	263	4	the	the	DET
cjfa-35415	263	5	hindext	hindext	NOUN
cjfa-35415	263	6	is	be	AUX
cjfa-35415	263	7	in	in	ADP
cjfa-35415	263	8	equation	equation	NOUN
cjfa-35415	263	9	(	(	PUNCT
cjfa-35415	263	10	2	2	NUM
cjfa-35415	263	11	)	)	PUNCT
cjfa-35415	263	12	.	.	PUNCT
cjfa-35415	264	1	higher	high	ADJ
cjfa-35415	264	2	hindext	hindext	PROPN
cjfa-35415	264	3	indicates	indicate	VERB
cjfa-35415	264	4	higher	high	ADJ
cjfa-35415	264	5	industry	industry	NOUN
cjfa-35415	264	6	competition	competition	NOUN
cjfa-35415	264	7	.	.	PUNCT
cjfa-35415	265	1	we	we	PRON
cjfa-35415	265	2	use	use	VERB
cjfa-35415	265	3	4	4	NUM
cjfa-35415	265	4	-	-	PUNCT
cjfa-35415	265	5	digit	digit	NOUN
cjfa-35415	265	6	sic	sic	ADJ
cjfa-35415	265	7	codes	code	NOUN
cjfa-35415	265	8	for	for	ADP
cjfa-35415	265	9	industry	industry	NOUN
cjfa-35415	265	10	classification	classification	NOUN
cjfa-35415	265	11	and	and	CCONJ
cjfa-35415	265	12	compute	compute	VERB
cjfa-35415	265	13	this	this	DET
cjfa-35415	265	14	index	index	NOUN
cjfa-35415	265	15	using	use	VERB
cjfa-35415	265	16	all	all	DET
cjfa-35415	265	17	available	available	ADJ
cjfa-35415	265	18	data	datum	NOUN
cjfa-35415	265	19	from	from	ADP
cjfa-35415	265	20	compustat	compustat	NOUN
cjfa-35415	265	21	.	.	PUNCT
cjfa-35415	266	1	we	we	PRON
cjfa-35415	266	2	also	also	ADV
cjfa-35415	266	3	calculate	calculate	VERB
cjfa-35415	266	4	hindex2	hindex2	PROPN
cjfa-35415	266	5	t	t	PROPN
cjfa-35415	266	6	,	,	PUNCT
cjfa-35415	266	7	the	the	DET
cjfa-35415	266	8	square	square	NOUN
cjfa-35415	266	9	of	of	ADP
cjfa-35415	266	10	hindext	hindext	NOUN
cjfa-35415	266	11	,	,	PUNCT
cjfa-35415	266	12	to	to	PART
cjfa-35415	266	13	control	control	VERB
cjfa-35415	266	14	for	for	ADP
cjfa-35415	266	15	any	any	DET
cjfa-35415	266	16	non	non	ADJ
cjfa-35415	266	17	-	-	ADJ
cjfa-35415	266	18	linear	linear	ADJ
cjfa-35415	266	19	nature	nature	NOUN
cjfa-35415	266	20	of	of	ADP
cjfa-35415	266	21	this	this	DET
cjfa-35415	266	22	index	index	NOUN
cjfa-35415	266	23	.	.	PUNCT
cjfa-35415	267	1	coefficients	coefficient	NOUN
cjfa-35415	267	2	of	of	ADP
cjfa-35415	267	3	hindext	hindext	PROPN
cjfa-35415	267	4	indicate	indicate	VERB
cjfa-35415	267	5	the	the	DET
cjfa-35415	267	6	effect	effect	NOUN
cjfa-35415	267	7	of	of	ADP
cjfa-35415	267	8	industry	industry	NOUN
cjfa-35415	267	9	competition	competition	NOUN
cjfa-35415	267	10	on	on	ADP
cjfa-35415	267	11	any	any	DET
cjfa-35415	267	12	change	change	NOUN
cjfa-35415	267	13	in	in	ADP
cjfa-35415	267	14	innovative	innovative	ADJ
cjfa-35415	267	15	efficiency	efficiency	NOUN
cjfa-35415	267	16	,	,	PUNCT
cjfa-35415	267	17	regardless	regardless	ADV
cjfa-35415	267	18	of	of	ADP
cjfa-35415	267	19	any	any	DET
cjfa-35415	267	20	r&d	r&d	NOUN
cjfa-35415	267	21	tax	tax	NOUN
cjfa-35415	267	22	credit	credit	NOUN
cjfa-35415	267	23	.	.	PUNCT
cjfa-35415	268	1	d1981	d1981	PROPN
cjfa-35415	268	2	t	t	PROPN
cjfa-35415	268	3	×	×	PROPN
cjfa-35415	268	4	hindext	hindext	PROPN
cjfa-35415	268	5	is	be	AUX
cjfa-35415	268	6	an	an	DET
cjfa-35415	268	7	interaction	interaction	NOUN
cjfa-35415	268	8	variable	variable	NOUN
cjfa-35415	268	9	as	as	ADP
cjfa-35415	268	10	the	the	DET
cjfa-35415	268	11	product	product	NOUN
cjfa-35415	268	12	of	of	ADP
cjfa-35415	268	13	d1981	d1981	PROPN
cjfa-35415	268	14	t	t	PROPN
cjfa-35415	268	15	and	and	CCONJ
cjfa-35415	268	16	hindext	hindext	PROPN
cjfa-35415	268	17	,	,	PUNCT
cjfa-35415	268	18	and	and	CCONJ
cjfa-35415	268	19	is	be	AUX
cjfa-35415	268	20	the	the	DET
cjfa-35415	268	21	variable	variable	NOUN
cjfa-35415	268	22	of	of	ADP
cjfa-35415	268	23	interest	interest	NOUN
cjfa-35415	268	24	.	.	PUNCT
cjfa-35415	269	1	coefficients	coefficient	NOUN
cjfa-35415	269	2	of	of	ADP
cjfa-35415	269	3	d1981	d1981	PROPN
cjfa-35415	269	4	t	t	PROPN
cjfa-35415	269	5	×	×	PROPN
cjfa-35415	269	6	hindext	hindext	NOUN
cjfa-35415	269	7	indicate	indicate	VERB
cjfa-35415	269	8	any	any	DET
cjfa-35415	269	9	incremental	incremental	ADJ
cjfa-35415	269	10	impact	impact	NOUN
cjfa-35415	269	11	of	of	ADP
cjfa-35415	269	12	industry	industry	NOUN
cjfa-35415	269	13	competition	competition	NOUN
cjfa-35415	269	14	on	on	ADP
cjfa-35415	269	15	innovative	innovative	ADJ
cjfa-35415	269	16	efficiency	efficiency	NOUN
cjfa-35415	269	17	after	after	SCONJ
cjfa-35415	269	18	the	the	DET
cjfa-35415	269	19	tax	tax	NOUN
cjfa-35415	269	20	credit	credit	NOUN
cjfa-35415	269	21	becomes	become	VERB
cjfa-35415	269	22	available	available	ADJ
cjfa-35415	269	23	.	.	PUNCT
cjfa-35415	270	1	innovative	innovative	ADJ
cjfa-35415	270	2	efficiencyt	efficiencyt	PROPN
cjfa-35415	270	3	=	=	PUNCT
cjfa-35415	270	4	β0	β0	PROPN
cjfa-35415	270	5	+	+	CCONJ
cjfa-35415	270	6	β1×d1981	β1×d1981	NOUN
cjfa-35415	270	7	t	t	NOUN
cjfa-35415	270	8	+	+	CCONJ
cjfa-35415	270	9	∑	∑	PROPN
cjfa-35415	270	10	β	β	X
cjfa-35415	270	11	×	×	PROPN
cjfa-35415	270	12	control	control	NOUN
cjfa-35415	270	13	variablest	variable	ADJ
cjfa-35415	271	1	+	+	CCONJ
cjfa-35415	271	2	εt	εt	PROPN
cjfa-35415	271	3	(	(	PUNCT
cjfa-35415	271	4	2	2	NUM
cjfa-35415	271	5	)	)	PUNCT
cjfa-35415	271	6	to	to	PART
cjfa-35415	271	7	test	test	VERB
cjfa-35415	271	8	h2	h2	PROPN
cjfa-35415	271	9	,	,	PUNCT
cjfa-35415	271	10	we	we	PRON
cjfa-35415	271	11	run	run	VERB
cjfa-35415	271	12	the	the	DET
cjfa-35415	271	13	regression	regression	NOUN
cjfa-35415	271	14	using	use	VERB
cjfa-35415	271	15	equation	equation	NOUN
cjfa-35415	271	16	(	(	PUNCT
cjfa-35415	271	17	3	3	NUM
cjfa-35415	271	18	)	)	PUNCT
cjfa-35415	271	19	.	.	PUNCT
cjfa-35415	272	1	we	we	PRON
cjfa-35415	272	2	measure	measure	VERB
cjfa-35415	272	3	industry	industry	NOUN
cjfa-35415	272	4	competition	competition	NOUN
cjfa-35415	272	5	using	use	VERB
cjfa-35415	272	6	the	the	DET
cjfa-35415	272	7	herfindahl	herfindahl	PROPN
cjfa-35415	272	8	index	index	PROPN
cjfa-35415	272	9	,	,	PUNCT
cjfa-35415	272	10	hindext	hindext	PROPN
cjfa-35415	272	11	.	.	PUNCT
cjfa-35415	273	1	the	the	DET
cjfa-35415	273	2	formula	formula	NOUN
cjfa-35415	273	3	for	for	ADP
cjfa-35415	273	4	the	the	DET
cjfa-35415	273	5	hindext	hindext	NOUN
cjfa-35415	273	6	is	be	AUX
cjfa-35415	273	7	in	in	ADP
cjfa-35415	273	8	equation	equation	NOUN
cjfa-35415	273	9	(	(	PUNCT
cjfa-35415	273	10	2	2	NUM
cjfa-35415	273	11	)	)	PUNCT
cjfa-35415	273	12	.	.	PUNCT
cjfa-35415	274	1	higher	high	ADJ
cjfa-35415	274	2	hindext	hindext	PROPN
cjfa-35415	274	3	indicates	indicate	VERB
cjfa-35415	274	4	higher	high	ADJ
cjfa-35415	274	5	industry	industry	NOUN
cjfa-35415	274	6	competition	competition	NOUN
cjfa-35415	274	7	.	.	PUNCT
cjfa-35415	275	1	we	we	PRON
cjfa-35415	275	2	use	use	VERB
cjfa-35415	275	3	4	4	NUM
cjfa-35415	275	4	-	-	PUNCT
cjfa-35415	275	5	digit	digit	NOUN
cjfa-35415	275	6	sic	sic	ADJ
cjfa-35415	275	7	codes	code	NOUN
cjfa-35415	275	8	for	for	ADP
cjfa-35415	275	9	industry	industry	NOUN
cjfa-35415	275	10	classification	classification	NOUN
cjfa-35415	275	11	and	and	CCONJ
cjfa-35415	275	12	compute	compute	VERB
cjfa-35415	275	13	this	this	DET
cjfa-35415	275	14	index	index	NOUN
cjfa-35415	275	15	using	use	VERB
cjfa-35415	275	16	all	all	DET
cjfa-35415	275	17	available	available	ADJ
cjfa-35415	275	18	data	datum	NOUN
cjfa-35415	275	19	from	from	ADP
cjfa-35415	275	20	compustat	compustat	NOUN
cjfa-35415	275	21	.	.	PUNCT
cjfa-35415	276	1	we	we	PRON
cjfa-35415	276	2	also	also	ADV
cjfa-35415	276	3	calculate	calculate	VERB
cjfa-35415	276	4	hindex2	hindex2	PROPN
cjfa-35415	276	5	t	t	PROPN
cjfa-35415	276	6	,	,	PUNCT
cjfa-35415	276	7	the	the	DET
cjfa-35415	276	8	square	square	NOUN
cjfa-35415	276	9	of	of	ADP
cjfa-35415	276	10	hindext	hindext	NOUN
cjfa-35415	276	11	,	,	PUNCT
cjfa-35415	276	12	to	to	PART
cjfa-35415	276	13	control	control	VERB
cjfa-35415	276	14	for	for	ADP
cjfa-35415	276	15	any	any	DET
cjfa-35415	276	16	non	non	ADJ
cjfa-35415	276	17	-	-	ADJ
cjfa-35415	276	18	linear	linear	ADJ
cjfa-35415	276	19	nature	nature	NOUN
cjfa-35415	276	20	of	of	ADP
cjfa-35415	276	21	this	this	DET
cjfa-35415	276	22	index	index	NOUN
cjfa-35415	276	23	.	.	PUNCT
cjfa-35415	277	1	coefficients	coefficient	NOUN
cjfa-35415	277	2	of	of	ADP
cjfa-35415	277	3	hindext	hindext	PROPN
cjfa-35415	277	4	indicate	indicate	VERB
cjfa-35415	277	5	the	the	DET
cjfa-35415	277	6	effect	effect	NOUN
cjfa-35415	277	7	of	of	ADP
cjfa-35415	277	8	industry	industry	NOUN
cjfa-35415	277	9	competition	competition	NOUN
cjfa-35415	277	10	on	on	ADP
cjfa-35415	277	11	any	any	DET
cjfa-35415	277	12	change	change	NOUN
cjfa-35415	277	13	in	in	ADP
cjfa-35415	277	14	innovative	innovative	ADJ
cjfa-35415	277	15	efficiency	efficiency	NOUN
cjfa-35415	277	16	,	,	PUNCT
cjfa-35415	277	17	regardless	regardless	ADV
cjfa-35415	277	18	of	of	ADP
cjfa-35415	277	19	any	any	DET
cjfa-35415	277	20	r&d	r&d	NOUN
cjfa-35415	277	21	tax	tax	NOUN
cjfa-35415	277	22	credit	credit	NOUN
cjfa-35415	277	23	.	.	PUNCT
cjfa-35415	278	1	d1981	d1981	PROPN
cjfa-35415	278	2	t	t	PROPN
cjfa-35415	278	3	×	×	PROPN
cjfa-35415	278	4	hindext	hindext	PROPN
cjfa-35415	278	5	is	be	AUX
cjfa-35415	278	6	an	an	DET
cjfa-35415	278	7	interaction	interaction	NOUN
cjfa-35415	278	8	variable	variable	NOUN
cjfa-35415	278	9	as	as	ADP
cjfa-35415	278	10	the	the	DET
cjfa-35415	278	11	product	product	NOUN
cjfa-35415	278	12	of	of	ADP
cjfa-35415	278	13	d1981	d1981	PROPN
cjfa-35415	278	14	t	t	PROPN
cjfa-35415	278	15	and	and	CCONJ
cjfa-35415	278	16	hindext	hindext	PROPN
cjfa-35415	278	17	,	,	PUNCT
cjfa-35415	278	18	and	and	CCONJ
cjfa-35415	278	19	is	be	AUX
cjfa-35415	278	20	the	the	DET
cjfa-35415	278	21	variable	variable	NOUN
cjfa-35415	278	22	of	of	ADP
cjfa-35415	278	23	interest	interest	NOUN
cjfa-35415	278	24	.	.	PUNCT
cjfa-35415	279	1	coefficients	coefficient	NOUN
cjfa-35415	279	2	of	of	ADP
cjfa-35415	279	3	d1981	d1981	PROPN
cjfa-35415	279	4	t	t	PROPN
cjfa-35415	279	5	×	×	PROPN
cjfa-35415	279	6	hindext	hindext	NOUN
cjfa-35415	279	7	indicate	indicate	VERB
cjfa-35415	279	8	any	any	DET
cjfa-35415	279	9	incremental	incremental	ADJ
cjfa-35415	279	10	impact	impact	NOUN
cjfa-35415	279	11	of	of	ADP
cjfa-35415	279	12	industry	industry	NOUN
cjfa-35415	279	13	competition	competition	NOUN
cjfa-35415	279	14	on	on	ADP
cjfa-35415	279	15	innovative	innovative	ADJ
cjfa-35415	279	16	efficiency	efficiency	NOUN
cjfa-35415	279	17	after	after	SCONJ
cjfa-35415	279	18	the	the	DET
cjfa-35415	279	19	tax	tax	NOUN
cjfa-35415	279	20	credit	credit	NOUN
cjfa-35415	279	21	becomes	become	VERB
cjfa-35415	279	22	available	available	ADJ
cjfa-35415	279	23	.	.	PUNCT
cjfa-35415	280	1	innovative	innovative	ADJ
cjfa-35415	280	2	efficiencyt	efficiencyt	PROPN
cjfa-35415	280	3	=	=	PUNCT
cjfa-35415	280	4	β0	β0	PROPN
cjfa-35415	280	5	+	+	CCONJ
cjfa-35415	280	6	β1×d1981	β1×d1981	NOUN
cjfa-35415	280	7	t	t	NOUN
cjfa-35415	280	8	+	+	X
cjfa-35415	280	9	β2×d1981t×hindext	β2×d1981t×hindext	PROPN
cjfa-35415	281	1	+	+	CCONJ
cjfa-35415	281	2	β3×hindext	β3×hindext	ADP
cjfa-35415	281	3	+	+	NUM
cjfa-35415	281	4	β4×hindex2	β4×hindex2	ADJ
cjfa-35415	281	5	t	t	NOUN
cjfa-35415	281	6	+	+	CCONJ
cjfa-35415	281	7	∑β×control	∑β×control	ADV
cjfa-35415	281	8	variablest	variable	ADJ
cjfa-35415	282	1	+	+	CCONJ
cjfa-35415	282	2	εt	εt	PROPN
cjfa-35415	282	3	(	(	PUNCT
cjfa-35415	282	4	3	3	X
cjfa-35415	282	5	)	)	PUNCT
cjfa-35415	282	6	𝐻𝐻𝐻𝐻𝐻𝐻𝐻𝐻𝐻𝐻𝐻𝐻	𝐻𝐻𝐻𝐻𝐻𝐻𝐻𝐻𝐻𝐻𝐻𝐻	PROPN
cjfa-35415	282	7	�	�	PROPN
cjfa-35415	282	8	�	�	PROPN
cjfa-35415	282	9	�	�	PROPN
cjfa-35415	282	10	�	�	PROPN
cjfa-35415	282	11	�	�	PROPN
cjfa-35415	282	12	�	�	PROPN
cjfa-35415	282	13	�	�	PROPN
cjfa-35415	282	14	�	�	PROPN
cjfa-35415	282	15	�	�	PROPN
cjfa-35415	282	16	�	�	PROPN
cjfa-35415	282	17	�	�	PROPN
cjfa-35415	282	18	∑	∑	PUNCT
cjfa-35415	282	19	�	�	PROPN
cjfa-35415	282	20	�	�	PROPN
cjfa-35415	282	21	�	�	PROPN
cjfa-35415	282	22	�	�	PROPN
cjfa-35415	282	23	�	�	PROPN
cjfa-35415	282	24	�	�	PROPN
cjfa-35415	282	25	�	�	PROPN
cjfa-35415	282	26	�	�	PROPN
cjfa-35415	282	27	�	�	PROPN
cjfa-35415	282	28	�	�	PROPN
cjfa-35415	282	29	�	�	PROPN
cjfa-35415	282	30	�	�	PROPN
cjfa-35415	282	31	�	�	PROPN
cjfa-35415	282	32	�	�	PROPN
cjfa-35415	282	33	�	�	PROPN
cjfa-35415	282	34	�	�	PROPN
cjfa-35415	282	35	(	(	PUNCT
cjfa-35415	282	36	4	4	NUM
cjfa-35415	282	37	)	)	PUNCT
cjfa-35415	282	38	results	result	NOUN
cjfa-35415	282	39	of	of	ADP
cjfa-35415	282	40	the	the	DET
cjfa-35415	282	41	research	research	NOUN
cjfa-35415	282	42	process	process	NOUN
cjfa-35415	282	43	summary	summary	NOUN
cjfa-35415	282	44	statistics	statistic	NOUN
cjfa-35415	282	45	are	be	AUX
cjfa-35415	282	46	presented	present	VERB
cjfa-35415	282	47	in	in	ADP
cjfa-35415	282	48	table	table	NOUN
cjfa-35415	282	49	1	1	NUM
cjfa-35415	282	50	.	.	PUNCT
cjfa-35415	283	1	panel	panel	NOUN
cjfa-35415	283	2	a	a	DET
cjfa-35415	283	3	reports	report	NOUN
cjfa-35415	283	4	the	the	DET
cjfa-35415	283	5	summary	summary	NOUN
cjfa-35415	283	6	statistics	statistic	NOUN
cjfa-35415	283	7	of	of	ADP
cjfa-35415	283	8	the	the	DET
cjfa-35415	283	9	dependent	dependent	ADJ
cjfa-35415	283	10	variables	variable	NOUN
cjfa-35415	283	11	.	.	PUNCT
cjfa-35415	284	1	on	on	ADP
cjfa-35415	284	2	average	average	ADJ
cjfa-35415	284	3	,	,	PUNCT
cjfa-35415	284	4	$	$	SYM
cjfa-35415	284	5	1	1	NUM
cjfa-35415	284	6	million	million	NUM
cjfa-35415	284	7	annual	annual	ADJ
cjfa-35415	284	8	increase	increase	NOUN
cjfa-35415	284	9	in	in	ADP
cjfa-35415	284	10	r&d	r&d	NOUN
cjfa-35415	284	11	spending	spending	NOUN
cjfa-35415	284	12	in	in	ADP
cjfa-35415	284	13	the	the	DET
cjfa-35415	284	14	last	last	ADJ
cjfa-35415	284	15	two	two	NUM
cjfa-35415	284	16	,	,	PUNCT
cjfa-35415	284	17	three	three	NUM
cjfa-35415	284	18	,	,	PUNCT
cjfa-35415	284	19	and	and	CCONJ
cjfa-35415	284	20	four	four	NUM
cjfa-35415	284	21	years	year	NOUN
cjfa-35415	284	22	leads	lead	VERB
cjfa-35415	284	23	to	to	ADP
cjfa-35415	284	24	2.133	2.133	NUM
cjfa-35415	284	25	,	,	PUNCT
cjfa-35415	284	26	3.269	3.269	NUM
cjfa-35415	284	27	,	,	PUNCT
cjfa-35415	284	28	and	and	CCONJ
cjfa-35415	284	29	4.635	4.635	NUM
cjfa-35415	284	30	new	new	ADJ
cjfa-35415	284	31	patents	patent	NOUN
cjfa-35415	284	32	.	.	PUNCT
cjfa-35415	285	1	panel	panel	NOUN
cjfa-35415	285	2	b	b	PROPN
cjfa-35415	285	3	reports	report	VERB
cjfa-35415	285	4	the	the	DET
cjfa-35415	285	5	descriptive	descriptive	ADJ
cjfa-35415	285	6	statistics	statistic	NOUN
cjfa-35415	285	7	for	for	ADP
cjfa-35415	285	8	variables	variable	NOUN
cjfa-35415	285	9	of	of	ADP
cjfa-35415	285	10	interest	interest	NOUN
cjfa-35415	285	11	.	.	PUNCT
cjfa-35415	286	1	the	the	DET
cjfa-35415	286	2	mean	mean	NOUN
cjfa-35415	286	3	of	of	ADP
cjfa-35415	286	4	d1981	d1981	PROPN
cjfa-35415	286	5	t	t	PROPN
cjfa-35415	286	6	is	be	AUX
cjfa-35415	286	7	0.902	0.902	NUM
cjfa-35415	286	8	and	and	CCONJ
cjfa-35415	286	9	suggests	suggest	VERB
cjfa-35415	286	10	that	that	SCONJ
cjfa-35415	286	11	about	about	ADV
cjfa-35415	286	12	90	90	NUM
cjfa-35415	286	13	%	%	NOUN
cjfa-35415	286	14	of	of	ADP
cjfa-35415	286	15	firm	firm	ADJ
cjfa-35415	286	16	-	-	PUNCT
cjfa-35415	286	17	year	year	NOUN
cjfa-35415	286	18	observations	observation	NOUN
cjfa-35415	286	19	occur	occur	VERB
cjfa-35415	286	20	after	after	ADP
cjfa-35415	286	21	the	the	DET
cjfa-35415	286	22	inception	inception	NOUN
cjfa-35415	286	23	of	of	ADP
cjfa-35415	286	24	the	the	DET
cjfa-35415	286	25	tax	tax	NOUN
cjfa-35415	286	26	credit	credit	NOUN
cjfa-35415	286	27	.	.	PUNCT
cjfa-35415	287	1	the	the	DET
cjfa-35415	287	2	average	average	ADJ
cjfa-35415	287	3	market	market	NOUN
cjfa-35415	287	4	competition	competition	NOUN
cjfa-35415	287	5	level	level	NOUN
cjfa-35415	287	6	is	be	AUX
cjfa-35415	287	7	14.8	14.8	NUM
cjfa-35415	287	8	%	%	NOUN
cjfa-35415	287	9	.	.	PUNCT
cjfa-35415	288	1	panel	panel	NOUN
cjfa-35415	288	2	c	c	PROPN
cjfa-35415	288	3	reports	report	VERB
cjfa-35415	288	4	the	the	DET
cjfa-35415	288	5	summary	summary	NOUN
cjfa-35415	288	6	statistics	statistic	NOUN
cjfa-35415	288	7	of	of	ADP
cjfa-35415	288	8	the	the	DET
cjfa-35415	288	9	control	control	NOUN
cjfa-35415	288	10	variables	variable	NOUN
cjfa-35415	288	11	.	.	PUNCT
cjfa-35415	289	1	on	on	ADP
cjfa-35415	289	2	average	average	ADJ
cjfa-35415	289	3	,	,	PUNCT
cjfa-35415	289	4	firms	firm	NOUN
cjfa-35415	289	5	have	have	VERB
cjfa-35415	289	6	a	a	DET
cjfa-35415	289	7	leverage	leverage	NOUN
cjfa-35415	289	8	ratio	ratio	NOUN
cjfa-35415	289	9	of	of	ADP
cjfa-35415	289	10	0.188	0.188	NUM
cjfa-35415	289	11	,	,	PUNCT
cjfa-35415	289	12	a	a	DET
cjfa-35415	289	13	net	net	ADJ
cjfa-35415	289	14	ppe	ppe	NOUN
cjfa-35415	289	15	to	to	PART
cjfa-35415	289	16	total	total	VERB
cjfa-35415	289	17	asset	asset	NOUN
cjfa-35415	289	18	ratio	ratio	NOUN
cjfa-35415	289	19	of	of	ADP
cjfa-35415	289	20	0.335	0.335	NUM
cjfa-35415	289	21	,	,	PUNCT
cjfa-35415	289	22	a	a	DET
cjfa-35415	289	23	profit	profit	NOUN
cjfa-35415	289	24	margin	margin	NOUN
cjfa-35415	289	25	of	of	ADP
cjfa-35415	289	26	0.154	0.154	NUM
cjfa-35415	289	27	,	,	PUNCT
cjfa-35415	289	28	a	a	DET
cjfa-35415	289	29	tobin	tobin	NOUN
cjfa-35415	289	30	's	's	PART
cjfa-35415	289	31	q	q	NOUN
cjfa-35415	289	32	of	of	ADP
cjfa-35415	289	33	1.152	1.152	NUM
cjfa-35415	289	34	,	,	PUNCT
cjfa-35415	289	35	and	and	CCONJ
cjfa-35415	289	36	have	have	AUX
cjfa-35415	289	37	been	be	AUX
cjfa-35415	289	38	publicly	publicly	ADV
cjfa-35415	289	39	traded	trade	VERB
cjfa-35415	289	40	for	for	ADP
cjfa-35415	289	41	31	31	NUM
cjfa-35415	289	42	years	year	NOUN
cjfa-35415	289	43	.	.	PUNCT
cjfa-35415	290	1	table	table	NOUN
cjfa-35415	290	2	1	1	NUM
cjfa-35415	290	3	.	.	PUNCT
cjfa-35415	291	1	summary	summary	NOUN
cjfa-35415	291	2	statistics	statistic	NOUN
cjfa-35415	291	3	variable	variable	NOUN
cjfa-35415	291	4	mean	mean	VERB
cjfa-35415	291	5	sd	sd	ADP
cjfa-35415	291	6	p25	p25	NOUN
cjfa-35415	291	7	p50	p50	NOUN
cjfa-35415	291	8	p75	p75	NOUN
cjfa-35415	291	9	n	n	PROPN
cjfa-35415	291	10	panel	panel	NOUN
cjfa-35415	291	11	a	a	DET
cjfa-35415	291	12	:	:	PUNCT
cjfa-35415	291	13	dependent	dependent	ADJ
cjfa-35415	291	14	variables	variable	NOUN
cjfa-35415	291	15	:	:	PUNCT
cjfa-35415	291	16	innovative	innovative	ADJ
cjfa-35415	291	17	efficiency	efficiency	NOUN
cjfa-35415	291	18	pat_rdt-2,t-1	pat_rdt-2,t-1	PROPN
cjfa-35415	291	19	-0.217	-0.217	PUNCT
cjfa-35415	291	20	1.270	1.270	NUM
cjfa-35415	291	21	-1.014	-1.014	PROPN
cjfa-35415	291	22	-0.219	-0.219	NUM
cjfa-35415	291	23	0.608	0.608	NUM
cjfa-35415	291	24	16,251	16,251	NUM
cjfa-35415	291	25	pat_rdt-3,t-1	pat_rdt-3,t-1	NOUN
cjfa-35415	291	26	0.245	0.245	NUM
cjfa-35415	291	27	1.265	1.265	NUM
cjfa-35415	291	28	-0.543	-0.543	NOUN
cjfa-35415	291	29	0.241	0.241	NUM
cjfa-35415	291	30	1.166	1.166	NUM
cjfa-35415	291	31	16,251	16,251	NUM
cjfa-35415	291	32	pat_rdt-4,t-1	pat_rdt-4,t-1	NOUN
cjfa-35415	291	33	0.559	0.559	NUM
cjfa-35415	291	34	1.278	1.278	NUM
cjfa-35415	291	35	-0.272	-0.272	NOUN
cjfa-35415	291	36	0.550	0.550	NUM
cjfa-35415	291	37	1.502	1.502	NUM
cjfa-35415	291	38	16,251	16,251	NUM
cjfa-35415	291	39	panel	panel	NOUN
cjfa-35415	291	40	b	b	NOUN
cjfa-35415	291	41	:	:	PUNCT
cjfa-35415	291	42	variables	variable	NOUN
cjfa-35415	291	43	of	of	ADP
cjfa-35415	291	44	interest	interest	NOUN
cjfa-35415	291	45	(	(	PUNCT
cjfa-35415	291	46	3	3	X
cjfa-35415	291	47	)	)	PUNCT
cjfa-35415	291	48	innovative	innovative	ADJ
cjfa-35415	291	49	efficiencyt	efficiencyt	NOUN
cjfa-35415	291	50	=	=	PUNCT
cjfa-35415	291	51	β0	β0	PROPN
cjfa-35415	291	52	+	+	CCONJ
cjfa-35415	291	53	β1×d1981	β1×d1981	NOUN
cjfa-35415	291	54	t	t	NOUN
cjfa-35415	291	55	+	+	CCONJ
cjfa-35415	291	56	∑	∑	PROPN
cjfa-35415	291	57	β	β	X
cjfa-35415	291	58	×	×	PROPN
cjfa-35415	291	59	control	control	NOUN
cjfa-35415	291	60	variablest	variable	ADJ
cjfa-35415	292	1	+	+	CCONJ
cjfa-35415	292	2	εt	εt	PROPN
cjfa-35415	292	3	(	(	PUNCT
cjfa-35415	292	4	2	2	NUM
cjfa-35415	292	5	)	)	PUNCT
cjfa-35415	292	6	to	to	PART
cjfa-35415	292	7	test	test	VERB
cjfa-35415	292	8	h2	h2	PROPN
cjfa-35415	292	9	,	,	PUNCT
cjfa-35415	292	10	we	we	PRON
cjfa-35415	292	11	run	run	VERB
cjfa-35415	292	12	the	the	DET
cjfa-35415	292	13	regression	regression	NOUN
cjfa-35415	292	14	using	use	VERB
cjfa-35415	292	15	equation	equation	NOUN
cjfa-35415	292	16	(	(	PUNCT
cjfa-35415	292	17	3	3	NUM
cjfa-35415	292	18	)	)	PUNCT
cjfa-35415	292	19	.	.	PUNCT
cjfa-35415	293	1	we	we	PRON
cjfa-35415	293	2	measure	measure	VERB
cjfa-35415	293	3	industry	industry	NOUN
cjfa-35415	293	4	competition	competition	NOUN
cjfa-35415	293	5	using	use	VERB
cjfa-35415	293	6	the	the	DET
cjfa-35415	293	7	herfindahl	herfindahl	PROPN
cjfa-35415	293	8	index	index	PROPN
cjfa-35415	293	9	,	,	PUNCT
cjfa-35415	293	10	hindext	hindext	PROPN
cjfa-35415	293	11	.	.	PUNCT
cjfa-35415	294	1	the	the	DET
cjfa-35415	294	2	formula	formula	NOUN
cjfa-35415	294	3	for	for	ADP
cjfa-35415	294	4	the	the	DET
cjfa-35415	294	5	hindext	hindext	NOUN
cjfa-35415	294	6	is	be	AUX
cjfa-35415	294	7	in	in	ADP
cjfa-35415	294	8	equation	equation	NOUN
cjfa-35415	294	9	(	(	PUNCT
cjfa-35415	294	10	2	2	NUM
cjfa-35415	294	11	)	)	PUNCT
cjfa-35415	294	12	.	.	PUNCT
cjfa-35415	295	1	higher	high	ADJ
cjfa-35415	295	2	hindext	hindext	PROPN
cjfa-35415	295	3	indicates	indicate	VERB
cjfa-35415	295	4	higher	high	ADJ
cjfa-35415	295	5	industry	industry	NOUN
cjfa-35415	295	6	competition	competition	NOUN
cjfa-35415	295	7	.	.	PUNCT
cjfa-35415	296	1	we	we	PRON
cjfa-35415	296	2	use	use	VERB
cjfa-35415	296	3	4	4	NUM
cjfa-35415	296	4	-	-	PUNCT
cjfa-35415	296	5	digit	digit	NOUN
cjfa-35415	296	6	sic	sic	ADJ
cjfa-35415	296	7	codes	code	NOUN
cjfa-35415	296	8	for	for	ADP
cjfa-35415	296	9	industry	industry	NOUN
cjfa-35415	296	10	classification	classification	NOUN
cjfa-35415	296	11	and	and	CCONJ
cjfa-35415	296	12	compute	compute	VERB
cjfa-35415	296	13	this	this	DET
cjfa-35415	296	14	index	index	NOUN
cjfa-35415	296	15	using	use	VERB
cjfa-35415	296	16	all	all	DET
cjfa-35415	296	17	available	available	ADJ
cjfa-35415	296	18	data	datum	NOUN
cjfa-35415	296	19	from	from	ADP
cjfa-35415	296	20	compustat	compustat	NOUN
cjfa-35415	296	21	.	.	PUNCT
cjfa-35415	297	1	we	we	PRON
cjfa-35415	297	2	also	also	ADV
cjfa-35415	297	3	calculate	calculate	VERB
cjfa-35415	297	4	hindex2	hindex2	PROPN
cjfa-35415	297	5	t	t	PROPN
cjfa-35415	297	6	,	,	PUNCT
cjfa-35415	297	7	the	the	DET
cjfa-35415	297	8	square	square	NOUN
cjfa-35415	297	9	of	of	ADP
cjfa-35415	297	10	hindext	hindext	NOUN
cjfa-35415	297	11	,	,	PUNCT
cjfa-35415	297	12	to	to	PART
cjfa-35415	297	13	control	control	VERB
cjfa-35415	297	14	for	for	ADP
cjfa-35415	297	15	any	any	DET
cjfa-35415	297	16	non	non	ADJ
cjfa-35415	297	17	-	-	ADJ
cjfa-35415	297	18	linear	linear	ADJ
cjfa-35415	297	19	nature	nature	NOUN
cjfa-35415	297	20	of	of	ADP
cjfa-35415	297	21	this	this	DET
cjfa-35415	297	22	index	index	NOUN
cjfa-35415	297	23	.	.	PUNCT
cjfa-35415	298	1	coefficients	coefficient	NOUN
cjfa-35415	298	2	of	of	ADP
cjfa-35415	298	3	hindext	hindext	PROPN
cjfa-35415	298	4	indicate	indicate	VERB
cjfa-35415	298	5	the	the	DET
cjfa-35415	298	6	effect	effect	NOUN
cjfa-35415	298	7	of	of	ADP
cjfa-35415	298	8	industry	industry	NOUN
cjfa-35415	298	9	competition	competition	NOUN
cjfa-35415	298	10	on	on	ADP
cjfa-35415	298	11	any	any	DET
cjfa-35415	298	12	change	change	NOUN
cjfa-35415	298	13	in	in	ADP
cjfa-35415	298	14	innovative	innovative	ADJ
cjfa-35415	298	15	efficiency	efficiency	NOUN
cjfa-35415	298	16	,	,	PUNCT
cjfa-35415	298	17	regardless	regardless	ADV
cjfa-35415	298	18	of	of	ADP
cjfa-35415	298	19	any	any	DET
cjfa-35415	298	20	r&d	r&d	NOUN
cjfa-35415	298	21	tax	tax	NOUN
cjfa-35415	298	22	credit	credit	NOUN
cjfa-35415	298	23	.	.	PUNCT
cjfa-35415	299	1	d1981	d1981	PROPN
cjfa-35415	299	2	t	t	PROPN
cjfa-35415	299	3	×	×	PROPN
cjfa-35415	299	4	hindext	hindext	PROPN
cjfa-35415	299	5	is	be	AUX
cjfa-35415	299	6	an	an	DET
cjfa-35415	299	7	interaction	interaction	NOUN
cjfa-35415	299	8	variable	variable	NOUN
cjfa-35415	299	9	as	as	ADP
cjfa-35415	299	10	the	the	DET
cjfa-35415	299	11	product	product	NOUN
cjfa-35415	299	12	of	of	ADP
cjfa-35415	299	13	d1981	d1981	PROPN
cjfa-35415	299	14	t	t	PROPN
cjfa-35415	299	15	and	and	CCONJ
cjfa-35415	299	16	hindext	hindext	PROPN
cjfa-35415	299	17	,	,	PUNCT
cjfa-35415	299	18	and	and	CCONJ
cjfa-35415	299	19	is	be	AUX
cjfa-35415	299	20	the	the	DET
cjfa-35415	299	21	variable	variable	NOUN
cjfa-35415	299	22	of	of	ADP
cjfa-35415	299	23	interest	interest	NOUN
cjfa-35415	299	24	.	.	PUNCT
cjfa-35415	300	1	coefficients	coefficient	NOUN
cjfa-35415	300	2	of	of	ADP
cjfa-35415	300	3	d1981	d1981	PROPN
cjfa-35415	300	4	t	t	PROPN
cjfa-35415	300	5	×	×	PROPN
cjfa-35415	300	6	hindext	hindext	NOUN
cjfa-35415	300	7	indicate	indicate	VERB
cjfa-35415	300	8	any	any	DET
cjfa-35415	300	9	incremental	incremental	ADJ
cjfa-35415	300	10	impact	impact	NOUN
cjfa-35415	300	11	of	of	ADP
cjfa-35415	300	12	industry	industry	NOUN
cjfa-35415	300	13	competition	competition	NOUN
cjfa-35415	300	14	on	on	ADP
cjfa-35415	300	15	innovative	innovative	ADJ
cjfa-35415	300	16	efficiency	efficiency	NOUN
cjfa-35415	300	17	after	after	SCONJ
cjfa-35415	300	18	the	the	DET
cjfa-35415	300	19	tax	tax	NOUN
cjfa-35415	300	20	credit	credit	NOUN
cjfa-35415	300	21	becomes	become	VERB
cjfa-35415	300	22	available	available	ADJ
cjfa-35415	300	23	.	.	PUNCT
cjfa-35415	301	1	innovative	innovative	ADJ
cjfa-35415	301	2	efficiencyt	efficiencyt	PROPN
cjfa-35415	301	3	=	=	PUNCT
cjfa-35415	301	4	β0	β0	PROPN
cjfa-35415	301	5	+	+	CCONJ
cjfa-35415	301	6	β1×d1981	β1×d1981	NOUN
cjfa-35415	301	7	t	t	NOUN
cjfa-35415	301	8	+	+	X
cjfa-35415	301	9	β2×d1981t×hindext	β2×d1981t×hindext	PROPN
cjfa-35415	302	1	+	+	CCONJ
cjfa-35415	302	2	β3×hindext	β3×hindext	ADP
cjfa-35415	302	3	+	+	NUM
cjfa-35415	302	4	β4×hindex2	β4×hindex2	ADJ
cjfa-35415	302	5	t	t	NOUN
cjfa-35415	302	6	+	+	CCONJ
cjfa-35415	302	7	∑β×control	∑β×control	ADV
cjfa-35415	302	8	variablest	variable	ADJ
cjfa-35415	303	1	+	+	CCONJ
cjfa-35415	303	2	εt	εt	PROPN
cjfa-35415	303	3	(	(	PUNCT
cjfa-35415	303	4	3	3	X
cjfa-35415	303	5	)	)	PUNCT
cjfa-35415	303	6	𝐻𝐻𝐻𝐻𝐻𝐻𝐻𝐻𝐻𝐻𝐻𝐻	𝐻𝐻𝐻𝐻𝐻𝐻𝐻𝐻𝐻𝐻𝐻𝐻	PROPN
cjfa-35415	303	7	�	�	PROPN
cjfa-35415	303	8	�	�	PROPN
cjfa-35415	303	9	�	�	PROPN
cjfa-35415	303	10	�	�	PROPN
cjfa-35415	303	11	�	�	PROPN
cjfa-35415	303	12	�	�	PROPN
cjfa-35415	303	13	�	�	PROPN
cjfa-35415	303	14	�	�	PROPN
cjfa-35415	303	15	�	�	PROPN
cjfa-35415	303	16	�	�	PROPN
cjfa-35415	303	17	�	�	PROPN
cjfa-35415	303	18	∑	∑	PUNCT
cjfa-35415	303	19	�	�	PROPN
cjfa-35415	303	20	�	�	PROPN
cjfa-35415	303	21	�	�	PROPN
cjfa-35415	303	22	�	�	PROPN
cjfa-35415	303	23	�	�	PROPN
cjfa-35415	303	24	�	�	PROPN
cjfa-35415	303	25	�	�	PROPN
cjfa-35415	303	26	�	�	PROPN
cjfa-35415	303	27	�	�	PROPN
cjfa-35415	303	28	�	�	PROPN
cjfa-35415	303	29	�	�	PROPN
cjfa-35415	303	30	�	�	PROPN
cjfa-35415	303	31	�	�	PROPN
cjfa-35415	303	32	�	�	PROPN
cjfa-35415	303	33	�	�	PROPN
cjfa-35415	303	34	�	�	PROPN
cjfa-35415	303	35	(	(	PUNCT
cjfa-35415	303	36	4	4	NUM
cjfa-35415	303	37	)	)	PUNCT
cjfa-35415	303	38	results	result	NOUN
cjfa-35415	303	39	of	of	ADP
cjfa-35415	303	40	the	the	DET
cjfa-35415	303	41	research	research	NOUN
cjfa-35415	303	42	process	process	NOUN
cjfa-35415	303	43	summary	summary	NOUN
cjfa-35415	303	44	statistics	statistic	NOUN
cjfa-35415	303	45	are	be	AUX
cjfa-35415	303	46	presented	present	VERB
cjfa-35415	303	47	in	in	ADP
cjfa-35415	303	48	table	table	NOUN
cjfa-35415	303	49	1	1	NUM
cjfa-35415	303	50	.	.	PUNCT
cjfa-35415	304	1	panel	panel	NOUN
cjfa-35415	304	2	a	a	DET
cjfa-35415	304	3	reports	report	NOUN
cjfa-35415	304	4	the	the	DET
cjfa-35415	304	5	summary	summary	NOUN
cjfa-35415	304	6	statistics	statistic	NOUN
cjfa-35415	304	7	of	of	ADP
cjfa-35415	304	8	the	the	DET
cjfa-35415	304	9	dependent	dependent	ADJ
cjfa-35415	304	10	variables	variable	NOUN
cjfa-35415	304	11	.	.	PUNCT
cjfa-35415	305	1	on	on	ADP
cjfa-35415	305	2	average	average	ADJ
cjfa-35415	305	3	,	,	PUNCT
cjfa-35415	305	4	$	$	SYM
cjfa-35415	305	5	1	1	NUM
cjfa-35415	305	6	million	million	NUM
cjfa-35415	305	7	annual	annual	ADJ
cjfa-35415	305	8	increase	increase	NOUN
cjfa-35415	305	9	in	in	ADP
cjfa-35415	305	10	r&d	r&d	NOUN
cjfa-35415	305	11	spending	spending	NOUN
cjfa-35415	305	12	in	in	ADP
cjfa-35415	305	13	the	the	DET
cjfa-35415	305	14	last	last	ADJ
cjfa-35415	305	15	two	two	NUM
cjfa-35415	305	16	,	,	PUNCT
cjfa-35415	305	17	three	three	NUM
cjfa-35415	305	18	,	,	PUNCT
cjfa-35415	305	19	and	and	CCONJ
cjfa-35415	305	20	four	four	NUM
cjfa-35415	305	21	years	year	NOUN
cjfa-35415	305	22	leads	lead	VERB
cjfa-35415	305	23	to	to	ADP
cjfa-35415	305	24	2.133	2.133	NUM
cjfa-35415	305	25	,	,	PUNCT
cjfa-35415	305	26	3.269	3.269	NUM
cjfa-35415	305	27	,	,	PUNCT
cjfa-35415	305	28	and	and	CCONJ
cjfa-35415	305	29	4.635	4.635	NUM
cjfa-35415	305	30	new	new	ADJ
cjfa-35415	305	31	patents	patent	NOUN
cjfa-35415	305	32	.	.	PUNCT
cjfa-35415	306	1	panel	panel	NOUN
cjfa-35415	306	2	b	b	PROPN
cjfa-35415	306	3	reports	report	VERB
cjfa-35415	306	4	the	the	DET
cjfa-35415	306	5	descriptive	descriptive	ADJ
cjfa-35415	306	6	statistics	statistic	NOUN
cjfa-35415	306	7	for	for	ADP
cjfa-35415	306	8	variables	variable	NOUN
cjfa-35415	306	9	of	of	ADP
cjfa-35415	306	10	interest	interest	NOUN
cjfa-35415	306	11	.	.	PUNCT
cjfa-35415	307	1	the	the	DET
cjfa-35415	307	2	mean	mean	NOUN
cjfa-35415	307	3	of	of	ADP
cjfa-35415	307	4	d1981	d1981	PROPN
cjfa-35415	307	5	t	t	PROPN
cjfa-35415	307	6	is	be	AUX
cjfa-35415	307	7	0.902	0.902	NUM
cjfa-35415	307	8	and	and	CCONJ
cjfa-35415	307	9	suggests	suggest	VERB
cjfa-35415	307	10	that	that	SCONJ
cjfa-35415	307	11	about	about	ADV
cjfa-35415	307	12	90	90	NUM
cjfa-35415	307	13	%	%	NOUN
cjfa-35415	307	14	of	of	ADP
cjfa-35415	307	15	firm	firm	ADJ
cjfa-35415	307	16	-	-	PUNCT
cjfa-35415	307	17	year	year	NOUN
cjfa-35415	307	18	observations	observation	NOUN
cjfa-35415	307	19	occur	occur	VERB
cjfa-35415	307	20	after	after	ADP
cjfa-35415	307	21	the	the	DET
cjfa-35415	307	22	inception	inception	NOUN
cjfa-35415	307	23	of	of	ADP
cjfa-35415	307	24	the	the	DET
cjfa-35415	307	25	tax	tax	NOUN
cjfa-35415	307	26	credit	credit	NOUN
cjfa-35415	307	27	.	.	PUNCT
cjfa-35415	308	1	the	the	DET
cjfa-35415	308	2	average	average	ADJ
cjfa-35415	308	3	market	market	NOUN
cjfa-35415	308	4	competition	competition	NOUN
cjfa-35415	308	5	level	level	NOUN
cjfa-35415	308	6	is	be	AUX
cjfa-35415	308	7	14.8	14.8	NUM
cjfa-35415	308	8	%	%	NOUN
cjfa-35415	308	9	.	.	PUNCT
cjfa-35415	309	1	panel	panel	NOUN
cjfa-35415	309	2	c	c	PROPN
cjfa-35415	309	3	reports	report	VERB
cjfa-35415	309	4	the	the	DET
cjfa-35415	309	5	summary	summary	NOUN
cjfa-35415	309	6	statistics	statistic	NOUN
cjfa-35415	309	7	of	of	ADP
cjfa-35415	309	8	the	the	DET
cjfa-35415	309	9	control	control	NOUN
cjfa-35415	309	10	variables	variable	NOUN
cjfa-35415	309	11	.	.	PUNCT
cjfa-35415	310	1	on	on	ADP
cjfa-35415	310	2	average	average	ADJ
cjfa-35415	310	3	,	,	PUNCT
cjfa-35415	310	4	firms	firm	NOUN
cjfa-35415	310	5	have	have	VERB
cjfa-35415	310	6	a	a	DET
cjfa-35415	310	7	leverage	leverage	NOUN
cjfa-35415	310	8	ratio	ratio	NOUN
cjfa-35415	310	9	of	of	ADP
cjfa-35415	310	10	0.188	0.188	NUM
cjfa-35415	310	11	,	,	PUNCT
cjfa-35415	310	12	a	a	DET
cjfa-35415	310	13	net	net	ADJ
cjfa-35415	310	14	ppe	ppe	NOUN
cjfa-35415	310	15	to	to	PART
cjfa-35415	310	16	total	total	VERB
cjfa-35415	310	17	asset	asset	NOUN
cjfa-35415	310	18	ratio	ratio	NOUN
cjfa-35415	310	19	of	of	ADP
cjfa-35415	310	20	0.335	0.335	NUM
cjfa-35415	310	21	,	,	PUNCT
cjfa-35415	310	22	a	a	DET
cjfa-35415	310	23	profit	profit	NOUN
cjfa-35415	310	24	margin	margin	NOUN
cjfa-35415	310	25	of	of	ADP
cjfa-35415	310	26	0.154	0.154	NUM
cjfa-35415	310	27	,	,	PUNCT
cjfa-35415	310	28	a	a	DET
cjfa-35415	310	29	tobin	tobin	NOUN
cjfa-35415	310	30	's	's	PART
cjfa-35415	310	31	q	q	NOUN
cjfa-35415	310	32	of	of	ADP
cjfa-35415	310	33	1.152	1.152	NUM
cjfa-35415	310	34	,	,	PUNCT
cjfa-35415	310	35	and	and	CCONJ
cjfa-35415	310	36	have	have	AUX
cjfa-35415	310	37	been	be	AUX
cjfa-35415	310	38	publicly	publicly	ADV
cjfa-35415	310	39	traded	trade	VERB
cjfa-35415	310	40	for	for	ADP
cjfa-35415	310	41	31	31	NUM
cjfa-35415	310	42	years	year	NOUN
cjfa-35415	310	43	.	.	PUNCT
cjfa-35415	311	1	table	table	NOUN
cjfa-35415	311	2	1	1	NUM
cjfa-35415	311	3	.	.	PUNCT
cjfa-35415	312	1	summary	summary	NOUN
cjfa-35415	312	2	statistics	statistic	NOUN
cjfa-35415	312	3	variable	variable	NOUN
cjfa-35415	312	4	mean	mean	VERB
cjfa-35415	312	5	sd	sd	ADP
cjfa-35415	312	6	p25	p25	NOUN
cjfa-35415	312	7	p50	p50	NOUN
cjfa-35415	312	8	p75	p75	NOUN
cjfa-35415	312	9	n	n	PROPN
cjfa-35415	312	10	panel	panel	NOUN
cjfa-35415	312	11	a	a	DET
cjfa-35415	312	12	:	:	PUNCT
cjfa-35415	312	13	dependent	dependent	ADJ
cjfa-35415	312	14	variables	variable	NOUN
cjfa-35415	312	15	:	:	PUNCT
cjfa-35415	312	16	innovative	innovative	ADJ
cjfa-35415	312	17	efficiency	efficiency	NOUN
cjfa-35415	312	18	pat_rdt-2,t-1	pat_rdt-2,t-1	PROPN
cjfa-35415	312	19	-0.217	-0.217	PUNCT
cjfa-35415	312	20	1.270	1.270	NUM
cjfa-35415	312	21	-1.014	-1.014	PROPN
cjfa-35415	312	22	-0.219	-0.219	NUM
cjfa-35415	312	23	0.608	0.608	NUM
cjfa-35415	312	24	16,251	16,251	NUM
cjfa-35415	312	25	pat_rdt-3,t-1	pat_rdt-3,t-1	NOUN
cjfa-35415	312	26	0.245	0.245	NUM
cjfa-35415	312	27	1.265	1.265	NUM
cjfa-35415	312	28	-0.543	-0.543	NOUN
cjfa-35415	312	29	0.241	0.241	NUM
cjfa-35415	312	30	1.166	1.166	NUM
cjfa-35415	312	31	16,251	16,251	NUM
cjfa-35415	312	32	pat_rdt-4,t-1	pat_rdt-4,t-1	NOUN
cjfa-35415	312	33	0.559	0.559	NUM
cjfa-35415	312	34	1.278	1.278	NUM
cjfa-35415	312	35	-0.272	-0.272	NOUN
cjfa-35415	312	36	0.550	0.550	NUM
cjfa-35415	312	37	1.502	1.502	NUM
cjfa-35415	312	38	16,251	16,251	NUM
cjfa-35415	312	39	panel	panel	NOUN
cjfa-35415	312	40	b	b	NOUN
cjfa-35415	312	41	:	:	PUNCT
cjfa-35415	312	42	variables	variable	NOUN
cjfa-35415	312	43	of	of	ADP
cjfa-35415	312	44	interest	interest	NOUN
cjfa-35415	312	45	(	(	PUNCT
cjfa-35415	312	46	4	4	X
cjfa-35415	312	47	)	)	PUNCT
cjfa-35415	312	48	results	result	NOUN
cjfa-35415	312	49	of	of	ADP
cjfa-35415	312	50	the	the	DET
cjfa-35415	312	51	research	research	NOUN
cjfa-35415	312	52	process	process	NOUN
cjfa-35415	312	53	summary	summary	NOUN
cjfa-35415	312	54	statistics	statistic	NOUN
cjfa-35415	312	55	are	be	AUX
cjfa-35415	312	56	presented	present	VERB
cjfa-35415	312	57	in	in	ADP
cjfa-35415	312	58	table	table	NOUN
cjfa-35415	312	59	1	1	NUM
cjfa-35415	312	60	.	.	PUNCT
cjfa-35415	313	1	panel	panel	NOUN
cjfa-35415	313	2	a	a	DET
cjfa-35415	313	3	reports	report	NOUN
cjfa-35415	313	4	the	the	DET
cjfa-35415	313	5	summary	summary	NOUN
cjfa-35415	313	6	statistics	statistic	NOUN
cjfa-35415	313	7	of	of	ADP
cjfa-35415	313	8	the	the	DET
cjfa-35415	313	9	dependent	dependent	ADJ
cjfa-35415	313	10	variables	variable	NOUN
cjfa-35415	313	11	.	.	PUNCT
cjfa-35415	314	1	on	on	ADP
cjfa-35415	314	2	average	average	ADJ
cjfa-35415	314	3	,	,	PUNCT
cjfa-35415	314	4	$	$	SYM
cjfa-35415	314	5	1	1	NUM
cjfa-35415	314	6	million	million	NUM
cjfa-35415	314	7	annual	annual	ADJ
cjfa-35415	314	8	increase	increase	NOUN
cjfa-35415	314	9	in	in	ADP
cjfa-35415	314	10	r&d	r&d	NOUN
cjfa-35415	314	11	spending	spending	NOUN
cjfa-35415	314	12	in	in	ADP
cjfa-35415	314	13	the	the	DET
cjfa-35415	314	14	last	last	ADJ
cjfa-35415	314	15	two	two	NUM
cjfa-35415	314	16	,	,	PUNCT
cjfa-35415	314	17	three	three	NUM
cjfa-35415	314	18	,	,	PUNCT
cjfa-35415	314	19	and	and	CCONJ
cjfa-35415	314	20	four	four	NUM
cjfa-35415	314	21	years	year	NOUN
cjfa-35415	314	22	leads	lead	VERB
cjfa-35415	314	23	to	to	ADP
cjfa-35415	314	24	2.133	2.133	NUM
cjfa-35415	314	25	,	,	PUNCT
cjfa-35415	314	26	3.269	3.269	NUM
cjfa-35415	314	27	,	,	PUNCT
cjfa-35415	314	28	and	and	CCONJ
cjfa-35415	314	29	reexamining	reexamine	VERB
cjfa-35415	314	30	the	the	DET
cjfa-35415	314	31	economic	economic	ADJ
cjfa-35415	314	32	recovery	recovery	NOUN
cjfa-35415	314	33	tax	tax	NOUN
cjfa-35415	314	34	act	act	NOUN
cjfa-35415	314	35	of	of	ADP
cjfa-35415	314	36	1981	1981	NUM
cjfa-35415	314	37	…	…	PUNCT
cjfa-35415	314	38	37	37	NUM
cjfa-35415	314	39	4.635	4.635	NUM
cjfa-35415	314	40	new	new	ADJ
cjfa-35415	314	41	patents	patent	NOUN
cjfa-35415	314	42	.	.	PUNCT
cjfa-35415	315	1	panel	panel	NOUN
cjfa-35415	315	2	b	b	PROPN
cjfa-35415	315	3	reports	report	VERB
cjfa-35415	315	4	the	the	DET
cjfa-35415	315	5	descriptive	descriptive	ADJ
cjfa-35415	315	6	statistics	statistic	NOUN
cjfa-35415	315	7	for	for	ADP
cjfa-35415	315	8	variables	variable	NOUN
cjfa-35415	315	9	of	of	ADP
cjfa-35415	315	10	interest	interest	NOUN
cjfa-35415	315	11	.	.	PUNCT
cjfa-35415	316	1	the	the	DET
cjfa-35415	316	2	mean	mean	NOUN
cjfa-35415	316	3	of	of	ADP
cjfa-35415	316	4	d1981	d1981	PROPN
cjfa-35415	316	5	t	t	PROPN
cjfa-35415	316	6	is	be	AUX
cjfa-35415	316	7	0.902	0.902	NUM
cjfa-35415	316	8	and	and	CCONJ
cjfa-35415	316	9	suggests	suggest	VERB
cjfa-35415	316	10	that	that	SCONJ
cjfa-35415	316	11	about	about	ADV
cjfa-35415	316	12	90	90	NUM
cjfa-35415	316	13	%	%	NOUN
cjfa-35415	316	14	of	of	ADP
cjfa-35415	316	15	firm	firm	ADJ
cjfa-35415	316	16	-	-	PUNCT
cjfa-35415	316	17	year	year	NOUN
cjfa-35415	316	18	observations	observation	NOUN
cjfa-35415	316	19	occur	occur	VERB
cjfa-35415	316	20	after	after	ADP
cjfa-35415	316	21	the	the	DET
cjfa-35415	316	22	inception	inception	NOUN
cjfa-35415	316	23	of	of	ADP
cjfa-35415	316	24	the	the	DET
cjfa-35415	316	25	tax	tax	NOUN
cjfa-35415	316	26	credit	credit	NOUN
cjfa-35415	316	27	.	.	PUNCT
cjfa-35415	317	1	the	the	DET
cjfa-35415	317	2	average	average	ADJ
cjfa-35415	317	3	market	market	NOUN
cjfa-35415	317	4	competition	competition	NOUN
cjfa-35415	317	5	level	level	NOUN
cjfa-35415	317	6	is	be	AUX
cjfa-35415	317	7	14.8	14.8	NUM
cjfa-35415	317	8	%	%	NOUN
cjfa-35415	317	9	.	.	PUNCT
cjfa-35415	318	1	panel	panel	NOUN
cjfa-35415	318	2	c	c	PROPN
cjfa-35415	318	3	reports	report	VERB
cjfa-35415	318	4	the	the	DET
cjfa-35415	318	5	summary	summary	NOUN
cjfa-35415	318	6	statistics	statistic	NOUN
cjfa-35415	318	7	of	of	ADP
cjfa-35415	318	8	the	the	DET
cjfa-35415	318	9	control	control	NOUN
cjfa-35415	318	10	variables	variable	NOUN
cjfa-35415	318	11	.	.	PUNCT
cjfa-35415	319	1	on	on	ADP
cjfa-35415	319	2	average	average	ADJ
cjfa-35415	319	3	,	,	PUNCT
cjfa-35415	319	4	firms	firm	NOUN
cjfa-35415	319	5	have	have	VERB
cjfa-35415	319	6	a	a	DET
cjfa-35415	319	7	leverage	leverage	NOUN
cjfa-35415	319	8	ratio	ratio	NOUN
cjfa-35415	319	9	of	of	ADP
cjfa-35415	319	10	0.188	0.188	NUM
cjfa-35415	319	11	,	,	PUNCT
cjfa-35415	319	12	a	a	DET
cjfa-35415	319	13	net	net	ADJ
cjfa-35415	319	14	ppe	ppe	NOUN
cjfa-35415	319	15	to	to	PART
cjfa-35415	319	16	total	total	VERB
cjfa-35415	319	17	asset	asset	NOUN
cjfa-35415	319	18	ratio	ratio	NOUN
cjfa-35415	319	19	of	of	ADP
cjfa-35415	319	20	0.335	0.335	NUM
cjfa-35415	319	21	,	,	PUNCT
cjfa-35415	319	22	a	a	DET
cjfa-35415	319	23	profit	profit	NOUN
cjfa-35415	319	24	margin	margin	NOUN
cjfa-35415	319	25	of	of	ADP
cjfa-35415	319	26	0.154	0.154	NUM
cjfa-35415	319	27	,	,	PUNCT
cjfa-35415	319	28	a	a	DET
cjfa-35415	319	29	tobin	tobin	NOUN
cjfa-35415	319	30	’s	’s	NOUN
cjfa-35415	319	31	q	q	NOUN
cjfa-35415	319	32	of	of	ADP
cjfa-35415	319	33	1.152	1.152	NUM
cjfa-35415	319	34	,	,	PUNCT
cjfa-35415	319	35	and	and	CCONJ
cjfa-35415	319	36	have	have	AUX
cjfa-35415	319	37	been	be	AUX
cjfa-35415	319	38	publicly	publicly	ADV
cjfa-35415	319	39	traded	trade	VERB
cjfa-35415	319	40	for	for	ADP
cjfa-35415	319	41	31	31	NUM
cjfa-35415	319	42	years	year	NOUN
cjfa-35415	319	43	.	.	PUNCT
cjfa-35415	320	1	table	table	NOUN
cjfa-35415	320	2	1	1	NUM
cjfa-35415	320	3	.	.	PUNCT
cjfa-35415	321	1	summary	summary	NOUN
cjfa-35415	321	2	statistics	statistic	NOUN
cjfa-35415	321	3	variable	variable	NOUN
cjfa-35415	321	4	mean	mean	VERB
cjfa-35415	321	5	sd	sd	ADP
cjfa-35415	321	6	p25	p25	NOUN
cjfa-35415	321	7	p50	p50	NOUN
cjfa-35415	321	8	p75	p75	NOUN
cjfa-35415	321	9	n	n	PROPN
cjfa-35415	321	10	panel	panel	NOUN
cjfa-35415	321	11	a	a	DET
cjfa-35415	321	12	:	:	PUNCT
cjfa-35415	321	13	dependent	dependent	ADJ
cjfa-35415	321	14	variables	variable	NOUN
cjfa-35415	321	15	:	:	PUNCT
cjfa-35415	321	16	innovative	innovative	ADJ
cjfa-35415	321	17	efficiency	efficiency	NOUN
cjfa-35415	321	18	pat_rdt-2,t-1	pat_rdt-2,t-1	PROPN
cjfa-35415	321	19	-0.217	-0.217	PUNCT
cjfa-35415	321	20	1.270	1.270	NUM
cjfa-35415	321	21	-1.014	-1.014	PROPN
cjfa-35415	321	22	-0.219	-0.219	NUM
cjfa-35415	321	23	0.608	0.608	NUM
cjfa-35415	321	24	16,251	16,251	NUM
cjfa-35415	321	25	pat_rdt-3,t-1	pat_rdt-3,t-1	NOUN
cjfa-35415	321	26	0.245	0.245	NUM
cjfa-35415	321	27	1.265	1.265	NUM
cjfa-35415	321	28	-0.543	-0.543	NOUN
cjfa-35415	321	29	0.241	0.241	NUM
cjfa-35415	321	30	1.166	1.166	NUM
cjfa-35415	321	31	16,251	16,251	NUM
cjfa-35415	321	32	pat_rdt-4,t-1	pat_rdt-4,t-1	NOUN
cjfa-35415	321	33	0.559	0.559	NUM
cjfa-35415	321	34	1.278	1.278	NUM
cjfa-35415	321	35	-0.272	-0.272	NOUN
cjfa-35415	321	36	0.550	0.550	NUM
cjfa-35415	321	37	1.502	1.502	NUM
cjfa-35415	321	38	16,251	16,251	NUM
cjfa-35415	321	39	panel	panel	NOUN
cjfa-35415	321	40	b	b	NOUN
cjfa-35415	321	41	:	:	PUNCT
cjfa-35415	321	42	variables	variable	NOUN
cjfa-35415	321	43	of	of	ADP
cjfa-35415	321	44	interest	interest	NOUN
cjfa-35415	321	45	d1981	d1981	PROPN
cjfa-35415	321	46	t	t	PROPN
cjfa-35415	321	47	0.902	0.902	NUM
cjfa-35415	321	48	0.301	0.301	NUM
cjfa-35415	321	49	1	1	NUM
cjfa-35415	321	50	1	1	NUM
cjfa-35415	321	51	1	1	NUM
cjfa-35415	321	52	16,251	16,251	NUM
cjfa-35415	321	53	hindext	hindext	NOUN
cjfa-35415	321	54	0.148	0.148	NUM
cjfa-35415	321	55	0.170	0.170	NUM
cjfa-35415	321	56	0.066	0.066	NUM
cjfa-35415	321	57	0.133	0.133	NUM
cjfa-35415	321	58	0.247	0.247	NUM
cjfa-35415	321	59	16,251	16,251	NUM
cjfa-35415	322	1	hindex2	hindex2	NOUN
cjfa-35415	323	1	t	t	PROPN
cjfa-35415	323	2	0.022	0.022	NUM
cjfa-35415	323	3	0.026	0.026	NUM
cjfa-35415	323	4	0.004	0.004	NUM
cjfa-35415	323	5	0.018	0.018	NUM
cjfa-35415	323	6	0.061	0.061	NUM
cjfa-35415	323	7	16,251	16,251	NUM
cjfa-35415	323	8	d1981	d1981	NOUN
cjfa-35415	323	9	t	t	PROPN
cjfa-35415	323	10	×hindext	×hindext	NOUN
cjfa-35415	323	11	0.133	0.133	NUM
cjfa-35415	323	12	0.052	0.052	NUM
cjfa-35415	323	13	0.065	0.065	NUM
cjfa-35415	323	14	0.134	0.134	NUM
cjfa-35415	323	15	0.250	0.250	NUM
cjfa-35415	323	16	16,251	16,251	NUM
cjfa-35415	323	17	panel	panel	NOUN
cjfa-35415	323	18	c	c	NOUN
cjfa-35415	323	19	:	:	PUNCT
cjfa-35415	323	20	control	control	NOUN
cjfa-35415	323	21	variables	variable	NOUN
cjfa-35415	323	22	leveraget	leveraget	VERB
cjfa-35415	323	23	0.188	0.188	NUM
cjfa-35415	323	24	0.215	0.215	NUM
cjfa-35415	323	25	0.072	0.072	NUM
cjfa-35415	323	26	0.193	0.193	NUM
cjfa-35415	323	27	0.309	0.309	NUM
cjfa-35415	323	28	16,251	16,251	NUM
cjfa-35415	323	29	tangibilityt	tangibilityt	ADJ
cjfa-35415	323	30	0.335	0.335	NUM
cjfa-35415	323	31	0.118	0.118	NUM
cjfa-35415	323	32	0.226	0.226	NUM
cjfa-35415	323	33	0.342	0.342	NUM
cjfa-35415	323	34	0.421	0.421	NUM
cjfa-35415	323	35	16,251	16,251	NUM
cjfa-35415	323	36	profitabilityt	profitabilityt	ADJ
cjfa-35415	323	37	0.154	0.154	NUM
cjfa-35415	323	38	0.120	0.120	NUM
cjfa-35415	323	39	0.113	0.113	NUM
cjfa-35415	323	40	0.177	0.177	NUM
cjfa-35415	323	41	0.238	0.238	NUM
cjfa-35415	323	42	16,251	16,251	NUM
cjfa-35415	323	43	qt	qt	ADP
cjfa-35415	323	44	1.152	1.152	NUM
cjfa-35415	323	45	1.721	1.721	NUM
cjfa-35415	323	46	0.613	0.613	NUM
cjfa-35415	323	47	1.088	1.088	NUM
cjfa-35415	323	48	1.839	1.839	NUM
cjfa-35415	323	49	16,251	16,251	NUM
cjfa-35415	323	50	sizet	sizet	NOUN
cjfa-35415	323	51	6.209	6.209	NUM
cjfa-35415	323	52	2.453	2.453	NUM
cjfa-35415	323	53	4.337	4.337	NUM
cjfa-35415	323	54	6.417	6.417	NUM
cjfa-35415	323	55	7.602	7.602	NUM
cjfa-35415	323	56	16,251	16,251	NUM
cjfa-35415	323	57	size2	size2	NOUN
cjfa-35415	324	1	t	t	PROPN
cjfa-35415	324	2	38.792	38.792	NUM
cjfa-35415	325	1	28.159	28.159	NUM
cjfa-35415	325	2	18.810	18.810	NUM
cjfa-35415	325	3	41.178	41.178	NUM
cjfa-35415	325	4	57.790	57.790	NUM
cjfa-35415	325	5	16,251	16,251	NUM
cjfa-35415	325	6	aget	aget	VERB
cjfa-35415	325	7	31.184	31.184	NUM
cjfa-35415	325	8	12.410	12.410	NUM
cjfa-35415	325	9	13	13	NUM
cjfa-35415	325	10	32	32	NUM
cjfa-35415	325	11	46	46	NUM
cjfa-35415	325	12	16,251	16,251	NUM
cjfa-35415	325	13	this	this	DET
cjfa-35415	325	14	table	table	NOUN
cjfa-35415	325	15	reports	report	VERB
cjfa-35415	325	16	the	the	DET
cjfa-35415	325	17	descriptive	descriptive	ADJ
cjfa-35415	325	18	statistics	statistic	NOUN
cjfa-35415	325	19	of	of	ADP
cjfa-35415	325	20	the	the	DET
cjfa-35415	325	21	sample	sample	NOUN
cjfa-35415	325	22	,	,	PUNCT
cjfa-35415	325	23	including	include	VERB
cjfa-35415	325	24	mean	mean	ADJ
cjfa-35415	325	25	,	,	PUNCT
cjfa-35415	325	26	standard	standard	ADJ
cjfa-35415	325	27	deviation	deviation	NOUN
cjfa-35415	325	28	,	,	PUNCT
cjfa-35415	325	29	25th	25th	ADJ
cjfa-35415	325	30	percentile	percentile	ADJ
cjfa-35415	325	31	,	,	PUNCT
cjfa-35415	325	32	median	median	ADJ
cjfa-35415	325	33	,	,	PUNCT
cjfa-35415	325	34	75th	75th	ADJ
cjfa-35415	325	35	percentile	percentile	ADJ
cjfa-35415	325	36	,	,	PUNCT
cjfa-35415	325	37	and	and	CCONJ
cjfa-35415	325	38	the	the	DET
cjfa-35415	325	39	number	number	NOUN
cjfa-35415	325	40	of	of	ADP
cjfa-35415	325	41	observations	observation	NOUN
cjfa-35415	325	42	.	.	PUNCT
cjfa-35415	326	1	panel	panel	NOUN
cjfa-35415	326	2	a	a	DET
cjfa-35415	326	3	presents	present	NOUN
cjfa-35415	326	4	the	the	DET
cjfa-35415	326	5	summary	summary	NOUN
cjfa-35415	326	6	statistics	statistic	NOUN
cjfa-35415	326	7	of	of	ADP
cjfa-35415	326	8	dependent	dependent	ADJ
cjfa-35415	326	9	variables	variable	NOUN
cjfa-35415	326	10	.	.	PUNCT
cjfa-35415	327	1	panel	panel	NOUN
cjfa-35415	327	2	b	b	PROPN
cjfa-35415	327	3	presents	present	VERB
cjfa-35415	327	4	the	the	DET
cjfa-35415	327	5	summary	summary	NOUN
cjfa-35415	327	6	statistics	statistic	NOUN
cjfa-35415	327	7	of	of	ADP
cjfa-35415	327	8	variables	variable	NOUN
cjfa-35415	327	9	of	of	ADP
cjfa-35415	327	10	interest	interest	NOUN
cjfa-35415	327	11	.	.	PUNCT
cjfa-35415	328	1	panel	panel	NOUN
cjfa-35415	328	2	c	c	PROPN
cjfa-35415	328	3	presents	present	VERB
cjfa-35415	328	4	the	the	DET
cjfa-35415	328	5	summary	summary	NOUN
cjfa-35415	328	6	statistics	statistic	NOUN
cjfa-35415	328	7	of	of	ADP
cjfa-35415	328	8	control	control	NOUN
cjfa-35415	328	9	variables	variable	NOUN
cjfa-35415	328	10	.	.	PUNCT
cjfa-35415	329	1	all	all	DET
cjfa-35415	329	2	variables	variable	NOUN
cjfa-35415	329	3	are	be	AUX
cjfa-35415	329	4	constructed	construct	VERB
cjfa-35415	329	5	from	from	ADP
cjfa-35415	329	6	1975	1975	NUM
cjfa-35415	329	7	to	to	ADP
cjfa-35415	329	8	2017	2017	NUM
cjfa-35415	329	9	.	.	PUNCT
cjfa-35415	330	1	variables	variable	NOUN
cjfa-35415	330	2	are	be	AUX
cjfa-35415	330	3	defined	define	VERB
cjfa-35415	330	4	in	in	ADP
cjfa-35415	330	5	the	the	DET
cjfa-35415	330	6	appendix	appendix	ADJ
cjfa-35415	330	7	a.	a.	NOUN
cjfa-35415	330	8	s	s	PART
cjfa-35415	330	9	o	o	NOUN
cjfa-35415	330	10	u	u	NOUN
cjfa-35415	330	11	r	r	NOUN
cjfa-35415	330	12	c	c	NOUN
cjfa-35415	330	13	e	e	NOUN
cjfa-35415	330	14	:	:	PUNCT
cjfa-35415	330	15	summary	summary	NOUN
cjfa-35415	330	16	statistics	statistic	NOUN
cjfa-35415	330	17	table	table	NOUN
cjfa-35415	330	18	created	create	VERB
cjfa-35415	330	19	by	by	ADP
cjfa-35415	330	20	the	the	DET
cjfa-35415	330	21	authors	author	NOUN
cjfa-35415	330	22	using	use	VERB
cjfa-35415	330	23	sas	sas	PROPN
cjfa-35415	330	24	and	and	CCONJ
cjfa-35415	330	25	stata	stata	NOUN
cjfa-35415	330	26	.	.	PUNCT
cjfa-35415	331	1	zhaochu	zhaochu	PROPN
cjfa-35415	332	1	li38	li38	PROPN
cjfa-35415	332	2	table	table	NOUN
cjfa-35415	332	3	2	2	NUM
cjfa-35415	332	4	provides	provide	VERB
cjfa-35415	332	5	the	the	DET
cjfa-35415	332	6	empirical	empirical	ADJ
cjfa-35415	332	7	results	result	NOUN
cjfa-35415	332	8	for	for	ADP
cjfa-35415	332	9	the	the	DET
cjfa-35415	332	10	first	first	ADJ
cjfa-35415	332	11	hypothesis	hypothesis	NOUN
cjfa-35415	332	12	.	.	PUNCT
cjfa-35415	333	1	coefficients	coefficient	NOUN
cjfa-35415	333	2	of	of	ADP
cjfa-35415	333	3	d1981	d1981	PROPN
cjfa-35415	333	4	t	t	PROPN
cjfa-35415	333	5	are	be	AUX
cjfa-35415	333	6	negative	negative	ADJ
cjfa-35415	333	7	and	and	CCONJ
cjfa-35415	333	8	significant	significant	ADJ
cjfa-35415	333	9	,	,	PUNCT
cjfa-35415	333	10	suggesting	suggest	VERB
cjfa-35415	333	11	that	that	SCONJ
cjfa-35415	333	12	the	the	DET
cjfa-35415	333	13	1981	1981	NUM
cjfa-35415	333	14	tax	tax	NOUN
cjfa-35415	333	15	credit	credit	NOUN
cjfa-35415	333	16	,	,	PUNCT
cjfa-35415	333	17	on	on	ADP
cjfa-35415	333	18	average	average	ADJ
cjfa-35415	333	19	,	,	PUNCT
cjfa-35415	333	20	decreased	decrease	VERB
cjfa-35415	333	21	the	the	DET
cjfa-35415	333	22	innovative	innovative	ADJ
cjfa-35415	333	23	efficiency	efficiency	NOUN
cjfa-35415	333	24	.	.	PUNCT
cjfa-35415	334	1	in	in	ADP
cjfa-35415	334	2	terms	term	NOUN
cjfa-35415	334	3	of	of	ADP
cjfa-35415	334	4	economic	economic	ADJ
cjfa-35415	334	5	significance	significance	NOUN
cjfa-35415	334	6	,	,	PUNCT
cjfa-35415	334	7	firms	firm	NOUN
cjfa-35415	334	8	created	create	VERB
cjfa-35415	334	9	an	an	DET
cjfa-35415	334	10	average	average	ADJ
cjfa-35415	334	11	0.35	0.35	NUM
cjfa-35415	334	12	fewer	few	ADJ
cjfa-35415	334	13	patents	patent	NOUN
cjfa-35415	334	14	for	for	ADP
cjfa-35415	334	15	$	$	SYM
cjfa-35415	334	16	1	1	NUM
cjfa-35415	334	17	million	million	NUM
cjfa-35415	334	18	annual	annual	ADJ
cjfa-35415	334	19	increase	increase	NOUN
cjfa-35415	334	20	in	in	ADP
cjfa-35415	334	21	research	research	NOUN
cjfa-35415	334	22	investment	investment	NOUN
cjfa-35415	334	23	after	after	ADP
cjfa-35415	334	24	1981	1981	NUM
cjfa-35415	334	25	.	.	PUNCT
cjfa-35415	335	1	for	for	ADP
cjfa-35415	335	2	control	control	NOUN
cjfa-35415	335	3	variables	variable	NOUN
cjfa-35415	335	4	,	,	PUNCT
cjfa-35415	335	5	tangibilityt	tangibilityt	ADJ
cjfa-35415	335	6	and	and	CCONJ
cjfa-35415	335	7	profitabilityt	profitabilityt	ADV
cjfa-35415	335	8	both	both	PRON
cjfa-35415	335	9	have	have	VERB
cjfa-35415	335	10	positive	positive	ADJ
cjfa-35415	335	11	coefficients	coefficient	NOUN
cjfa-35415	335	12	,	,	PUNCT
cjfa-35415	335	13	suggesting	suggest	VERB
cjfa-35415	335	14	that	that	SCONJ
cjfa-35415	335	15	firms	firm	NOUN
cjfa-35415	335	16	with	with	ADP
cjfa-35415	335	17	more	more	ADJ
cjfa-35415	335	18	facilities	facility	NOUN
cjfa-35415	335	19	and	and	CCONJ
cjfa-35415	335	20	net	net	ADJ
cjfa-35415	335	21	income	income	NOUN
cjfa-35415	335	22	generally	generally	ADV
cjfa-35415	335	23	have	have	VERB
cjfa-35415	335	24	higher	high	ADJ
cjfa-35415	335	25	innovative	innovative	ADJ
cjfa-35415	335	26	efficiency	efficiency	NOUN
cjfa-35415	335	27	.	.	PUNCT
cjfa-35415	336	1	in	in	ADP
cjfa-35415	336	2	addition	addition	NOUN
cjfa-35415	336	3	,	,	PUNCT
cjfa-35415	336	4	firms	firm	NOUN
cjfa-35415	336	5	with	with	ADP
cjfa-35415	336	6	greater	great	ADJ
cjfa-35415	336	7	growth	growth	NOUN
cjfa-35415	336	8	potential	potential	NOUN
cjfa-35415	336	9	,	,	PUNCT
cjfa-35415	336	10	qt	qt	NOUN
cjfa-35415	336	11	,	,	PUNCT
cjfa-35415	336	12	small	small	ADJ
cjfa-35415	336	13	firms	firm	NOUN
cjfa-35415	336	14	,	,	PUNCT
cjfa-35415	336	15	and	and	CCONJ
cjfa-35415	336	16	younger	young	ADJ
cjfa-35415	336	17	firms	firm	NOUN
cjfa-35415	336	18	all	all	PRON
cjfa-35415	336	19	have	have	VERB
cjfa-35415	336	20	higher	high	ADJ
cjfa-35415	336	21	innovative	innovative	ADJ
cjfa-35415	336	22	efficiency	efficiency	NOUN
cjfa-35415	336	23	.	.	PUNCT
cjfa-35415	337	1	table	table	NOUN
cjfa-35415	337	2	2	2	NUM
cjfa-35415	337	3	.	.	PUNCT
cjfa-35415	338	1	the	the	DET
cjfa-35415	338	2	1981	1981	NUM
cjfa-35415	338	3	r&d	r&d	NOUN
cjfa-35415	338	4	tax	tax	NOUN
cjfa-35415	338	5	credit	credit	NOUN
cjfa-35415	338	6	and	and	CCONJ
cjfa-35415	338	7	innovative	innovative	ADJ
cjfa-35415	338	8	efficiency	efficiency	NOUN
cjfa-35415	338	9	(	(	PUNCT
cjfa-35415	338	10	h1	h1	NOUN
cjfa-35415	338	11	)	)	PUNCT
cjfa-35415	338	12	variables	variable	NOUN
cjfa-35415	338	13	(	(	PUNCT
cjfa-35415	338	14	1	1	NUM
cjfa-35415	338	15	)	)	PUNCT
cjfa-35415	338	16	(	(	PUNCT
cjfa-35415	338	17	2	2	NUM
cjfa-35415	338	18	)	)	PUNCT
cjfa-35415	338	19	(	(	PUNCT
cjfa-35415	338	20	3	3	X
cjfa-35415	338	21	)	)	PUNCT
cjfa-35415	338	22	d1981	d1981	VERB
cjfa-35415	338	23	-0.55	-0.55	NOUN
cjfa-35415	338	24	*	*	NOUN
cjfa-35415	338	25	*	*	PUNCT
cjfa-35415	338	26	*	*	NOUN
cjfa-35415	338	27	-0.54	-0.54	PUNCT
cjfa-35415	338	28	*	*	PUNCT
cjfa-35415	338	29	*	*	PUNCT
cjfa-35415	338	30	*	*	PUNCT
cjfa-35415	338	31	-0.52	-0.52	PUNCT
cjfa-35415	338	32	*	*	PUNCT
cjfa-35415	338	33	*	*	PUNCT
cjfa-35415	338	34	*	*	PUNCT
cjfa-35415	338	35	(	(	PUNCT
cjfa-35415	338	36	0.12	0.12	NUM
cjfa-35415	338	37	)	)	PUNCT
cjfa-35415	338	38	(	(	PUNCT
cjfa-35415	338	39	0.13	0.13	NUM
cjfa-35415	338	40	)	)	PUNCT
cjfa-35415	338	41	(	(	PUNCT
cjfa-35415	338	42	0.11	0.11	NUM
cjfa-35415	338	43	)	)	PUNCT
cjfa-35415	338	44	leverage	leverage	NOUN
cjfa-35415	338	45	-0.23	-0.23	PROPN
cjfa-35415	338	46	-0.09	-0.09	NUM
cjfa-35415	338	47	-0.17	-0.17	PROPN
cjfa-35415	338	48	(	(	PUNCT
cjfa-35415	338	49	0.22	0.22	NUM
cjfa-35415	338	50	)	)	PUNCT
cjfa-35415	338	51	(	(	PUNCT
cjfa-35415	338	52	0.26	0.26	NUM
cjfa-35415	338	53	)	)	PUNCT
cjfa-35415	338	54	(	(	PUNCT
cjfa-35415	338	55	0.19	0.19	NUM
cjfa-35415	338	56	)	)	PUNCT
cjfa-35415	338	57	tangebility	tangebility	NOUN
cjfa-35415	338	58	1.13	1.13	NUM
cjfa-35415	338	59	*	*	PUNCT
cjfa-35415	338	60	*	*	PUNCT
cjfa-35415	338	61	*	*	PUNCT
cjfa-35415	338	62	1.09	1.09	NUM
cjfa-35415	338	63	*	*	PUNCT
cjfa-35415	338	64	*	*	PUNCT
cjfa-35415	338	65	*	*	PUNCT
cjfa-35415	338	66	1.12	1.12	NUM
cjfa-35415	338	67	*	*	PUNCT
cjfa-35415	338	68	*	*	PUNCT
cjfa-35415	338	69	*	*	PUNCT
cjfa-35415	338	70	(	(	PUNCT
cjfa-35415	338	71	0.11	0.11	NUM
cjfa-35415	338	72	)	)	PUNCT
cjfa-35415	338	73	(	(	PUNCT
cjfa-35415	338	74	0.23	0.23	NUM
cjfa-35415	338	75	)	)	PUNCT
cjfa-35415	338	76	(	(	PUNCT
cjfa-35415	338	77	0.28	0.28	NUM
cjfa-35415	338	78	)	)	PUNCT
cjfa-35415	338	79	profitability	profitability	NOUN
cjfa-35415	338	80	1.29	1.29	NUM
cjfa-35415	338	81	*	*	PUNCT
cjfa-35415	338	82	*	*	PUNCT
cjfa-35415	338	83	*	*	PUNCT
cjfa-35415	338	84	1.32	1.32	NUM
cjfa-35415	338	85	*	*	PUNCT
cjfa-35415	338	86	*	*	PUNCT
cjfa-35415	338	87	*	*	PUNCT
cjfa-35415	338	88	1.37	1.37	NUM
cjfa-35415	338	89	*	*	PUNCT
cjfa-35415	338	90	*	*	PUNCT
cjfa-35415	338	91	*	*	PUNCT
cjfa-35415	338	92	(	(	PUNCT
cjfa-35415	338	93	0.18	0.18	NUM
cjfa-35415	338	94	)	)	PUNCT
cjfa-35415	338	95	(	(	PUNCT
cjfa-35415	338	96	0.21	0.21	NUM
cjfa-35415	338	97	)	)	PUNCT
cjfa-35415	338	98	(	(	PUNCT
cjfa-35415	338	99	0.16	0.16	NUM
cjfa-35415	338	100	)	)	PUNCT
cjfa-35415	338	101	qt	qt	NOUN
cjfa-35415	338	102	0.05	0.05	NUM
cjfa-35415	338	103	*	*	PUNCT
cjfa-35415	338	104	*	*	PUNCT
cjfa-35415	338	105	*	*	PUNCT
cjfa-35415	338	106	0.06	0.06	NUM
cjfa-35415	338	107	*	*	PUNCT
cjfa-35415	338	108	*	*	PUNCT
cjfa-35415	338	109	*	*	PUNCT
cjfa-35415	338	110	0.05	0.05	NUM
cjfa-35415	338	111	*	*	PUNCT
cjfa-35415	338	112	*	*	PUNCT
cjfa-35415	338	113	*	*	PUNCT
cjfa-35415	338	114	(	(	PUNCT
cjfa-35415	338	115	0.01	0.01	NUM
cjfa-35415	338	116	)	)	PUNCT
cjfa-35415	338	117	(	(	PUNCT
cjfa-35415	338	118	0.01	0.01	NUM
cjfa-35415	338	119	)	)	PUNCT
cjfa-35415	338	120	(	(	PUNCT
cjfa-35415	338	121	0.01	0.01	NUM
cjfa-35415	338	122	)	)	PUNCT
cjfa-35415	338	123	size	size	NOUN
cjfa-35415	338	124	-0.35	-0.35	NOUN
cjfa-35415	338	125	*	*	NOUN
cjfa-35415	338	126	*	*	PUNCT
cjfa-35415	338	127	*	*	NOUN
cjfa-35415	338	128	-0.33	-0.33	ADJ
cjfa-35415	338	129	*	*	PUNCT
cjfa-35415	338	130	*	*	PUNCT
cjfa-35415	338	131	*	*	PUNCT
cjfa-35415	338	132	-0.36	-0.36	NUM
cjfa-35415	338	133	*	*	PUNCT
cjfa-35415	338	134	*	*	PUNCT
cjfa-35415	338	135	*	*	PUNCT
cjfa-35415	338	136	(	(	PUNCT
cjfa-35415	338	137	0.12	0.12	NUM
cjfa-35415	338	138	)	)	PUNCT
cjfa-35415	338	139	(	(	PUNCT
cjfa-35415	338	140	0.09	0.09	NUM
cjfa-35415	338	141	)	)	PUNCT
cjfa-35415	338	142	(	(	PUNCT
cjfa-35415	338	143	0.11	0.11	NUM
cjfa-35415	338	144	)	)	PUNCT
cjfa-35415	338	145	size_square	size_square	ADV
cjfa-35415	338	146	0.05	0.05	NUM
cjfa-35415	338	147	*	*	PUNCT
cjfa-35415	338	148	*	*	PUNCT
cjfa-35415	338	149	*	*	PUNCT
cjfa-35415	338	150	0.05	0.05	NUM
cjfa-35415	338	151	*	*	PUNCT
cjfa-35415	338	152	*	*	PUNCT
cjfa-35415	338	153	*	*	PUNCT
cjfa-35415	338	154	0.06	0.06	NUM
cjfa-35415	338	155	*	*	PUNCT
cjfa-35415	338	156	*	*	PUNCT
cjfa-35415	339	1	*	*	PUNCT
cjfa-35415	340	1	(	(	PUNCT
cjfa-35415	340	2	0.01	0.01	NUM
cjfa-35415	340	3	)	)	PUNCT
cjfa-35415	340	4	(	(	PUNCT
cjfa-35415	340	5	0.01	0.01	NUM
cjfa-35415	340	6	)	)	PUNCT
cjfa-35415	340	7	(	(	PUNCT
cjfa-35415	340	8	0.02	0.02	NUM
cjfa-35415	340	9	)	)	PUNCT
cjfa-35415	340	10	age	age	NOUN
cjfa-35415	340	11	-0.03	-0.03	NOUN
cjfa-35415	340	12	*	*	NOUN
cjfa-35415	340	13	*	*	PUNCT
cjfa-35415	340	14	*	*	PUNCT
cjfa-35415	340	15	-0.02	-0.02	NUM
cjfa-35415	340	16	*	*	PUNCT
cjfa-35415	340	17	*	*	PUNCT
cjfa-35415	340	18	*	*	PUNCT
cjfa-35415	340	19	-0.03	-0.03	NUM
cjfa-35415	340	20	*	*	PUNCT
cjfa-35415	340	21	*	*	PUNCT
cjfa-35415	340	22	*	*	PUNCT
cjfa-35415	340	23	(	(	PUNCT
cjfa-35415	340	24	0.00	0.00	NUM
cjfa-35415	340	25	)	)	PUNCT
cjfa-35415	340	26	(	(	PUNCT
cjfa-35415	340	27	0.00	0.00	NUM
cjfa-35415	340	28	)	)	PUNCT
cjfa-35415	340	29	(	(	PUNCT
cjfa-35415	340	30	0.01	0.01	NUM
cjfa-35415	340	31	)	)	PUNCT
cjfa-35415	340	32	constant	constant	ADJ
cjfa-35415	340	33	2.56	2.56	NUM
cjfa-35415	340	34	*	*	PUNCT
cjfa-35415	340	35	*	*	PUNCT
cjfa-35415	340	36	*	*	PUNCT
cjfa-35415	341	1	3.24	3.24	NUM
cjfa-35415	341	2	*	*	PUNCT
cjfa-35415	341	3	*	*	PUNCT
cjfa-35415	341	4	*	*	PUNCT
cjfa-35415	341	5	3.51	3.51	NUM
cjfa-35415	341	6	*	*	PUNCT
cjfa-35415	341	7	*	*	AUX
cjfa-35415	341	8	*	*	PUNCT
cjfa-35415	341	9	reexamining	reexamine	VERB
cjfa-35415	341	10	the	the	DET
cjfa-35415	341	11	economic	economic	ADJ
cjfa-35415	341	12	recovery	recovery	NOUN
cjfa-35415	341	13	tax	tax	NOUN
cjfa-35415	341	14	act	act	NOUN
cjfa-35415	341	15	of	of	ADP
cjfa-35415	341	16	1981	1981	NUM
cjfa-35415	341	17	…	…	PUNCT
cjfa-35415	341	18	39	39	NUM
cjfa-35415	341	19	variables	variable	NOUN
cjfa-35415	341	20	(	(	PUNCT
cjfa-35415	341	21	1	1	NUM
cjfa-35415	341	22	)	)	PUNCT
cjfa-35415	341	23	(	(	PUNCT
cjfa-35415	341	24	2	2	NUM
cjfa-35415	341	25	)	)	PUNCT
cjfa-35415	341	26	(	(	PUNCT
cjfa-35415	341	27	3	3	X
cjfa-35415	341	28	)	)	PUNCT
cjfa-35415	341	29	(	(	PUNCT
cjfa-35415	341	30	0.53	0.53	NUM
cjfa-35415	341	31	)	)	PUNCT
cjfa-35415	341	32	(	(	PUNCT
cjfa-35415	341	33	0.78	0.78	NUM
cjfa-35415	341	34	)	)	PUNCT
cjfa-35415	341	35	(	(	PUNCT
cjfa-35415	341	36	0.62	0.62	NUM
cjfa-35415	341	37	)	)	PUNCT
cjfa-35415	341	38	observations	observation	NOUN
cjfa-35415	341	39	16,251	16,251	NUM
cjfa-35415	341	40	16,251	16,251	NUM
cjfa-35415	341	41	16,251	16,251	NUM
cjfa-35415	341	42	adj	adj	X
cjfa-35415	341	43	.	.	PUNCT
cjfa-35415	342	1	r	r	X
cjfa-35415	342	2	-	-	PUNCT
cjfa-35415	342	3	squared	square	VERB
cjfa-35415	342	4	0.34	0.34	NUM
cjfa-35415	342	5	0.34	0.34	NUM
cjfa-35415	342	6	0.35	0.35	NUM
cjfa-35415	342	7	this	this	DET
cjfa-35415	342	8	table	table	NOUN
cjfa-35415	342	9	presents	present	VERB
cjfa-35415	342	10	the	the	DET
cjfa-35415	342	11	empirical	empirical	ADJ
cjfa-35415	342	12	results	result	NOUN
cjfa-35415	342	13	for	for	ADP
cjfa-35415	342	14	the	the	DET
cjfa-35415	342	15	first	first	ADJ
cjfa-35415	342	16	hypothesis	hypothesis	NOUN
cjfa-35415	342	17	.	.	PUNCT
cjfa-35415	343	1	all	all	DET
cjfa-35415	343	2	variables	variable	NOUN
cjfa-35415	343	3	are	be	AUX
cjfa-35415	343	4	defined	define	VERB
cjfa-35415	343	5	in	in	ADP
cjfa-35415	343	6	appendix	appendix	ADJ
cjfa-35415	343	7	a.	a.	NOUN
cjfa-35415	343	8	all	all	DET
cjfa-35415	343	9	models	model	NOUN
cjfa-35415	343	10	include	include	VERB
cjfa-35415	343	11	industry	industry	NOUN
cjfa-35415	343	12	fixed	fix	VERB
cjfa-35415	343	13	effects	effect	NOUN
cjfa-35415	343	14	but	but	CCONJ
cjfa-35415	343	15	the	the	DET
cjfa-35415	343	16	coefficients	coefficient	NOUN
cjfa-35415	343	17	are	be	AUX
cjfa-35415	343	18	not	not	PART
cjfa-35415	343	19	reported	report	VERB
cjfa-35415	343	20	.	.	PUNCT
cjfa-35415	344	1	robust	robust	ADJ
cjfa-35415	344	2	standard	standard	ADJ
cjfa-35415	344	3	errors	error	NOUN
cjfa-35415	344	4	are	be	AUX
cjfa-35415	344	5	in	in	ADP
cjfa-35415	344	6	parenthesis	parenthesis	NOUN
cjfa-35415	344	7	.	.	PUNCT
cjfa-35415	345	1	*	*	PUNCT
cjfa-35415	345	2	,	,	PUNCT
cjfa-35415	345	3	*	*	PUNCT
cjfa-35415	345	4	*	*	PUNCT
cjfa-35415	345	5	,	,	PUNCT
cjfa-35415	345	6	*	*	PUNCT
cjfa-35415	345	7	*	*	PUNCT
cjfa-35415	345	8	*	*	PUNCT
cjfa-35415	345	9	denote	denote	NOUN
cjfa-35415	345	10	significance	significance	NOUN
cjfa-35415	345	11	at	at	ADP
cjfa-35415	345	12	10	10	NUM
cjfa-35415	345	13	%	%	NOUN
cjfa-35415	345	14	,	,	PUNCT
cjfa-35415	345	15	5	5	NUM
cjfa-35415	345	16	%	%	NOUN
cjfa-35415	345	17	,	,	PUNCT
cjfa-35415	345	18	and	and	CCONJ
cjfa-35415	345	19	1	1	NUM
cjfa-35415	345	20	%	%	NOUN
cjfa-35415	345	21	levels	level	NOUN
cjfa-35415	345	22	with	with	ADP
cjfa-35415	345	23	two	two	NUM
cjfa-35415	345	24	tails	tail	NOUN
cjfa-35415	345	25	.	.	PUNCT
cjfa-35415	346	1	s	s	PART
cjfa-35415	346	2	o	o	X
cjfa-35415	346	3	u	u	NOUN
cjfa-35415	346	4	r	r	NOUN
cjfa-35415	346	5	c	c	NOUN
cjfa-35415	346	6	e	e	NOUN
cjfa-35415	346	7	:	:	PUNCT
cjfa-35415	346	8	regression	regression	NOUN
cjfa-35415	346	9	results	result	NOUN
cjfa-35415	346	10	created	create	VERB
cjfa-35415	346	11	by	by	ADP
cjfa-35415	346	12	the	the	DET
cjfa-35415	346	13	authors	author	NOUN
cjfa-35415	346	14	using	use	VERB
cjfa-35415	346	15	sas	sas	PROPN
cjfa-35415	346	16	and	and	CCONJ
cjfa-35415	346	17	stata	stata	NOUN
cjfa-35415	346	18	.	.	PUNCT
cjfa-35415	347	1	table	table	NOUN
cjfa-35415	347	2	3	3	NUM
cjfa-35415	347	3	shows	show	VERB
cjfa-35415	347	4	the	the	DET
cjfa-35415	347	5	empirical	empirical	ADJ
cjfa-35415	347	6	results	result	NOUN
cjfa-35415	347	7	for	for	ADP
cjfa-35415	347	8	the	the	DET
cjfa-35415	347	9	second	second	ADJ
cjfa-35415	347	10	hypothesis	hypothesis	NOUN
cjfa-35415	347	11	.	.	PUNCT
cjfa-35415	348	1	coefficients	coefficient	NOUN
cjfa-35415	348	2	of	of	ADP
cjfa-35415	348	3	d1981	d1981	PROPN
cjfa-35415	348	4	t	t	PROPN
cjfa-35415	348	5	are	be	AUX
cjfa-35415	348	6	still	still	ADV
cjfa-35415	348	7	negative	negative	ADJ
cjfa-35415	348	8	and	and	CCONJ
cjfa-35415	348	9	significant	significant	ADJ
cjfa-35415	348	10	,	,	PUNCT
cjfa-35415	348	11	confirming	confirm	VERB
cjfa-35415	348	12	the	the	DET
cjfa-35415	348	13	finding	finding	NOUN
cjfa-35415	348	14	in	in	ADP
cjfa-35415	348	15	the	the	DET
cjfa-35415	348	16	first	first	ADJ
cjfa-35415	348	17	hypothesis	hypothesis	NOUN
cjfa-35415	348	18	.	.	PUNCT
cjfa-35415	349	1	coefficients	coefficient	NOUN
cjfa-35415	349	2	of	of	ADP
cjfa-35415	349	3	hindext	hindext	NOUN
cjfa-35415	349	4	are	be	AUX
cjfa-35415	349	5	not	not	PART
cjfa-35415	349	6	significant	significant	ADJ
cjfa-35415	349	7	,	,	PUNCT
cjfa-35415	349	8	indicating	indicate	VERB
cjfa-35415	349	9	that	that	SCONJ
cjfa-35415	349	10	competitions	competition	NOUN
cjfa-35415	349	11	for	for	ADP
cjfa-35415	349	12	resources	resource	NOUN
cjfa-35415	349	13	generally	generally	ADV
cjfa-35415	349	14	do	do	AUX
cjfa-35415	349	15	not	not	PART
cjfa-35415	349	16	impact	impact	VERB
cjfa-35415	349	17	innovative	innovative	ADJ
cjfa-35415	349	18	efficiency	efficiency	NOUN
cjfa-35415	349	19	before	before	ADP
cjfa-35415	349	20	the	the	DET
cjfa-35415	349	21	1981	1981	NUM
cjfa-35415	349	22	tax	tax	NOUN
cjfa-35415	349	23	credit	credit	NOUN
cjfa-35415	349	24	.	.	PUNCT
cjfa-35415	350	1	however	however	ADV
cjfa-35415	350	2	,	,	PUNCT
cjfa-35415	350	3	negative	negative	ADJ
cjfa-35415	350	4	and	and	CCONJ
cjfa-35415	350	5	significant	significant	ADJ
cjfa-35415	350	6	coefficients	coefficient	NOUN
cjfa-35415	350	7	of	of	ADP
cjfa-35415	350	8	d1981	d1981	PROPN
cjfa-35415	350	9	t	t	PROPN
cjfa-35415	350	10	×	×	PROPN
cjfa-35415	350	11	hindext	hindext	PROPN
cjfa-35415	350	12	suggest	suggest	VERB
cjfa-35415	350	13	that	that	SCONJ
cjfa-35415	350	14	competitions	competition	NOUN
cjfa-35415	350	15	for	for	ADP
cjfa-35415	350	16	resources	resource	NOUN
cjfa-35415	350	17	reduce	reduce	VERB
cjfa-35415	350	18	innovative	innovative	ADJ
cjfa-35415	350	19	efficiency	efficiency	NOUN
cjfa-35415	350	20	after	after	ADP
cjfa-35415	350	21	the	the	DET
cjfa-35415	350	22	1981	1981	NUM
cjfa-35415	350	23	tax	tax	NOUN
cjfa-35415	350	24	credit	credit	NOUN
cjfa-35415	350	25	.	.	PUNCT
cjfa-35415	351	1	for	for	ADP
cjfa-35415	351	2	a	a	DET
cjfa-35415	351	3	one	one	NUM
cjfa-35415	351	4	standard	standard	ADJ
cjfa-35415	351	5	deviation	deviation	NOUN
cjfa-35415	351	6	increase	increase	NOUN
cjfa-35415	351	7	in	in	ADP
cjfa-35415	351	8	industry	industry	NOUN
cjfa-35415	351	9	competition	competition	NOUN
cjfa-35415	351	10	level	level	NOUN
cjfa-35415	351	11	,	,	PUNCT
cjfa-35415	351	12	firms	firm	NOUN
cjfa-35415	351	13	on	on	ADP
cjfa-35415	351	14	average	average	ADJ
cjfa-35415	351	15	have	have	VERB
cjfa-35415	351	16	0.18	0.18	NUM
cjfa-35415	351	17	fewer	few	ADJ
cjfa-35415	351	18	patents	patent	NOUN
cjfa-35415	351	19	for	for	ADP
cjfa-35415	351	20	$	$	SYM
cjfa-35415	351	21	1	1	NUM
cjfa-35415	351	22	million	million	NUM
cjfa-35415	351	23	annual	annual	ADJ
cjfa-35415	351	24	increase	increase	NOUN
cjfa-35415	351	25	in	in	ADP
cjfa-35415	351	26	r&d	r&d	NOUN
cjfa-35415	351	27	investment	investment	NOUN
cjfa-35415	351	28	after	after	ADP
cjfa-35415	351	29	the	the	DET
cjfa-35415	351	30	1981	1981	NUM
cjfa-35415	351	31	tax	tax	NOUN
cjfa-35415	351	32	credit	credit	NOUN
cjfa-35415	351	33	.	.	PUNCT
cjfa-35415	352	1	empirical	empirical	ADJ
cjfa-35415	352	2	findings	finding	NOUN
cjfa-35415	352	3	and	and	CCONJ
cjfa-35415	352	4	inferences	inference	NOUN
cjfa-35415	352	5	for	for	ADP
cjfa-35415	352	6	the	the	DET
cjfa-35415	352	7	control	control	NOUN
cjfa-35415	352	8	variables	variable	NOUN
cjfa-35415	352	9	are	be	AUX
cjfa-35415	352	10	consistent	consistent	ADJ
cjfa-35415	352	11	with	with	ADP
cjfa-35415	352	12	those	those	PRON
cjfa-35415	352	13	found	find	VERB
cjfa-35415	352	14	in	in	ADP
cjfa-35415	352	15	table	table	NOUN
cjfa-35415	352	16	2	2	NUM
cjfa-35415	352	17	.	.	PUNCT
cjfa-35415	352	18	table	table	NOUN
cjfa-35415	352	19	3	3	NUM
cjfa-35415	352	20	.	.	PUNCT
cjfa-35415	352	21	innovative	innovative	ADJ
cjfa-35415	352	22	efficiency	efficiency	NOUN
cjfa-35415	352	23	and	and	CCONJ
cjfa-35415	352	24	industry	industry	NOUN
cjfa-35415	352	25	competition	competition	NOUN
cjfa-35415	352	26	(	(	PUNCT
cjfa-35415	352	27	h2	h2	NOUN
cjfa-35415	352	28	)	)	PUNCT
cjfa-35415	352	29	variables	variable	NOUN
cjfa-35415	352	30	(	(	PUNCT
cjfa-35415	352	31	1	1	NUM
cjfa-35415	352	32	)	)	PUNCT
cjfa-35415	352	33	(	(	PUNCT
cjfa-35415	352	34	2	2	NUM
cjfa-35415	352	35	)	)	PUNCT
cjfa-35415	352	36	(	(	PUNCT
cjfa-35415	352	37	3	3	X
cjfa-35415	352	38	)	)	PUNCT
cjfa-35415	352	39	d1981	d1981	NOUN
cjfa-35415	352	40	-0.66	-0.66	NOUN
cjfa-35415	352	41	*	*	NOUN
cjfa-35415	352	42	*	*	PUNCT
cjfa-35415	352	43	*	*	NOUN
cjfa-35415	352	44	-0.64	-0.64	PRON
cjfa-35415	352	45	*	*	PUNCT
cjfa-35415	352	46	*	*	PUNCT
cjfa-35415	352	47	*	*	NOUN
cjfa-35415	352	48	-0.63	-0.63	PRON
cjfa-35415	352	49	*	*	PUNCT
cjfa-35415	352	50	*	*	PUNCT
cjfa-35415	352	51	*	*	PUNCT
cjfa-35415	352	52	(	(	PUNCT
cjfa-35415	352	53	0.17	0.17	NUM
cjfa-35415	352	54	)	)	PUNCT
cjfa-35415	352	55	(	(	PUNCT
cjfa-35415	352	56	0.21	0.21	NUM
cjfa-35415	352	57	)	)	PUNCT
cjfa-35415	352	58	(	(	PUNCT
cjfa-35415	352	59	0.19	0.19	NUM
cjfa-35415	352	60	)	)	PUNCT
cjfa-35415	352	61	d1981×hindex	d1981×hindex	NOUN
cjfa-35415	352	62	-0.92	-0.92	NOUN
cjfa-35415	352	63	*	*	PROPN
cjfa-35415	352	64	*	*	PUNCT
cjfa-35415	352	65	*	*	NOUN
cjfa-35415	352	66	-0.97	-0.97	NOUN
cjfa-35415	352	67	*	*	NOUN
cjfa-35415	352	68	*	*	PUNCT
cjfa-35415	352	69	*	*	PUNCT
cjfa-35415	352	70	-1.02	-1.02	PRON
cjfa-35415	352	71	*	*	PUNCT
cjfa-35415	352	72	*	*	PUNCT
cjfa-35415	352	73	*	*	PUNCT
cjfa-35415	352	74	(	(	PUNCT
cjfa-35415	352	75	0.31	0.31	NUM
cjfa-35415	352	76	)	)	PUNCT
cjfa-35415	352	77	(	(	PUNCT
cjfa-35415	352	78	0.37	0.37	NUM
cjfa-35415	352	79	)	)	PUNCT
cjfa-35415	352	80	(	(	PUNCT
cjfa-35415	352	81	0.29	0.29	NUM
cjfa-35415	352	82	)	)	PUNCT
cjfa-35415	352	83	hindex	hindex	NOUN
cjfa-35415	352	84	-0.46	-0.46	PUNCT
cjfa-35415	352	85	-0.39	-0.39	PROPN
cjfa-35415	352	86	-0.42	-0.42	NUM
cjfa-35415	352	87	zhaochu	zhaochu	NOUN
cjfa-35415	352	88	li40	li40	PROPN
cjfa-35415	352	89	variables	variable	NOUN
cjfa-35415	352	90	(	(	PUNCT
cjfa-35415	352	91	1	1	NUM
cjfa-35415	352	92	)	)	PUNCT
cjfa-35415	352	93	(	(	PUNCT
cjfa-35415	352	94	2	2	NUM
cjfa-35415	352	95	)	)	PUNCT
cjfa-35415	352	96	(	(	PUNCT
cjfa-35415	352	97	3	3	X
cjfa-35415	352	98	)	)	PUNCT
cjfa-35415	352	99	(	(	PUNCT
cjfa-35415	352	100	0.81	0.81	NUM
cjfa-35415	352	101	)	)	PUNCT
cjfa-35415	352	102	(	(	PUNCT
cjfa-35415	352	103	0.63	0.63	NUM
cjfa-35415	352	104	)	)	PUNCT
cjfa-35415	352	105	(	(	PUNCT
cjfa-35415	352	106	0.72	0.72	NUM
cjfa-35415	352	107	)	)	PUNCT
cjfa-35415	352	108	hindex2	hindex2	NOUN
cjfa-35415	352	109	0.65	0.65	NUM
cjfa-35415	352	110	0.48	0.48	NUM
cjfa-35415	352	111	0.55	0.55	NUM
cjfa-35415	352	112	(	(	PUNCT
cjfa-35415	352	113	0.73	0.73	NUM
cjfa-35415	352	114	)	)	PUNCT
cjfa-35415	352	115	(	(	PUNCT
cjfa-35415	352	116	0.60	0.60	NUM
cjfa-35415	352	117	)	)	PUNCT
cjfa-35415	352	118	(	(	PUNCT
cjfa-35415	352	119	0.84	0.84	NUM
cjfa-35415	352	120	)	)	PUNCT
cjfa-35415	352	121	leverage	leverage	NOUN
cjfa-35415	352	122	-0.27	-0.27	PROPN
cjfa-35415	352	123	-0.17	-0.17	PROPN
cjfa-35415	352	124	-0.21	-0.21	PROPN
cjfa-35415	352	125	(	(	PUNCT
cjfa-35415	352	126	0.31	0.31	NUM
cjfa-35415	352	127	)	)	PUNCT
cjfa-35415	352	128	(	(	PUNCT
cjfa-35415	352	129	0.29	0.29	NUM
cjfa-35415	352	130	)	)	PUNCT
cjfa-35415	352	131	(	(	PUNCT
cjfa-35415	352	132	0.25	0.25	NUM
cjfa-35415	352	133	)	)	PUNCT
cjfa-35415	352	134	tangebility	tangebility	NOUN
cjfa-35415	352	135	1.16	1.16	NUM
cjfa-35415	352	136	*	*	PUNCT
cjfa-35415	352	137	*	*	PUNCT
cjfa-35415	352	138	*	*	PUNCT
cjfa-35415	352	139	1.12	1.12	NUM
cjfa-35415	352	140	*	*	PUNCT
cjfa-35415	352	141	*	*	PUNCT
cjfa-35415	352	142	*	*	PUNCT
cjfa-35415	352	143	1.17	1.17	NUM
cjfa-35415	352	144	*	*	PUNCT
cjfa-35415	352	145	*	*	PUNCT
cjfa-35415	352	146	*	*	PUNCT
cjfa-35415	352	147	(	(	PUNCT
cjfa-35415	352	148	0.23	0.23	NUM
cjfa-35415	352	149	)	)	PUNCT
cjfa-35415	352	150	(	(	PUNCT
cjfa-35415	352	151	0.31	0.31	NUM
cjfa-35415	352	152	)	)	PUNCT
cjfa-35415	352	153	(	(	PUNCT
cjfa-35415	352	154	0.29	0.29	NUM
cjfa-35415	352	155	)	)	PUNCT
cjfa-35415	352	156	profitability	profitability	NOUN
cjfa-35415	352	157	1.33	1.33	NUM
cjfa-35415	352	158	*	*	PUNCT
cjfa-35415	352	159	*	*	PUNCT
cjfa-35415	352	160	*	*	PUNCT
cjfa-35415	353	1	1.36	1.36	NUM
cjfa-35415	353	2	*	*	PUNCT
cjfa-35415	353	3	*	*	PUNCT
cjfa-35415	353	4	*	*	PUNCT
cjfa-35415	353	5	1.35	1.35	NUM
cjfa-35415	353	6	*	*	PUNCT
cjfa-35415	353	7	*	*	PUNCT
cjfa-35415	353	8	*	*	PUNCT
cjfa-35415	353	9	(	(	PUNCT
cjfa-35415	353	10	0.25	0.25	NUM
cjfa-35415	353	11	)	)	PUNCT
cjfa-35415	353	12	(	(	PUNCT
cjfa-35415	353	13	0.33	0.33	NUM
cjfa-35415	353	14	)	)	PUNCT
cjfa-35415	353	15	(	(	PUNCT
cjfa-35415	353	16	0.37	0.37	NUM
cjfa-35415	353	17	)	)	PUNCT
cjfa-35415	353	18	tobin_q	tobin_q	NOUN
cjfa-35415	353	19	0.05	0.05	NUM
cjfa-35415	353	20	*	*	NOUN
cjfa-35415	353	21	*	*	PUNCT
cjfa-35415	353	22	*	*	PUNCT
cjfa-35415	353	23	0.05	0.05	NUM
cjfa-35415	353	24	*	*	PUNCT
cjfa-35415	353	25	*	*	PUNCT
cjfa-35415	353	26	*	*	PUNCT
cjfa-35415	353	27	0.06	0.06	NUM
cjfa-35415	353	28	*	*	PUNCT
cjfa-35415	353	29	*	*	PUNCT
cjfa-35415	353	30	*	*	PUNCT
cjfa-35415	353	31	(	(	PUNCT
cjfa-35415	353	32	0.01	0.01	NUM
cjfa-35415	353	33	)	)	PUNCT
cjfa-35415	353	34	(	(	PUNCT
cjfa-35415	353	35	0.01	0.01	NUM
cjfa-35415	353	36	)	)	PUNCT
cjfa-35415	353	37	(	(	PUNCT
cjfa-35415	353	38	0.01	0.01	NUM
cjfa-35415	353	39	)	)	PUNCT
cjfa-35415	353	40	size	size	NOUN
cjfa-35415	353	41	-0.32	-0.32	VERB
cjfa-35415	353	42	*	*	PROPN
cjfa-35415	353	43	*	*	PUNCT
cjfa-35415	353	44	*	*	PUNCT
cjfa-35415	353	45	-0.35	-0.35	PRON
cjfa-35415	353	46	*	*	PUNCT
cjfa-35415	353	47	*	*	PUNCT
cjfa-35415	353	48	*	*	NOUN
cjfa-35415	353	49	-0.33	-0.33	ADJ
cjfa-35415	353	50	*	*	PUNCT
cjfa-35415	353	51	*	*	PUNCT
cjfa-35415	353	52	*	*	PUNCT
cjfa-35415	353	53	(	(	PUNCT
cjfa-35415	353	54	0.09	0.09	NUM
cjfa-35415	353	55	)	)	PUNCT
cjfa-35415	353	56	(	(	PUNCT
cjfa-35415	353	57	0.11	0.11	NUM
cjfa-35415	353	58	)	)	PUNCT
cjfa-35415	353	59	(	(	PUNCT
cjfa-35415	353	60	0.07	0.07	NUM
cjfa-35415	353	61	)	)	PUNCT
cjfa-35415	353	62	size_square	size_square	VERB
cjfa-35415	353	63	0.05	0.05	NUM
cjfa-35415	353	64	*	*	PUNCT
cjfa-35415	353	65	*	*	PUNCT
cjfa-35415	353	66	*	*	PUNCT
cjfa-35415	353	67	0.05	0.05	NUM
cjfa-35415	353	68	*	*	PUNCT
cjfa-35415	353	69	*	*	PUNCT
cjfa-35415	353	70	*	*	PUNCT
cjfa-35415	353	71	0.05	0.05	NUM
cjfa-35415	353	72	*	*	PUNCT
cjfa-35415	353	73	*	*	PUNCT
cjfa-35415	353	74	*	*	PUNCT
cjfa-35415	353	75	(	(	PUNCT
cjfa-35415	353	76	0.01	0.01	NUM
cjfa-35415	353	77	)	)	PUNCT
cjfa-35415	353	78	(	(	PUNCT
cjfa-35415	353	79	0.02	0.02	NUM
cjfa-35415	353	80	)	)	PUNCT
cjfa-35415	353	81	(	(	PUNCT
cjfa-35415	353	82	0.02	0.02	NUM
cjfa-35415	353	83	)	)	PUNCT
cjfa-35415	353	84	age	age	NOUN
cjfa-35415	353	85	-0.04	-0.04	NOUN
cjfa-35415	353	86	*	*	PUNCT
cjfa-35415	353	87	*	*	PUNCT
cjfa-35415	353	88	*	*	PUNCT
cjfa-35415	353	89	-0.03	-0.03	NUM
cjfa-35415	353	90	*	*	PUNCT
cjfa-35415	353	91	*	*	PUNCT
cjfa-35415	353	92	*	*	PUNCT
cjfa-35415	353	93	-0.03	-0.03	NUM
cjfa-35415	353	94	*	*	PUNCT
cjfa-35415	353	95	*	*	PUNCT
cjfa-35415	353	96	*	*	PUNCT
cjfa-35415	353	97	(	(	PUNCT
cjfa-35415	353	98	0.01	0.01	NUM
cjfa-35415	353	99	)	)	PUNCT
cjfa-35415	353	100	(	(	PUNCT
cjfa-35415	353	101	0.01	0.01	NUM
cjfa-35415	353	102	)	)	PUNCT
cjfa-35415	353	103	(	(	PUNCT
cjfa-35415	353	104	0.01	0.01	NUM
cjfa-35415	353	105	)	)	PUNCT
cjfa-35415	353	106	constant	constant	ADJ
cjfa-35415	353	107	2.81	2.81	NUM
cjfa-35415	353	108	*	*	PUNCT
cjfa-35415	353	109	*	*	PUNCT
cjfa-35415	353	110	*	*	PUNCT
cjfa-35415	353	111	2.59	2.59	NUM
cjfa-35415	353	112	*	*	PUNCT
cjfa-35415	353	113	*	*	PUNCT
cjfa-35415	353	114	*	*	PUNCT
cjfa-35415	353	115	3.27	3.27	NUM
cjfa-35415	353	116	*	*	PUNCT
cjfa-35415	353	117	*	*	PUNCT
cjfa-35415	353	118	*	*	PUNCT
cjfa-35415	353	119	(	(	PUNCT
cjfa-35415	353	120	0.63	0.63	NUM
cjfa-35415	353	121	)	)	PUNCT
cjfa-35415	353	122	(	(	PUNCT
cjfa-35415	353	123	0.50	0.50	NUM
cjfa-35415	353	124	)	)	PUNCT
cjfa-35415	353	125	(	(	PUNCT
cjfa-35415	353	126	0.88	0.88	NUM
cjfa-35415	353	127	)	)	PUNCT
cjfa-35415	353	128	observations	observation	NOUN
cjfa-35415	353	129	16,251	16,251	NUM
cjfa-35415	353	130	16,251	16,251	NUM
cjfa-35415	353	131	16,251	16,251	NUM
cjfa-35415	353	132	adj	adj	X
cjfa-35415	353	133	.	.	PUNCT
cjfa-35415	354	1	r	r	X
cjfa-35415	354	2	-	-	PUNCT
cjfa-35415	354	3	squared	square	VERB
cjfa-35415	354	4	0.35	0.35	NUM
cjfa-35415	354	5	0.35	0.35	NUM
cjfa-35415	354	6	0.36	0.36	NUM
cjfa-35415	355	1	this	this	DET
cjfa-35415	355	2	table	table	NOUN
cjfa-35415	355	3	presents	present	VERB
cjfa-35415	355	4	the	the	DET
cjfa-35415	355	5	empirical	empirical	ADJ
cjfa-35415	355	6	results	result	NOUN
cjfa-35415	355	7	for	for	ADP
cjfa-35415	355	8	the	the	DET
cjfa-35415	355	9	second	second	ADJ
cjfa-35415	355	10	hypothesis	hypothesis	NOUN
cjfa-35415	355	11	.	.	PUNCT
cjfa-35415	356	1	all	all	DET
cjfa-35415	356	2	variables	variable	NOUN
cjfa-35415	356	3	are	be	AUX
cjfa-35415	356	4	defined	define	VERB
cjfa-35415	356	5	in	in	ADP
cjfa-35415	356	6	appendix	appendix	ADJ
cjfa-35415	356	7	a.	a.	NOUN
cjfa-35415	356	8	all	all	DET
cjfa-35415	356	9	models	model	NOUN
cjfa-35415	356	10	include	include	VERB
cjfa-35415	356	11	industry	industry	NOUN
cjfa-35415	356	12	fixed	fix	VERB
cjfa-35415	356	13	effects	effect	NOUN
cjfa-35415	356	14	but	but	CCONJ
cjfa-35415	356	15	the	the	DET
cjfa-35415	356	16	coefficients	coefficient	NOUN
cjfa-35415	356	17	are	be	AUX
cjfa-35415	356	18	not	not	PART
cjfa-35415	356	19	reported	report	VERB
cjfa-35415	356	20	.	.	PUNCT
cjfa-35415	357	1	robust	robust	ADJ
cjfa-35415	357	2	standard	standard	ADJ
cjfa-35415	357	3	errors	error	NOUN
cjfa-35415	357	4	are	be	AUX
cjfa-35415	357	5	in	in	ADP
cjfa-35415	357	6	parenthesis	parenthesis	NOUN
cjfa-35415	357	7	.	.	PUNCT
cjfa-35415	358	1	*	*	PUNCT
cjfa-35415	358	2	,	,	PUNCT
cjfa-35415	358	3	*	*	PUNCT
cjfa-35415	358	4	*	*	PUNCT
cjfa-35415	358	5	,	,	PUNCT
cjfa-35415	358	6	*	*	PUNCT
cjfa-35415	358	7	*	*	PUNCT
cjfa-35415	358	8	*	*	PUNCT
cjfa-35415	358	9	denote	denote	NOUN
cjfa-35415	358	10	significance	significance	NOUN
cjfa-35415	358	11	at	at	ADP
cjfa-35415	358	12	10	10	NUM
cjfa-35415	358	13	%	%	NOUN
cjfa-35415	358	14	,	,	PUNCT
cjfa-35415	358	15	5	5	NUM
cjfa-35415	358	16	%	%	NOUN
cjfa-35415	358	17	,	,	PUNCT
cjfa-35415	358	18	and	and	CCONJ
cjfa-35415	358	19	1	1	NUM
cjfa-35415	358	20	%	%	NOUN
cjfa-35415	358	21	levels	level	NOUN
cjfa-35415	358	22	with	with	ADP
cjfa-35415	358	23	two	two	NUM
cjfa-35415	358	24	tails	tail	NOUN
cjfa-35415	358	25	.	.	PUNCT
cjfa-35415	359	1	s	s	PART
cjfa-35415	359	2	o	o	X
cjfa-35415	359	3	u	u	NOUN
cjfa-35415	359	4	r	r	NOUN
cjfa-35415	359	5	c	c	NOUN
cjfa-35415	359	6	e	e	NOUN
cjfa-35415	359	7	:	:	PUNCT
cjfa-35415	359	8	regression	regression	NOUN
cjfa-35415	359	9	results	result	NOUN
cjfa-35415	359	10	created	create	VERB
cjfa-35415	359	11	by	by	ADP
cjfa-35415	359	12	the	the	DET
cjfa-35415	359	13	authors	author	NOUN
cjfa-35415	359	14	using	use	VERB
cjfa-35415	359	15	sas	sas	PROPN
cjfa-35415	359	16	and	and	CCONJ
cjfa-35415	359	17	stata	stata	NOUN
cjfa-35415	359	18	.	.	PUNCT
cjfa-35415	360	1	table	table	NOUN
cjfa-35415	360	2	3	3	NUM
cjfa-35415	360	3	.	.	PUNCT
cjfa-35415	361	1	innovative	innovative	ADJ
cjfa-35415	361	2	…	…	PUNCT
cjfa-35415	361	3	reexamining	reexamine	VERB
cjfa-35415	361	4	the	the	DET
cjfa-35415	361	5	economic	economic	ADJ
cjfa-35415	361	6	recovery	recovery	NOUN
cjfa-35415	361	7	tax	tax	NOUN
cjfa-35415	361	8	act	act	NOUN
cjfa-35415	361	9	of	of	ADP
cjfa-35415	361	10	1981	1981	NUM
cjfa-35415	361	11	…	…	PUNCT
cjfa-35415	361	12	41	41	NUM
cjfa-35415	361	13	 	 	SPACE
cjfa-35415	361	14	conclusion	conclusion	NOUN
cjfa-35415	361	15	this	this	DET
cjfa-35415	361	16	paper	paper	NOUN
cjfa-35415	361	17	investigates	investigate	VERB
cjfa-35415	361	18	how	how	SCONJ
cjfa-35415	361	19	the	the	DET
cjfa-35415	361	20	economic	economic	ADJ
cjfa-35415	361	21	recovery	recovery	NOUN
cjfa-35415	361	22	tax	tax	NOUN
cjfa-35415	361	23	act	act	NOUN
cjfa-35415	361	24	of	of	ADP
cjfa-35415	361	25	1981	1981	NUM
cjfa-35415	361	26	impacts	impact	VERB
cjfa-35415	361	27	innovative	innovative	ADJ
cjfa-35415	361	28	efficiency	efficiency	NOUN
cjfa-35415	361	29	.	.	PUNCT
cjfa-35415	362	1	we	we	PRON
cjfa-35415	362	2	show	show	VERB
cjfa-35415	362	3	that	that	SCONJ
cjfa-35415	362	4	the	the	DET
cjfa-35415	362	5	r&d	r&d	NOUN
cjfa-35415	362	6	tax	tax	NOUN
cjfa-35415	362	7	policy	policy	NOUN
cjfa-35415	362	8	reduces	reduce	VERB
cjfa-35415	362	9	innovative	innovative	ADJ
cjfa-35415	362	10	efficiency	efficiency	NOUN
cjfa-35415	362	11	and	and	CCONJ
cjfa-35415	362	12	competitions	competition	NOUN
cjfa-35415	362	13	for	for	ADP
cjfa-35415	362	14	research	research	NOUN
cjfa-35415	362	15	resources	resource	NOUN
cjfa-35415	362	16	can	can	AUX
cjfa-35415	362	17	explain	explain	VERB
cjfa-35415	362	18	this	this	DET
cjfa-35415	362	19	reduction	reduction	NOUN
cjfa-35415	362	20	.	.	PUNCT
cjfa-35415	363	1	this	this	DET
cjfa-35415	363	2	study	study	NOUN
cjfa-35415	363	3	provides	provide	VERB
cjfa-35415	363	4	a	a	DET
cjfa-35415	363	5	new	new	ADJ
cjfa-35415	363	6	perspective	perspective	NOUN
cjfa-35415	363	7	on	on	ADP
cjfa-35415	363	8	r&d	r&d	NOUN
cjfa-35415	363	9	tax	tax	NOUN
cjfa-35415	363	10	credits	credit	NOUN
cjfa-35415	363	11	from	from	ADP
cjfa-35415	363	12	an	an	DET
cjfa-35415	363	13	efficiency	efficiency	NOUN
cjfa-35415	363	14	standpoint	standpoint	NOUN
cjfa-35415	363	15	.	.	PUNCT
cjfa-35415	364	1	researchers	researcher	NOUN
cjfa-35415	364	2	can	can	AUX
cjfa-35415	364	3	apply	apply	VERB
cjfa-35415	364	4	the	the	DET
cjfa-35415	364	5	findings	finding	NOUN
cjfa-35415	364	6	of	of	ADP
cjfa-35415	364	7	this	this	DET
cjfa-35415	364	8	paper	paper	NOUN
cjfa-35415	364	9	in	in	ADP
cjfa-35415	364	10	an	an	DET
cjfa-35415	364	11	international	international	ADJ
cjfa-35415	364	12	context	context	NOUN
cjfa-35415	364	13	.	.	PUNCT
cjfa-35415	365	1	countries	country	NOUN
cjfa-35415	365	2	vary	vary	VERB
cjfa-35415	365	3	in	in	ADP
cjfa-35415	365	4	innovation	innovation	NOUN
cjfa-35415	365	5	efficiencies	efficiency	NOUN
cjfa-35415	365	6	due	due	ADJ
cjfa-35415	365	7	to	to	ADP
cjfa-35415	365	8	differences	difference	NOUN
cjfa-35415	365	9	in	in	ADP
cjfa-35415	365	10	their	their	PRON
cjfa-35415	365	11	infrastructures	infrastructure	NOUN
cjfa-35415	365	12	,	,	PUNCT
cjfa-35415	365	13	copyright	copyright	NOUN
cjfa-35415	365	14	laws	law	NOUN
cjfa-35415	365	15	,	,	PUNCT
cjfa-35415	365	16	and	and	CCONJ
cjfa-35415	365	17	other	other	ADJ
cjfa-35415	365	18	factors	factor	NOUN
cjfa-35415	365	19	.	.	PUNCT
cjfa-35415	366	1	when	when	SCONJ
cjfa-35415	366	2	examining	examine	VERB
cjfa-35415	366	3	the	the	DET
cjfa-35415	366	4	attractiveness	attractiveness	NOUN
cjfa-35415	366	5	of	of	ADP
cjfa-35415	366	6	r&d	r&d	NOUN
cjfa-35415	366	7	investment	investment	NOUN
cjfa-35415	366	8	across	across	ADP
cjfa-35415	366	9	countries	country	NOUN
cjfa-35415	366	10	,	,	PUNCT
cjfa-35415	366	11	researchers	researcher	NOUN
cjfa-35415	366	12	should	should	AUX
cjfa-35415	366	13	consider	consider	VERB
cjfa-35415	366	14	both	both	DET
cjfa-35415	366	15	r&d	r&d	NOUN
cjfa-35415	366	16	tax	tax	NOUN
cjfa-35415	366	17	credits	credit	NOUN
cjfa-35415	366	18	and	and	CCONJ
cjfa-35415	366	19	innovative	innovative	ADJ
cjfa-35415	366	20	efficiency	efficiency	NOUN
cjfa-35415	366	21	in	in	ADP
cjfa-35415	366	22	each	each	DET
cjfa-35415	366	23	nation	nation	NOUN
cjfa-35415	366	24	.	.	PUNCT
cjfa-35415	366	25	 	 	SPACE
cjfa-35415	367	1	references	reference	NOUN
cjfa-35415	367	2	aghion	aghion	NOUN
cjfa-35415	367	3	,	,	PUNCT
cjfa-35415	367	4	p.	p.	PROPN
cjfa-35415	367	5	,	,	PUNCT
cjfa-35415	367	6	van	van	PROPN
cjfa-35415	367	7	reenen	reenen	PROPN
cjfa-35415	367	8	,	,	PUNCT
cjfa-35415	367	9	j.	j.	PROPN
cjfa-35415	367	10	,	,	PUNCT
cjfa-35415	367	11	&	&	CCONJ
cjfa-35415	367	12	zingales	zingales	PROPN
cjfa-35415	367	13	,	,	PUNCT
cjfa-35415	367	14	l.	l.	PROPN
cjfa-35415	367	15	(	(	PUNCT
cjfa-35415	367	16	2013	2013	NUM
cjfa-35415	367	17	)	)	PUNCT
cjfa-35415	367	18	.	.	PUNCT
cjfa-35415	368	1	innovation	innovation	NOUN
cjfa-35415	368	2	and	and	CCONJ
cjfa-35415	368	3	institutional	institutional	ADJ
cjfa-35415	368	4	ownership	ownership	NOUN
cjfa-35415	368	5	.	.	PUNCT
cjfa-35415	369	1	american	american	PROPN
cjfa-35415	369	2	economic	economic	PROPN
cjfa-35415	369	3	review	review	PROPN
cjfa-35415	369	4	,	,	PUNCT
cjfa-35415	369	5	103(1	103(1	NUM
cjfa-35415	369	6	)	)	PUNCT
cjfa-35415	369	7	,	,	PUNCT
cjfa-35415	369	8	277	277	NUM
cjfa-35415	369	9	-	-	SYM
cjfa-35415	369	10	304	304	NUM
cjfa-35415	369	11	.	.	PUNCT
cjfa-35415	370	1	http://dx.doi.org/10.1257/	http://dx.doi.org/10.1257/	ADJ
cjfa-35415	370	2	aer.103.1.277	aer.103.1.277	PROPN
cjfa-35415	370	3	.	.	PUNCT
cjfa-35415	371	1	almeida	almeida	PROPN
cjfa-35415	371	2	,	,	PUNCT
cjfa-35415	371	3	h.	h.	PROPN
cjfa-35415	371	4	,	,	PUNCT
cjfa-35415	371	5	hsu	hsu	PROPN
cjfa-35415	371	6	,	,	PUNCT
cjfa-35415	371	7	p.	p.	PROPN
cjfa-35415	371	8	,	,	PUNCT
cjfa-35415	371	9	li	li	PROPN
cjfa-35415	371	10	,	,	PUNCT
cjfa-35415	371	11	d.	d.	PROPN
cjfa-35415	371	12	,	,	PUNCT
cjfa-35415	371	13	&	&	CCONJ
cjfa-35415	371	14	tseng	tseng	PROPN
cjfa-35415	371	15	,	,	PUNCT
cjfa-35415	371	16	k.	k.	PROPN
cjfa-35415	371	17	(	(	PUNCT
cjfa-35415	371	18	2021	2021	NUM
cjfa-35415	371	19	)	)	PUNCT
cjfa-35415	371	20	.	.	PUNCT
cjfa-35415	372	1	more	more	ADJ
cjfa-35415	372	2	cash	cash	NOUN
cjfa-35415	372	3	,	,	PUNCT
cjfa-35415	372	4	less	less	ADJ
cjfa-35415	372	5	innovation	innovation	NOUN
cjfa-35415	372	6	:	:	PUNCT
cjfa-35415	372	7	the	the	DET
cjfa-35415	372	8	effect	effect	NOUN
cjfa-35415	372	9	of	of	ADP
cjfa-35415	372	10	the	the	DET
cjfa-35415	372	11	american	american	ADJ
cjfa-35415	372	12	jobs	jobs	PROPN
cjfa-35415	372	13	creation	creation	PROPN
cjfa-35415	372	14	act	act	NOUN
cjfa-35415	372	15	on	on	ADP
cjfa-35415	372	16	patent	patent	NOUN
cjfa-35415	372	17	value	value	NOUN
cjfa-35415	372	18	.	.	PUNCT
cjfa-35415	373	1	journal	journal	NOUN
cjfa-35415	373	2	of	of	ADP
cjfa-35415	373	3	financial	financial	ADJ
cjfa-35415	373	4	and	and	CCONJ
cjfa-35415	373	5	quantitative	quantitative	ADJ
cjfa-35415	373	6	analysis	analysis	NOUN
cjfa-35415	373	7	,	,	PUNCT
cjfa-35415	373	8	56(1	56(1	NUM
cjfa-35415	373	9	)	)	PUNCT
cjfa-35415	373	10	,	,	PUNCT
cjfa-35415	373	11	1	1	NUM
cjfa-35415	373	12	-	-	SYM
cjfa-35415	373	13	28	28	NUM
cjfa-35415	373	14	.	.	PUNCT
cjfa-35415	374	1	http://dx.doi.org/10.1017/s0022109019000954	http://dx.doi.org/10.1017/s0022109019000954	PROPN
cjfa-35415	374	2	.	.	PUNCT
cjfa-35415	375	1	atanassov	atanassov	PROPN
cjfa-35415	375	2	,	,	PUNCT
cjfa-35415	375	3	j.	j.	PROPN
cjfa-35415	375	4	(	(	PUNCT
cjfa-35415	375	5	2013	2013	NUM
cjfa-35415	375	6	)	)	PUNCT
cjfa-35415	375	7	.	.	PUNCT
cjfa-35415	376	1	do	do	AUX
cjfa-35415	376	2	hostile	hostile	ADJ
cjfa-35415	376	3	takeovers	takeover	NOUN
cjfa-35415	376	4	stifle	stifle	VERB
cjfa-35415	376	5	innovation	innovation	NOUN
cjfa-35415	376	6	?	?	PUNCT
cjfa-35415	377	1	evidence	evidence	NOUN
cjfa-35415	377	2	from	from	ADP
cjfa-35415	377	3	antitakeover	antitakeover	ADJ
cjfa-35415	377	4	legislation	legislation	NOUN
cjfa-35415	377	5	and	and	CCONJ
cjfa-35415	377	6	corporate	corporate	ADJ
cjfa-35415	377	7	patenting	patenting	NOUN
cjfa-35415	377	8	.	.	PUNCT
cjfa-35415	378	1	journal	journal	PROPN
cjfa-35415	378	2	of	of	ADP
cjfa-35415	378	3	finance	finance	NOUN
cjfa-35415	378	4	,	,	PUNCT
cjfa-35415	378	5	68(3	68(3	PROPN
cjfa-35415	378	6	)	)	PUNCT
cjfa-35415	378	7	,	,	PUNCT
cjfa-35415	378	8	1097	1097	NUM
cjfa-35415	378	9	-	-	SYM
cjfa-35415	378	10	1131	1131	NUM
cjfa-35415	378	11	.	.	PUNCT
cjfa-35415	379	1	http://	http://	PROPN
cjfa-35415	379	2	dx.doi.org/10.1111/jofi.12019	dx.doi.org/10.1111/jofi.12019	PROPN
cjfa-35415	379	3	.	.	PUNCT
cjfa-35415	380	1	berger	berger	PROPN
cjfa-35415	380	2	,	,	PUNCT
cjfa-35415	380	3	p.	p.	NOUN
cjfa-35415	380	4	(	(	PUNCT
cjfa-35415	380	5	1993	1993	NUM
cjfa-35415	380	6	)	)	PUNCT
cjfa-35415	380	7	.	.	PUNCT
cjfa-35415	381	1	explicit	explicit	ADJ
cjfa-35415	381	2	and	and	CCONJ
cjfa-35415	381	3	implicit	implicit	ADJ
cjfa-35415	381	4	tax	tax	NOUN
cjfa-35415	381	5	effects	effect	NOUN
cjfa-35415	381	6	of	of	ADP
cjfa-35415	381	7	the	the	DET
cjfa-35415	381	8	r&d	r&d	NOUN
cjfa-35415	381	9	tax	tax	NOUN
cjfa-35415	381	10	credit	credit	NOUN
cjfa-35415	381	11	.	.	PUNCT
cjfa-35415	382	1	journal	journal	NOUN
cjfa-35415	382	2	of	of	ADP
cjfa-35415	382	3	accounting	accounting	NOUN
cjfa-35415	382	4	research	research	NOUN
cjfa-35415	382	5	,	,	PUNCT
cjfa-35415	382	6	31(2	31(2	NUM
cjfa-35415	382	7	)	)	PUNCT
cjfa-35415	382	8	,	,	PUNCT
cjfa-35415	382	9	131	131	NUM
cjfa-35415	382	10	-	-	SYM
cjfa-35415	382	11	171	171	NUM
cjfa-35415	382	12	.	.	PUNCT
cjfa-35415	383	1	http://dx.doi.org/10.2307/2491268	http://dx.doi.org/10.2307/2491268	PROPN
cjfa-35415	383	2	.	.	PUNCT
cjfa-35415	384	1	cappelen	cappelen	PROPN
cjfa-35415	384	2	,	,	PUNCT
cjfa-35415	384	3	a.	a.	NOUN
cjfa-35415	384	4	,	,	PUNCT
cjfa-35415	384	5	raknerud	raknerud	NOUN
cjfa-35415	384	6	,	,	PUNCT
cjfa-35415	384	7	a.	a.	NOUN
cjfa-35415	384	8	,	,	PUNCT
cjfa-35415	384	9	&	&	CCONJ
cjfa-35415	384	10	rybalka	rybalka	PROPN
cjfa-35415	384	11	,	,	PUNCT
cjfa-35415	384	12	m.	m.	NOUN
cjfa-35415	384	13	(	(	PUNCT
cjfa-35415	384	14	2011	2011	NUM
cjfa-35415	384	15	)	)	PUNCT
cjfa-35415	384	16	.	.	PUNCT
cjfa-35415	385	1	the	the	DET
cjfa-35415	385	2	effects	effect	NOUN
cjfa-35415	385	3	of	of	ADP
cjfa-35415	385	4	r&d	r&d	NOUN
cjfa-35415	385	5	tax	tax	NOUN
cjfa-35415	385	6	credits	credit	NOUN
cjfa-35415	385	7	on	on	ADP
cjfa-35415	385	8	patenting	patenting	NOUN
cjfa-35415	385	9	and	and	CCONJ
cjfa-35415	385	10	innovations	innovation	NOUN
cjfa-35415	385	11	.	.	PUNCT
cjfa-35415	386	1	research	research	NOUN
cjfa-35415	386	2	policy	policy	NOUN
cjfa-35415	386	3	,	,	PUNCT
cjfa-35415	386	4	41(2	41(2	NUM
cjfa-35415	386	5	)	)	PUNCT
cjfa-35415	386	6	,	,	PUNCT
cjfa-35415	386	7	334	334	NUM
cjfa-35415	386	8	-	-	SYM
cjfa-35415	386	9	345	345	NUM
cjfa-35415	386	10	.	.	PUNCT
cjfa-35415	387	1	http://dx.doi.org/10.1016/	http://dx.doi.org/10.1016/	NOUN
cjfa-35415	387	2	j.respol.2011.10.001	j.respol.2011.10.001	PROPN
cjfa-35415	387	3	.	.	PUNCT
cjfa-35415	387	4	cazrnitzki	cazrnitzki	PROPN
cjfa-35415	387	5	,	,	PUNCT
cjfa-35415	387	6	d.	d.	PROPN
cjfa-35415	387	7	,	,	PUNCT
cjfa-35415	387	8	hanel	hanel	PROPN
cjfa-35415	387	9	,	,	PUNCT
cjfa-35415	387	10	p.	p.	PROPN
cjfa-35415	387	11	,	,	PUNCT
cjfa-35415	387	12	&	&	CCONJ
cjfa-35415	387	13	rosa	rosa	PROPN
cjfa-35415	387	14	,	,	PUNCT
cjfa-35415	387	15	j.m	j.m	PROPN
cjfa-35415	387	16	.	.	PROPN
cjfa-35415	387	17	(	(	PUNCT
cjfa-35415	387	18	2010	2010	NUM
cjfa-35415	387	19	)	)	PUNCT
cjfa-35415	387	20	.	.	PUNCT
cjfa-35415	388	1	evaluating	evaluate	VERB
cjfa-35415	388	2	the	the	DET
cjfa-35415	388	3	impact	impact	NOUN
cjfa-35415	388	4	of	of	ADP
cjfa-35415	388	5	r&d	r&d	NOUN
cjfa-35415	388	6	tax	tax	NOUN
cjfa-35415	388	7	credits	credit	NOUN
cjfa-35415	388	8	on	on	ADP
cjfa-35415	388	9	innovation	innovation	NOUN
cjfa-35415	388	10	:	:	PUNCT
cjfa-35415	388	11	a	a	DET
cjfa-35415	388	12	microeconometric	microeconometric	ADJ
cjfa-35415	388	13	study	study	NOUN
cjfa-35415	388	14	on	on	ADP
cjfa-35415	388	15	canadian	canadian	ADJ
cjfa-35415	388	16	firms	firm	NOUN
cjfa-35415	388	17	.	.	PUNCT
cjfa-35415	389	1	research	research	NOUN
cjfa-35415	389	2	policy	policy	NOUN
cjfa-35415	389	3	,	,	PUNCT
cjfa-35415	389	4	49(2	49(2	NUM
cjfa-35415	389	5	)	)	PUNCT
cjfa-35415	389	6	,	,	PUNCT
cjfa-35415	389	7	217	217	NUM
cjfa-35415	389	8	-	-	SYM
cjfa-35415	389	9	229	229	NUM
cjfa-35415	389	10	.	.	PUNCT
cjfa-35415	390	1	http://dx.doi.org/10.1016/j.respol.2010.09.017	http://dx.doi.org/10.1016/j.respol.2010.09.017	PROPN
cjfa-35415	390	2	.	.	PUNCT
cjfa-35415	391	1	chang	chang	PROPN
cjfa-35415	391	2	,	,	PUNCT
cjfa-35415	391	3	x.	x.	PROPN
cjfa-35415	391	4	,	,	PUNCT
cjfa-35415	391	5	hilary	hilary	PROPN
cjfa-35415	391	6	,	,	PUNCT
cjfa-35415	391	7	g.	g.	PROPN
cjfa-35415	391	8	,	,	PUNCT
cjfa-35415	391	9	kang	kang	PROPN
cjfa-35415	391	10	,	,	PUNCT
cjfa-35415	391	11	h.	h.	PROPN
cjfa-35415	391	12	,	,	PUNCT
cjfa-35415	391	13	&	&	CCONJ
cjfa-35415	391	14	zhang	zhang	PROPN
cjfa-35415	391	15	,	,	PUNCT
cjfa-35415	391	16	w.	w.	PROPN
cjfa-35415	391	17	(	(	PUNCT
cjfa-35415	391	18	2015	2015	NUM
cjfa-35415	391	19	)	)	PUNCT
cjfa-35415	391	20	.	.	PUNCT
cjfa-35415	392	1	innovation	innovation	NOUN
cjfa-35415	392	2	,	,	PUNCT
cjfa-35415	392	3	managerial	managerial	ADJ
cjfa-35415	392	4	myopia	myopia	NOUN
cjfa-35415	392	5	,	,	PUNCT
cjfa-35415	392	6	and	and	CCONJ
cjfa-35415	392	7	financial	financial	ADJ
cjfa-35415	392	8	reporting	reporting	NOUN
cjfa-35415	392	9	.	.	PUNCT
cjfa-35415	393	1	insead	insead	PROPN
cjfa-35415	393	2	working	working	PROPN
cjfa-35415	393	3	paper	paper	NOUN
cjfa-35415	393	4	,	,	PUNCT
cjfa-35415	393	5	2013/35	2013/35	NUM
cjfa-35415	393	6	/	/	SYM
cjfa-35415	393	7	ac	ac	PROPN
cjfa-35415	393	8	.	.	PUNCT
cjfa-35415	393	9	http://dx.doi.org/10.2139/	http://dx.doi.org/10.2139/	PUNCT
cjfa-35415	394	1	ssrn.2189938	ssrn.2189938	PROPN
cjfa-35415	394	2	.	.	PUNCT
cjfa-35415	394	3	chircop	chircop	PROPN
cjfa-35415	394	4	,	,	PUNCT
cjfa-35415	394	5	j.	j.	PROPN
cjfa-35415	394	6	,	,	PUNCT
cjfa-35415	394	7	collins	collins	PROPN
cjfa-35415	394	8	,	,	PUNCT
cjfa-35415	394	9	d.w	d.w	PROPN
cjfa-35415	394	10	.	.	PROPN
cjfa-35415	394	11	,	,	PUNCT
cjfa-35415	394	12	hass	hass	PROPN
cjfa-35415	394	13	,	,	PUNCT
cjfa-35415	394	14	l.h	l.h	PROPN
cjfa-35415	394	15	.	.	PROPN
cjfa-35415	394	16	,	,	PUNCT
cjfa-35415	394	17	&	&	CCONJ
cjfa-35415	394	18	nguyen	nguyen	PROPN
cjfa-35415	394	19	,	,	PUNCT
cjfa-35415	394	20	n.q	n.q	PROPN
cjfa-35415	394	21	.	.	PROPN
cjfa-35415	394	22	(	(	PUNCT
cjfa-35415	394	23	2020	2020	NUM
cjfa-35415	394	24	)	)	PUNCT
cjfa-35415	394	25	.	.	PUNCT
cjfa-35415	395	1	accounting	accounting	NOUN
cjfa-35415	395	2	comparability	comparability	NOUN
cjfa-35415	395	3	and	and	CCONJ
cjfa-35415	395	4	corporate	corporate	ADJ
cjfa-35415	395	5	innovative	innovative	ADJ
cjfa-35415	395	6	efficiency	efficiency	NOUN
cjfa-35415	395	7	.	.	PUNCT
cjfa-35415	396	1	the	the	DET
cjfa-35415	396	2	accounting	accounting	NOUN
cjfa-35415	396	3	review	review	NOUN
cjfa-35415	396	4	,	,	PUNCT
cjfa-35415	396	5	95(4	95(4	NOUN
cjfa-35415	396	6	)	)	PUNCT
cjfa-35415	396	7	,	,	PUNCT
cjfa-35415	396	8	127	127	NUM
cjfa-35415	396	9	-	-	SYM
cjfa-35415	396	10	151	151	NUM
cjfa-35415	396	11	.	.	PUNCT
cjfa-35415	397	1	http://	http://	PROPN
cjfa-35415	397	2	dx.doi.org/10.2308/accr-52609	dx.doi.org/10.2308/accr-52609	PROPN
cjfa-35415	397	3	.	.	PUNCT
cjfa-35415	398	1	edler	edler	PROPN
cjfa-35415	398	2	,	,	PUNCT
cjfa-35415	398	3	j.	j.	PROPN
cjfa-35415	398	4	,	,	PUNCT
cjfa-35415	398	5	&	&	CCONJ
cjfa-35415	398	6	fagerberg	fagerberg	PROPN
cjfa-35415	398	7	,	,	PUNCT
cjfa-35415	398	8	j.	j.	PROPN
cjfa-35415	398	9	(	(	PUNCT
cjfa-35415	398	10	2017	2017	NUM
cjfa-35415	398	11	)	)	PUNCT
cjfa-35415	398	12	.	.	PUNCT
cjfa-35415	399	1	innovation	innovation	NOUN
cjfa-35415	399	2	policy	policy	NOUN
cjfa-35415	399	3	:	:	PUNCT
cjfa-35415	399	4	what	what	PRON
cjfa-35415	399	5	,	,	PUNCT
cjfa-35415	399	6	why	why	SCONJ
cjfa-35415	399	7	,	,	PUNCT
cjfa-35415	399	8	and	and	CCONJ
cjfa-35415	399	9	how	how	SCONJ
cjfa-35415	399	10	.	.	PUNCT
cjfa-35415	400	1	oxford	oxford	PROPN
cjfa-35415	400	2	review	review	NOUN
cjfa-35415	400	3	of	of	ADP
cjfa-35415	400	4	economic	economic	ADJ
cjfa-35415	400	5	policy	policy	NOUN
cjfa-35415	400	6	,	,	PUNCT
cjfa-35415	400	7	33(1	33(1	NUM
cjfa-35415	400	8	)	)	PUNCT
cjfa-35415	400	9	,	,	PUNCT
cjfa-35415	400	10	2	2	NUM
cjfa-35415	400	11	-	-	SYM
cjfa-35415	400	12	23	23	NUM
cjfa-35415	400	13	.	.	PUNCT
cjfa-35415	401	1	http://dx.doi.org/10.1093/oxrep/grx001	http://dx.doi.org/10.1093/oxrep/grx001	PROPN
cjfa-35415	401	2	.	.	PUNCT
cjfa-35415	401	3	zhaochu	zhaochu	PROPN
cjfa-35415	402	1	li42	li42	PROPN
cjfa-35415	402	2	eng	eng	PROPN
cjfa-35415	402	3	,	,	PUNCT
cjfa-35415	402	4	j.j	j.j	PROPN
cjfa-35415	402	5	.	.	PROPN
cjfa-35415	402	6	,	,	PUNCT
cjfa-35415	402	7	&	&	CCONJ
cjfa-35415	402	8	shackell	shackell	PROPN
cjfa-35415	402	9	,	,	PUNCT
cjfa-35415	402	10	m.	m.	NOUN
cjfa-35415	402	11	(	(	PUNCT
cjfa-35415	402	12	2001	2001	NUM
cjfa-35415	402	13	)	)	PUNCT
cjfa-35415	402	14	.	.	PUNCT
cjfa-35415	403	1	the	the	DET
cjfa-35415	403	2	implications	implication	NOUN
cjfa-35415	403	3	of	of	ADP
cjfa-35415	403	4	long	long	ADJ
cjfa-35415	403	5	-	-	PUNCT
cjfa-35415	403	6	term	term	NOUN
cjfa-35415	403	7	performance	performance	NOUN
cjfa-35415	403	8	plans	plan	NOUN
cjfa-35415	403	9	and	and	CCONJ
cjfa-35415	403	10	institutional	institutional	ADJ
cjfa-35415	403	11	ownership	ownership	NOUN
cjfa-35415	403	12	for	for	ADP
cjfa-35415	403	13	firms	firm	NOUN
cjfa-35415	403	14	’	’	PART
cjfa-35415	403	15	research	research	NOUN
cjfa-35415	403	16	and	and	CCONJ
cjfa-35415	403	17	development	development	NOUN
cjfa-35415	403	18	(	(	PUNCT
cjfa-35415	403	19	r&d	r&d	NOUN
cjfa-35415	403	20	)	)	PUNCT
cjfa-35415	403	21	investments	investment	NOUN
cjfa-35415	403	22	.	.	PUNCT
cjfa-35415	404	1	journal	journal	NOUN
cjfa-35415	404	2	of	of	ADP
cjfa-35415	404	3	accounting	accounting	NOUN
cjfa-35415	404	4	,	,	PUNCT
cjfa-35415	404	5	auditing	auditing	NOUN
cjfa-35415	404	6	,	,	PUNCT
cjfa-35415	404	7	and	and	CCONJ
cjfa-35415	404	8	finance	finance	NOUN
cjfa-35415	404	9	,	,	PUNCT
cjfa-35415	404	10	16(2	16(2	NUM
cjfa-35415	404	11	)	)	PUNCT
cjfa-35415	404	12	,	,	PUNCT
cjfa-35415	404	13	117	117	NUM
cjfa-35415	404	14	-	-	SYM
cjfa-35415	404	15	139	139	NUM
cjfa-35415	404	16	.	.	PUNCT
cjfa-35415	405	1	http://dx.doi.org/10.1177/	http://dx.doi.org/10.1177/	PROPN
cjfa-35415	405	2	0148558x0101600204	0148558x0101600204	PROPN
cjfa-35415	405	3	.	.	PUNCT
cjfa-35415	406	1	ernst	ernst	PROPN
cjfa-35415	406	2	and	and	CCONJ
cjfa-35415	406	3	young	young	ADJ
cjfa-35415	406	4	(	(	PUNCT
cjfa-35415	406	5	2008	2008	NUM
cjfa-35415	406	6	)	)	PUNCT
cjfa-35415	406	7	.	.	PUNCT
cjfa-35415	407	1	supporting	support	VERB
cjfa-35415	407	2	innovation	innovation	NOUN
cjfa-35415	407	3	and	and	CCONJ
cjfa-35415	407	4	economic	economic	ADJ
cjfa-35415	407	5	growth	growth	NOUN
cjfa-35415	407	6	:	:	PUNCT
cjfa-35415	407	7	the	the	DET
cjfa-35415	407	8	broad	broad	ADJ
cjfa-35415	407	9	impact	impact	NOUN
cjfa-35415	407	10	of	of	ADP
cjfa-35415	407	11	the	the	DET
cjfa-35415	407	12	r&d	r&d	NOUN
cjfa-35415	407	13	tax	tax	NOUN
cjfa-35415	407	14	credit	credit	NOUN
cjfa-35415	407	15	in	in	ADP
cjfa-35415	407	16	2005	2005	NUM
cjfa-35415	407	17	.	.	PUNCT
cjfa-35415	408	1	london	london	PROPN
cjfa-35415	408	2	:	:	PUNCT
cjfa-35415	408	3	ernst	ernst	PROPN
cjfa-35415	408	4	and	and	CCONJ
cjfa-35415	408	5	young	young	ADJ
cjfa-35415	408	6	.	.	PUNCT
cjfa-35415	409	1	fang	fang	PROPN
cjfa-35415	409	2	,	,	PUNCT
cjfa-35415	409	3	v.	v.	ADP
cjfa-35415	409	4	,	,	PUNCT
cjfa-35415	409	5	tian	tian	ADJ
cjfa-35415	409	6	,	,	PUNCT
cjfa-35415	409	7	x.	x.	PROPN
cjfa-35415	409	8	,	,	PUNCT
cjfa-35415	409	9	&	&	CCONJ
cjfa-35415	409	10	tice	tice	PROPN
cjfa-35415	409	11	,	,	PUNCT
cjfa-35415	409	12	s.	s.	PROPN
cjfa-35415	409	13	(	(	PUNCT
cjfa-35415	409	14	2014	2014	NUM
cjfa-35415	409	15	)	)	PUNCT
cjfa-35415	409	16	.	.	PUNCT
cjfa-35415	410	1	does	do	AUX
cjfa-35415	410	2	stock	stock	NOUN
cjfa-35415	410	3	liquidity	liquidity	NOUN
cjfa-35415	410	4	enhance	enhance	VERB
cjfa-35415	410	5	or	or	CCONJ
cjfa-35415	410	6	impede	impede	VERB
cjfa-35415	410	7	firm	firm	ADJ
cjfa-35415	410	8	innovation	innovation	NOUN
cjfa-35415	410	9	?	?	PUNCT
cjfa-35415	411	1	journal	journal	NOUN
cjfa-35415	411	2	of	of	ADP
cjfa-35415	411	3	finance	finance	NOUN
cjfa-35415	411	4	,	,	PUNCT
cjfa-35415	411	5	69(5	69(5	NUM
cjfa-35415	411	6	)	)	PUNCT
cjfa-35415	411	7	,	,	PUNCT
cjfa-35415	411	8	2085	2085	NUM
cjfa-35415	411	9	-	-	SYM
cjfa-35415	411	10	2125	2125	NUM
cjfa-35415	411	11	.	.	PUNCT
cjfa-35415	412	1	http://dx.doi.org/10.1111/jofi.12187	http://dx.doi.org/10.1111/jofi.12187	PROPN
cjfa-35415	412	2	.	.	PROPN
cjfa-35415	412	3	francis	francis	PROPN
cjfa-35415	412	4	,	,	PUNCT
cjfa-35415	412	5	j.	j.	PROPN
cjfa-35415	412	6	,	,	PUNCT
cjfa-35415	412	7	&	&	CCONJ
cjfa-35415	412	8	smith	smith	PROPN
cjfa-35415	412	9	,	,	PUNCT
cjfa-35415	412	10	a.	a.	NOUN
cjfa-35415	412	11	(	(	PUNCT
cjfa-35415	412	12	1995	1995	NUM
cjfa-35415	412	13	)	)	PUNCT
cjfa-35415	412	14	.	.	PUNCT
cjfa-35415	413	1	agency	agency	NOUN
cjfa-35415	413	2	costs	cost	NOUN
cjfa-35415	413	3	and	and	CCONJ
cjfa-35415	413	4	innovation	innovation	NOUN
cjfa-35415	413	5	:	:	PUNCT
cjfa-35415	413	6	some	some	DET
cjfa-35415	413	7	empirical	empirical	ADJ
cjfa-35415	413	8	evidence	evidence	NOUN
cjfa-35415	413	9	.	.	PUNCT
cjfa-35415	414	1	journal	journal	NOUN
cjfa-35415	414	2	of	of	ADP
cjfa-35415	414	3	accounting	accounting	NOUN
cjfa-35415	414	4	and	and	CCONJ
cjfa-35415	414	5	economics	economic	NOUN
cjfa-35415	414	6	,	,	PUNCT
cjfa-35415	414	7	19(2	19(2	NUM
cjfa-35415	414	8	-	-	SYM
cjfa-35415	414	9	3	3	NUM
cjfa-35415	414	10	)	)	PUNCT
cjfa-35415	414	11	,	,	PUNCT
cjfa-35415	414	12	383	383	NUM
cjfa-35415	414	13	-	-	SYM
cjfa-35415	414	14	409	409	NUM
cjfa-35415	414	15	.	.	PUNCT
cjfa-35415	415	1	http://dx.doi	http://dx.doi	NOUN
cjfa-35415	415	2	.	.	PUNCT
cjfa-35415	415	3	org/10.1016/0165	org/10.1016/0165	NUM
cjfa-35415	415	4	-	-	PUNCT
cjfa-35415	415	5	4101(94)00389	4101(94)00389	NOUN
cjfa-35415	415	6	-	-	PUNCT
cjfa-35415	415	7	m.	m.	NOUN
cjfa-35415	415	8	gaessler	gaessler	NOUN
cjfa-35415	415	9	,	,	PUNCT
cjfa-35415	415	10	f.	f.	PROPN
cjfa-35415	415	11	,	,	PUNCT
cjfa-35415	415	12	hall	hall	PROPN
cjfa-35415	415	13	,	,	PUNCT
cjfa-35415	415	14	b.h	b.h	PROPN
cjfa-35415	415	15	.	.	PROPN
cjfa-35415	415	16	,	,	PUNCT
cjfa-35415	415	17	&	&	CCONJ
cjfa-35415	415	18	harhoff	harhoff	PROPN
cjfa-35415	415	19	,	,	PUNCT
cjfa-35415	415	20	d.	d.	PROPN
cjfa-35415	415	21	(	(	PUNCT
cjfa-35415	415	22	2021	2021	NUM
cjfa-35415	415	23	)	)	PUNCT
cjfa-35415	415	24	.	.	PUNCT
cjfa-35415	416	1	should	should	AUX
cjfa-35415	416	2	there	there	PRON
cjfa-35415	416	3	be	be	AUX
cjfa-35415	416	4	lower	low	ADJ
cjfa-35415	416	5	taxes	taxis	NOUN
cjfa-35415	416	6	on	on	ADP
cjfa-35415	416	7	patent	patent	NOUN
cjfa-35415	416	8	income	income	NOUN
cjfa-35415	416	9	?	?	PUNCT
cjfa-35415	417	1	research	research	NOUN
cjfa-35415	417	2	policy	policy	NOUN
cjfa-35415	417	3	,	,	PUNCT
cjfa-35415	417	4	50(1	50(1	NUM
cjfa-35415	417	5	)	)	PUNCT
cjfa-35415	417	6	,	,	PUNCT
cjfa-35415	417	7	104	104	NUM
cjfa-35415	417	8	-	-	SYM
cjfa-35415	417	9	129	129	NUM
cjfa-35415	417	10	.	.	PUNCT
cjfa-35415	418	1	http://dx.doi.org/10.1016/j.respol.2020.104129	http://dx.doi.org/10.1016/j.respol.2020.104129	PROPN
cjfa-35415	418	2	.	.	PUNCT
cjfa-35415	419	1	griliches	griliche	NOUN
cjfa-35415	419	2	,	,	PUNCT
cjfa-35415	419	3	z.	z.	PROPN
cjfa-35415	419	4	,	,	PUNCT
cjfa-35415	419	5	pakes	pake	NOUN
cjfa-35415	419	6	,	,	PUNCT
cjfa-35415	419	7	a.	a.	NOUN
cjfa-35415	419	8	,	,	PUNCT
cjfa-35415	419	9	&	&	CCONJ
cjfa-35415	419	10	hall	hall	PROPN
cjfa-35415	419	11	,	,	PUNCT
cjfa-35415	419	12	b.h	b.h	PROPN
cjfa-35415	419	13	.	.	PUNCT
cjfa-35415	419	14	(	(	PUNCT
cjfa-35415	419	15	1987	1987	NUM
cjfa-35415	419	16	)	)	PUNCT
cjfa-35415	419	17	.	.	PUNCT
cjfa-35415	420	1	the	the	DET
cjfa-35415	420	2	value	value	NOUN
cjfa-35415	420	3	of	of	ADP
cjfa-35415	420	4	patents	patent	NOUN
cjfa-35415	420	5	as	as	ADP
cjfa-35415	420	6	indicators	indicator	NOUN
cjfa-35415	420	7	of	of	ADP
cjfa-35415	420	8	inventive	inventive	ADJ
cjfa-35415	420	9	activity	activity	NOUN
cjfa-35415	420	10	.	.	PUNCT
cjfa-35415	421	1	economic	economic	ADJ
cjfa-35415	421	2	policy	policy	NOUN
cjfa-35415	421	3	and	and	CCONJ
cjfa-35415	421	4	technological	technological	ADJ
cjfa-35415	421	5	performance	performance	NOUN
cjfa-35415	421	6	.	.	PUNCT
cjfa-35415	422	1	in	in	ADP
cjfa-35415	422	2	p.	p.	PROPN
cjfa-35415	422	3	dasgupta	dasgupta	PROPN
cjfa-35415	422	4	,	,	PUNCT
cjfa-35415	422	5	p.	p.	PROPN
cjfa-35415	422	6	stoneman	stoneman	PROPN
cjfa-35415	422	7	(	(	PUNCT
cjfa-35415	422	8	eds	eds	PROPN
cjfa-35415	422	9	.	.	PUNCT
cjfa-35415	422	10	)	)	PUNCT
cjfa-35415	422	11	.	.	PUNCT
cjfa-35415	423	1	economic	economic	ADJ
cjfa-35415	423	2	policy	policy	NOUN
cjfa-35415	423	3	and	and	CCONJ
cjfa-35415	423	4	technological	technological	ADJ
cjfa-35415	423	5	performance	performance	NOUN
cjfa-35415	423	6	.	.	PUNCT
cjfa-35415	424	1	cambridge	cambridge	PROPN
cjfa-35415	424	2	:	:	PUNCT
cjfa-35415	424	3	cambridge	cambridge	PROPN
cjfa-35415	424	4	university	university	PROPN
cjfa-35415	424	5	press	press	NOUN
cjfa-35415	424	6	.	.	PUNCT
cjfa-35415	425	1	http://dx.doi.org/10.1017/cbo9780511559938.006	http://dx.doi.org/10.1017/cbo9780511559938.006	PROPN
cjfa-35415	425	2	.	.	PROPN
cjfa-35415	425	3	hall	hall	PROPN
cjfa-35415	425	4	,	,	PUNCT
cjfa-35415	425	5	b.h	b.h	PROPN
cjfa-35415	425	6	.	.	PUNCT
cjfa-35415	425	7	(	(	PUNCT
cjfa-35415	425	8	1993	1993	NUM
cjfa-35415	425	9	)	)	PUNCT
cjfa-35415	425	10	.	.	PUNCT
cjfa-35415	426	1	r&d	r&d	NOUN
cjfa-35415	426	2	tax	tax	NOUN
cjfa-35415	426	3	policy	policy	NOUN
cjfa-35415	426	4	during	during	ADP
cjfa-35415	426	5	the	the	DET
cjfa-35415	426	6	eighties	eighty	NOUN
cjfa-35415	426	7	:	:	PUNCT
cjfa-35415	426	8	success	success	NOUN
cjfa-35415	426	9	or	or	CCONJ
cjfa-35415	426	10	failure	failure	NOUN
cjfa-35415	426	11	?	?	PUNCT
cjfa-35415	427	1	in	in	ADP
cjfa-35415	427	2	j.	j.	PROPN
cjfa-35415	427	3	poterba	poterba	PROPN
cjfa-35415	427	4	(	(	PUNCT
cjfa-35415	427	5	ed	ed	NOUN
cjfa-35415	427	6	.	.	PUNCT
cjfa-35415	427	7	)	)	PUNCT
cjfa-35415	427	8	.	.	PUNCT
cjfa-35415	428	1	tax	tax	NOUN
cjfa-35415	428	2	policy	policy	NOUN
cjfa-35415	428	3	and	and	CCONJ
cjfa-35415	428	4	the	the	DET
cjfa-35415	428	5	economy	economy	NOUN
cjfa-35415	428	6	.	.	PUNCT
cjfa-35415	429	1	cambridge	cambridge	PROPN
cjfa-35415	429	2	:	:	PUNCT
cjfa-35415	429	3	mit	mit	PROPN
cjfa-35415	429	4	press	press	NOUN
cjfa-35415	429	5	.	.	PUNCT
cjfa-35415	430	1	http://dx.doi.org/10.3386/	http://dx.doi.org/10.3386/	DET
cjfa-35415	430	2	w4240	w4240	PROPN
cjfa-35415	430	3	.	.	PROPN
cjfa-35415	430	4	hall	hall	PROPN
cjfa-35415	430	5	,	,	PUNCT
cjfa-35415	430	6	b.h	b.h	PROPN
cjfa-35415	430	7	.	.	PROPN
cjfa-35415	430	8	,	,	PUNCT
cjfa-35415	430	9	&	&	CCONJ
cjfa-35415	430	10	lerner	lerner	PROPN
cjfa-35415	430	11	,	,	PUNCT
cjfa-35415	430	12	j.	j.	PROPN
cjfa-35415	430	13	(	(	PUNCT
cjfa-35415	430	14	2010	2010	NUM
cjfa-35415	430	15	)	)	PUNCT
cjfa-35415	430	16	.	.	PUNCT
cjfa-35415	431	1	the	the	DET
cjfa-35415	431	2	financing	financing	NOUN
cjfa-35415	431	3	of	of	ADP
cjfa-35415	431	4	r&d	r&d	NOUN
cjfa-35415	431	5	and	and	CCONJ
cjfa-35415	431	6	innovation	innovation	NOUN
cjfa-35415	431	7	.	.	PUNCT
cjfa-35415	432	1	in	in	ADP
cjfa-35415	432	2	b.h	b.h	PROPN
cjfa-35415	432	3	.	.	PROPN
cjfa-35415	432	4	hall	hall	PROPN
cjfa-35415	432	5	,	,	PUNCT
cjfa-35415	432	6	n.	n.	PROPN
cjfa-35415	432	7	rosenberg	rosenberg	PROPN
cjfa-35415	432	8	(	(	PUNCT
cjfa-35415	432	9	eds	eds	PROPN
cjfa-35415	432	10	.	.	PUNCT
cjfa-35415	432	11	)	)	PUNCT
cjfa-35415	432	12	.	.	PUNCT
cjfa-35415	433	1	handbook	handbook	NOUN
cjfa-35415	433	2	of	of	ADP
cjfa-35415	433	3	the	the	DET
cjfa-35415	433	4	economics	economic	NOUN
cjfa-35415	433	5	of	of	ADP
cjfa-35415	433	6	innovation	innovation	NOUN
cjfa-35415	433	7	.	.	PUNCT
cjfa-35415	434	1	new	new	PROPN
cjfa-35415	434	2	york	york	PROPN
cjfa-35415	434	3	:	:	PUNCT
cjfa-35415	435	1	elsevier	elsevier	PROPN
cjfa-35415	435	2	.	.	PUNCT
cjfa-35415	436	1	http://dx.doi.org/10.1016/s0169-7218(10)01014-2	http://dx.doi.org/10.1016/s0169-7218(10)01014-2	PROPN
cjfa-35415	436	2	.	.	PROPN
cjfa-35415	436	3	hall	hall	PROPN
cjfa-35415	436	4	,	,	PUNCT
cjfa-35415	436	5	b.h	b.h	PROPN
cjfa-35415	436	6	.	.	PROPN
cjfa-35415	436	7	,	,	PUNCT
cjfa-35415	436	8	&	&	CCONJ
cjfa-35415	436	9	van	van	PROPN
cjfa-35415	436	10	reenen	reenen	PROPN
cjfa-35415	436	11	,	,	PUNCT
cjfa-35415	436	12	j.	j.	PROPN
cjfa-35415	436	13	(	(	PUNCT
cjfa-35415	436	14	2000	2000	NUM
cjfa-35415	436	15	)	)	PUNCT
cjfa-35415	436	16	.	.	PUNCT
cjfa-35415	437	1	how	how	SCONJ
cjfa-35415	437	2	effective	effective	ADJ
cjfa-35415	437	3	are	be	AUX
cjfa-35415	437	4	fiscal	fiscal	ADJ
cjfa-35415	437	5	incentives	incentive	NOUN
cjfa-35415	437	6	for	for	ADP
cjfa-35415	437	7	r&d	r&d	NOUN
cjfa-35415	437	8	?	?	PUNCT
cjfa-35415	438	1	a	a	DET
cjfa-35415	438	2	review	review	NOUN
cjfa-35415	438	3	of	of	ADP
cjfa-35415	438	4	the	the	DET
cjfa-35415	438	5	evidence	evidence	NOUN
cjfa-35415	438	6	.	.	PUNCT
cjfa-35415	439	1	research	research	NOUN
cjfa-35415	439	2	policy	policy	NOUN
cjfa-35415	439	3	,	,	PUNCT
cjfa-35415	439	4	29(4	29(4	NOUN
cjfa-35415	439	5	-	-	SYM
cjfa-35415	439	6	5	5	NUM
cjfa-35415	439	7	)	)	PUNCT
cjfa-35415	439	8	,	,	PUNCT
cjfa-35415	439	9	449	449	NUM
cjfa-35415	439	10	-	-	SYM
cjfa-35415	439	11	470	470	NUM
cjfa-35415	439	12	.	.	PUNCT
cjfa-35415	440	1	http://dx.doi.org/10.1016/	http://dx.doi.org/10.1016/	VERB
cjfa-35415	440	2	s0048	s0048	NOUN
cjfa-35415	440	3	-	-	PUNCT
cjfa-35415	440	4	7333(99)00085	7333(99)00085	NUM
cjfa-35415	440	5	-	-	PUNCT
cjfa-35415	440	6	2	2	NUM
cjfa-35415	440	7	.	.	PUNCT
cjfa-35415	440	8	hall	hall	PROPN
cjfa-35415	440	9	,	,	PUNCT
cjfa-35415	440	10	b.h	b.h	PROPN
cjfa-35415	440	11	.	.	PROPN
cjfa-35415	440	12	,	,	PUNCT
cjfa-35415	440	13	jaffe	jaffe	PROPN
cjfa-35415	440	14	,	,	PUNCT
cjfa-35415	440	15	a.	a.	PROPN
cjfa-35415	440	16	,	,	PUNCT
cjfa-35415	440	17	&	&	CCONJ
cjfa-35415	440	18	trajtenberg	trajtenberg	PROPN
cjfa-35415	440	19	,	,	PUNCT
cjfa-35415	440	20	m.	m.	NOUN
cjfa-35415	440	21	(	(	PUNCT
cjfa-35415	440	22	2001	2001	NUM
cjfa-35415	440	23	)	)	PUNCT
cjfa-35415	440	24	.	.	PUNCT
cjfa-35415	441	1	the	the	DET
cjfa-35415	441	2	nber	nber	PROPN
cjfa-35415	441	3	patent	patent	PROPN
cjfa-35415	441	4	citation	citation	PROPN
cjfa-35415	441	5	data	datum	NOUN
cjfa-35415	441	6	file	file	NOUN
cjfa-35415	441	7	:	:	PUNCT
cjfa-35415	441	8	lessons	lesson	NOUN
cjfa-35415	441	9	,	,	PUNCT
cjfa-35415	441	10	insights	insight	NOUN
cjfa-35415	441	11	and	and	CCONJ
cjfa-35415	441	12	methodological	methodological	ADJ
cjfa-35415	441	13	tools	tool	NOUN
cjfa-35415	441	14	.	.	PUNCT
cjfa-35415	442	1	nber	nber	PROPN
cjfa-35415	442	2	working	working	PROPN
cjfa-35415	442	3	paper	paper	PROPN
cjfa-35415	442	4	series	series	NOUN
cjfa-35415	442	5	,	,	PUNCT
cjfa-35415	442	6	8498	8498	NUM
cjfa-35415	442	7	.	.	PUNCT
cjfa-35415	443	1	http://dx.doi	http://dx.doi	NOUN
cjfa-35415	443	2	.	.	PUNCT
cjfa-35415	443	3	org/10.3386	org/10.3386	PROPN
cjfa-35415	443	4	/	/	SYM
cjfa-35415	443	5	w8498	w8498	NOUN
cjfa-35415	443	6	.	.	PUNCT
cjfa-35415	444	1	hall	hall	PROPN
cjfa-35415	444	2	,	,	PUNCT
cjfa-35415	444	3	b.h	b.h	PROPN
cjfa-35415	444	4	.	.	PROPN
cjfa-35415	444	5	,	,	PUNCT
cjfa-35415	444	6	jaffe	jaffe	PROPN
cjfa-35415	444	7	,	,	PUNCT
cjfa-35415	444	8	a.	a.	PROPN
cjfa-35415	444	9	,	,	PUNCT
cjfa-35415	444	10	&	&	CCONJ
cjfa-35415	444	11	trajtenberg	trajtenberg	PROPN
cjfa-35415	444	12	,	,	PUNCT
cjfa-35415	444	13	m.	m.	NOUN
cjfa-35415	444	14	(	(	PUNCT
cjfa-35415	444	15	2005	2005	NUM
cjfa-35415	444	16	)	)	PUNCT
cjfa-35415	444	17	.	.	PUNCT
cjfa-35415	445	1	market	market	NOUN
cjfa-35415	445	2	value	value	NOUN
cjfa-35415	445	3	and	and	CCONJ
cjfa-35415	445	4	patent	patent	NOUN
cjfa-35415	445	5	citations	citation	NOUN
cjfa-35415	445	6	.	.	PUNCT
cjfa-35415	446	1	the	the	DET
cjfa-35415	446	2	rand	rand	PROPN
cjfa-35415	446	3	journal	journal	NOUN
cjfa-35415	446	4	of	of	ADP
cjfa-35415	446	5	economics	economic	NOUN
cjfa-35415	446	6	,	,	PUNCT
cjfa-35415	446	7	36(1	36(1	NUM
cjfa-35415	446	8	)	)	PUNCT
cjfa-35415	446	9	,	,	PUNCT
cjfa-35415	446	10	16	16	NUM
cjfa-35415	446	11	-	-	SYM
cjfa-35415	446	12	38	38	NUM
cjfa-35415	446	13	.	.	PUNCT
cjfa-35415	447	1	he	he	PRON
cjfa-35415	447	2	,	,	PUNCT
cjfa-35415	447	3	j.	j.	PROPN
cjfa-35415	447	4	,	,	PUNCT
cjfa-35415	447	5	&	&	CCONJ
cjfa-35415	447	6	tian	tian	PROPN
cjfa-35415	447	7	,	,	PUNCT
cjfa-35415	447	8	x.	x.	NOUN
cjfa-35415	447	9	(	(	PUNCT
cjfa-35415	447	10	2013	2013	NUM
cjfa-35415	447	11	)	)	PUNCT
cjfa-35415	447	12	.	.	PUNCT
cjfa-35415	448	1	the	the	DET
cjfa-35415	448	2	dark	dark	ADJ
cjfa-35415	448	3	side	side	NOUN
cjfa-35415	448	4	of	of	ADP
cjfa-35415	448	5	analyst	analyst	NOUN
cjfa-35415	448	6	coverage	coverage	NOUN
cjfa-35415	448	7	:	:	PUNCT
cjfa-35415	448	8	the	the	DET
cjfa-35415	448	9	case	case	NOUN
cjfa-35415	448	10	of	of	ADP
cjfa-35415	448	11	innovation	innovation	NOUN
cjfa-35415	448	12	.	.	PUNCT
cjfa-35415	449	1	journal	journal	NOUN
cjfa-35415	449	2	of	of	ADP
cjfa-35415	449	3	financial	financial	ADJ
cjfa-35415	449	4	economics	economic	NOUN
cjfa-35415	449	5	,	,	PUNCT
cjfa-35415	449	6	109(3	109(3	NUM
cjfa-35415	449	7	)	)	PUNCT
cjfa-35415	449	8	,	,	PUNCT
cjfa-35415	449	9	856	856	NUM
cjfa-35415	449	10	-	-	SYM
cjfa-35415	449	11	878	878	NUM
cjfa-35415	449	12	.	.	PUNCT
cjfa-35415	450	1	http://dx.doi.org/10.1016/j.jfineco.2013.04.001	http://dx.doi.org/10.1016/j.jfineco.2013.04.001	PROPN
cjfa-35415	450	2	.	.	PUNCT
cjfa-35415	451	1	kahn	kahn	PROPN
cjfa-35415	451	2	,	,	PUNCT
cjfa-35415	451	3	k.	k.	PROPN
cjfa-35415	451	4	(	(	PUNCT
cjfa-35415	451	5	2018	2018	NUM
cjfa-35415	451	6	)	)	PUNCT
cjfa-35415	451	7	.	.	PUNCT
cjfa-35415	452	1	understanding	understand	VERB
cjfa-35415	452	2	innovation	innovation	NOUN
cjfa-35415	452	3	.	.	PUNCT
cjfa-35415	453	1	business	business	NOUN
cjfa-35415	453	2	horizons	horizon	NOUN
cjfa-35415	453	3	,	,	PUNCT
cjfa-35415	453	4	61(3	61(3	NUM
cjfa-35415	453	5	)	)	PUNCT
cjfa-35415	453	6	,	,	PUNCT
cjfa-35415	453	7	453	453	NUM
cjfa-35415	453	8	-	-	SYM
cjfa-35415	453	9	460	460	NUM
cjfa-35415	453	10	.	.	PUNCT
cjfa-35415	454	1	http://	http://	PROPN
cjfa-35415	454	2	dx.doi.org/10.1016/j.bushor.2018.01.011	dx.doi.org/10.1016/j.bushor.2018.01.011	NOUN
cjfa-35415	454	3	.	.	PROPN
cjfa-35415	454	4	manso	manso	PROPN
cjfa-35415	454	5	,	,	PUNCT
cjfa-35415	454	6	g.	g.	PROPN
cjfa-35415	454	7	(	(	PUNCT
cjfa-35415	454	8	2011	2011	NUM
cjfa-35415	454	9	)	)	PUNCT
cjfa-35415	454	10	.	.	PUNCT
cjfa-35415	455	1	motivating	motivate	VERB
cjfa-35415	455	2	innovation	innovation	PROPN
cjfa-35415	455	3	.	.	PUNCT
cjfa-35415	456	1	journal	journal	PROPN
cjfa-35415	456	2	of	of	ADP
cjfa-35415	456	3	finance	finance	NOUN
cjfa-35415	456	4	,	,	PUNCT
cjfa-35415	456	5	66(5	66(5	PROPN
cjfa-35415	456	6	)	)	PUNCT
cjfa-35415	456	7	,	,	PUNCT
cjfa-35415	456	8	1823	1823	NUM
cjfa-35415	456	9	-	-	SYM
cjfa-35415	456	10	1860	1860	NUM
cjfa-35415	456	11	.	.	PUNCT
cjfa-35415	457	1	http://	http://	PROPN
cjfa-35415	457	2	doi.org/10.1111/j.1540-6261.2011.01688.x	doi.org/10.1111/j.1540-6261.2011.01688.x	PROPN
cjfa-35415	457	3	.	.	PUNCT
cjfa-35415	458	1	mccutchen	mccutchen	PROPN
cjfa-35415	458	2	,	,	PUNCT
cjfa-35415	458	3	w.m	w.m	PROPN
cjfa-35415	458	4	.	.	PUNCT
cjfa-35415	458	5	(	(	PUNCT
cjfa-35415	458	6	1993	1993	NUM
cjfa-35415	458	7	)	)	PUNCT
cjfa-35415	458	8	.	.	PUNCT
cjfa-35415	459	1	estimating	estimate	VERB
cjfa-35415	459	2	the	the	DET
cjfa-35415	459	3	impact	impact	NOUN
cjfa-35415	459	4	of	of	ADP
cjfa-35415	459	5	the	the	DET
cjfa-35415	459	6	r&d	r&d	NOUN
cjfa-35415	459	7	tax	tax	NOUN
cjfa-35415	459	8	credit	credit	NOUN
cjfa-35415	459	9	on	on	ADP
cjfa-35415	459	10	strategic	strategic	ADJ
cjfa-35415	459	11	groups	group	NOUN
cjfa-35415	459	12	in	in	ADP
cjfa-35415	459	13	the	the	DET
cjfa-35415	459	14	pharmaceutical	pharmaceutical	ADJ
cjfa-35415	459	15	industry	industry	NOUN
cjfa-35415	459	16	.	.	PUNCT
cjfa-35415	460	1	research	research	NOUN
cjfa-35415	460	2	policy	policy	NOUN
cjfa-35415	460	3	,	,	PUNCT
cjfa-35415	460	4	22(4	22(4	NUM
cjfa-35415	460	5	)	)	PUNCT
cjfa-35415	460	6	,	,	PUNCT
cjfa-35415	460	7	337	337	NUM
cjfa-35415	460	8	-	-	SYM
cjfa-35415	460	9	351	351	NUM
cjfa-35415	460	10	.	.	PUNCT
cjfa-35415	461	1	http://	http://	PROPN
cjfa-35415	461	2	dx.doi.org/10.1016/0048-7333(93)90004-2	dx.doi.org/10.1016/0048-7333(93)90004-2	NOUN
cjfa-35415	461	3	.	.	PUNCT
cjfa-35415	462	1	http://dx.doi.org/doi:10.1177/0148558x0101600204	http://dx.doi.org/doi:10.1177/0148558x0101600204	PROPN
cjfa-35415	462	2	http://dx.doi.org/doi:10.1177/0148558x0101600204	http://dx.doi.org/doi:10.1177/0148558x0101600204	PROPN
cjfa-35415	462	3	http://elsa.berkeley.edu/~bhhall/papers/hallvanreenan%20rp00.pdf	http://elsa.berkeley.edu/~bhhall/papers/hallvanreenan%20rp00.pdf	NOUN
cjfa-35415	462	4	http://elsa.berkeley.edu/~bhhall/papers/hallvanreenan%20rp00.pdf	http://elsa.berkeley.edu/~bhhall/papers/hallvanreenan%20rp00.pdf	NOUN
cjfa-35415	462	5	reexamining	reexamine	VERB
cjfa-35415	462	6	the	the	DET
cjfa-35415	462	7	economic	economic	ADJ
cjfa-35415	462	8	recovery	recovery	NOUN
cjfa-35415	462	9	tax	tax	NOUN
cjfa-35415	462	10	act	act	NOUN
cjfa-35415	462	11	of	of	ADP
cjfa-35415	462	12	1981	1981	NUM
cjfa-35415	462	13	…	…	PUNCT
cjfa-35415	462	14	43	43	NUM
cjfa-35415	462	15	merz	merz	NOUN
cjfa-35415	462	16	,	,	PUNCT
cjfa-35415	462	17	m.	m.	NOUN
cjfa-35415	462	18	(	(	PUNCT
cjfa-35415	462	19	2021	2021	NUM
cjfa-35415	462	20	)	)	PUNCT
cjfa-35415	462	21	.	.	PUNCT
cjfa-35415	463	1	innovative	innovative	ADJ
cjfa-35415	463	2	efficiency	efficiency	NOUN
cjfa-35415	463	3	as	as	ADP
cjfa-35415	463	4	a	a	DET
cjfa-35415	463	5	lever	lever	NOUN
cjfa-35415	463	6	to	to	PART
cjfa-35415	463	7	overcome	overcome	VERB
cjfa-35415	463	8	financial	financial	ADJ
cjfa-35415	463	9	constraints	constraint	NOUN
cjfa-35415	463	10	in	in	ADP
cjfa-35415	463	11	r&d	r&d	NOUN
cjfa-35415	463	12	contests	contest	NOUN
cjfa-35415	463	13	.	.	PUNCT
cjfa-35415	464	1	economics	economic	NOUN
cjfa-35415	464	2	of	of	ADP
cjfa-35415	464	3	innovation	innovation	NOUN
cjfa-35415	464	4	and	and	CCONJ
cjfa-35415	464	5	new	new	ADJ
cjfa-35415	464	6	technology	technology	NOUN
cjfa-35415	464	7	,	,	PUNCT
cjfa-35415	464	8	30(3	30(3	NUM
cjfa-35415	464	9	)	)	PUNCT
cjfa-35415	464	10	,	,	PUNCT
cjfa-35415	464	11	284	284	NUM
cjfa-35415	464	12	-	-	SYM
cjfa-35415	464	13	294	294	NUM
cjfa-35415	464	14	.	.	PUNCT
cjfa-35415	465	1	http://	http://	PROPN
cjfa-35415	465	2	dx.doi.org/10.1080/10438599.2019.1695946	dx.doi.org/10.1080/10438599.2019.1695946	PROPN
cjfa-35415	465	3	.	.	PUNCT
cjfa-35415	466	1	mohnen	mohnen	NOUN
cjfa-35415	466	2	,	,	PUNCT
cjfa-35415	466	3	p.	p.	PROPN
cjfa-35415	466	4	,	,	PUNCT
cjfa-35415	466	5	vankan	vankan	ADJ
cjfa-35415	466	6	,	,	PUNCT
cjfa-35415	466	7	a.	a.	NOUN
cjfa-35415	466	8	,	,	PUNCT
cjfa-35415	466	9	&	&	CCONJ
cjfa-35415	466	10	verspagen	verspagen	PROPN
cjfa-35415	466	11	,	,	PUNCT
cjfa-35415	466	12	b.	b.	PROPN
cjfa-35415	466	13	(	(	PUNCT
cjfa-35415	466	14	2017	2017	NUM
cjfa-35415	466	15	)	)	PUNCT
cjfa-35415	466	16	.	.	PUNCT
cjfa-35415	467	1	evaluating	evaluate	VERB
cjfa-35415	467	2	the	the	DET
cjfa-35415	467	3	innovation	innovation	NOUN
cjfa-35415	467	4	box	box	PROPN
cjfa-35415	467	5	tax	tax	NOUN
cjfa-35415	467	6	policy	policy	NOUN
cjfa-35415	467	7	instrument	instrument	NOUN
cjfa-35415	467	8	in	in	ADP
cjfa-35415	467	9	the	the	DET
cjfa-35415	467	10	netherlands	netherlands	PROPN
cjfa-35415	467	11	,	,	PUNCT
cjfa-35415	467	12	2007	2007	NUM
cjfa-35415	467	13	-	-	SYM
cjfa-35415	467	14	2013	2013	NUM
cjfa-35415	467	15	.	.	PUNCT
cjfa-35415	468	1	oxford	oxford	PROPN
cjfa-35415	468	2	review	review	NOUN
cjfa-35415	468	3	of	of	ADP
cjfa-35415	468	4	economic	economic	ADJ
cjfa-35415	468	5	policy	policy	NOUN
cjfa-35415	468	6	,	,	PUNCT
cjfa-35415	468	7	33(1	33(1	NUM
cjfa-35415	468	8	)	)	PUNCT
cjfa-35415	468	9	,	,	PUNCT
cjfa-35415	468	10	141	141	NUM
cjfa-35415	468	11	-	-	SYM
cjfa-35415	468	12	156	156	NUM
cjfa-35415	468	13	.	.	PUNCT
cjfa-35415	469	1	http://dx.doi.org/10.1093/oxrep/grw038	http://dx.doi.org/10.1093/oxrep/grw038	PROPN
cjfa-35415	469	2	.	.	PUNCT
cjfa-35415	470	1	stewart	stewart	PROPN
cjfa-35415	470	2	,	,	PUNCT
cjfa-35415	470	3	l.a	l.a	PROPN
cjfa-35415	470	4	.	.	PROPN
cjfa-35415	470	5	,	,	PUNCT
cjfa-35415	470	6	warda	warda	PROPN
cjfa-35415	470	7	,	,	PUNCT
cjfa-35415	470	8	j.	j.	PROPN
cjfa-35415	470	9	,	,	PUNCT
cjfa-35415	470	10	&	&	CCONJ
cjfa-35415	470	11	atkinson	atkinson	PROPN
cjfa-35415	470	12	,	,	PUNCT
cjfa-35415	470	13	r.	r.	PROPN
cjfa-35415	470	14	(	(	PUNCT
cjfa-35415	470	15	2012	2012	NUM
cjfa-35415	470	16	)	)	PUNCT
cjfa-35415	470	17	.	.	PUNCT
cjfa-35415	471	1	we	we	PRON
cjfa-35415	471	2	’re	’re	VERB
cjfa-35415	471	3	#	#	SYM
cjfa-35415	471	4	27	27	NUM
cjfa-35415	471	5	:	:	PUNCT
cjfa-35415	471	6	the	the	DET
cjfa-35415	471	7	united	united	PROPN
cjfa-35415	471	8	states	states	PROPN
cjfa-35415	471	9	lags	lag	VERB
cjfa-35415	471	10	far	far	ADV
cjfa-35415	471	11	behind	behind	ADV
cjfa-35415	471	12	in	in	ADP
cjfa-35415	471	13	r&d	r&d	NOUN
cjfa-35415	471	14	tax	tax	NOUN
cjfa-35415	471	15	incentive	incentive	NOUN
cjfa-35415	471	16	generosity	generosity	NOUN
cjfa-35415	471	17	,	,	PUNCT
cjfa-35415	471	18	https://itif.org/publications/2012/07/19/	https://itif.org/publications/2012/07/19/	PROPN
cjfa-35415	471	19	we%e2%80%99re-27	we%e2%80%99re-27	PROPN
cjfa-35415	471	20	-	-	PUNCT
cjfa-35415	471	21	united	unite	VERB
cjfa-35415	471	22	-	-	PUNCT
cjfa-35415	471	23	states	state	NOUN
cjfa-35415	471	24	-	-	PUNCT
cjfa-35415	471	25	lags	lag	NOUN
cjfa-35415	471	26	-	-	PUNCT
cjfa-35415	471	27	far	far	ADV
cjfa-35415	471	28	-	-	PUNCT
cjfa-35415	471	29	behind	behind	ADP
cjfa-35415	471	30	-	-	PUNCT
cjfa-35415	471	31	rd	rd	NOUN
cjfa-35415	471	32	-	-	PUNCT
cjfa-35415	471	33	tax	tax	NOUN
cjfa-35415	471	34	-	-	PUNCT
cjfa-35415	471	35	incentive	incentive	NOUN
cjfa-35415	471	36	-	-	PUNCT
cjfa-35415	471	37	generosity	generosity	NOUN
cjfa-35415	471	38	.	.	PUNCT
cjfa-35415	472	1	szlęzak	szlęzak	NOUN
cjfa-35415	472	2	-	-	PUNCT
cjfa-35415	472	3	matusewicz	matusewicz	NOUN
cjfa-35415	472	4	,	,	PUNCT
cjfa-35415	472	5	j.	j.	PROPN
cjfa-35415	472	6	(	(	PUNCT
cjfa-35415	472	7	2014	2014	NUM
cjfa-35415	472	8	)	)	PUNCT
cjfa-35415	472	9	.	.	PUNCT
cjfa-35415	473	1	models	model	NOUN
cjfa-35415	473	2	of	of	ADP
cjfa-35415	473	3	tax	tax	NOUN
cjfa-35415	473	4	incentives	incentive	NOUN
cjfa-35415	473	5	for	for	ADP
cjfa-35415	473	6	r&d	r&d	NOUN
cjfa-35415	473	7	activities	activity	NOUN
cjfa-35415	473	8	of	of	ADP
cjfa-35415	473	9	enterprises	enterprise	NOUN
cjfa-35415	473	10	in	in	ADP
cjfa-35415	473	11	european	european	PROPN
cjfa-35415	473	12	union	union	PROPN
cjfa-35415	473	13	countries	country	NOUN
cjfa-35415	473	14	.	.	PUNCT
cjfa-35415	474	1	copernican	copernican	PROPN
cjfa-35415	474	2	journal	journal	PROPN
cjfa-35415	474	3	of	of	ADP
cjfa-35415	474	4	finance	finance	PROPN
cjfa-35415	474	5	&	&	CCONJ
cjfa-35415	474	6	accounting	accounting	PROPN
cjfa-35415	474	7	,	,	PUNCT
cjfa-35415	474	8	3(1	3(1	NUM
cjfa-35415	474	9	)	)	PUNCT
cjfa-35415	474	10	,	,	PUNCT
cjfa-35415	474	11	145	145	NUM
cjfa-35415	474	12	-	-	SYM
cjfa-35415	474	13	160	160	NUM
cjfa-35415	474	14	.	.	PUNCT
cjfa-35415	475	1	http://dx.doi.org/10.12775/cjfa.2014.012	http://dx.doi.org/10.12775/cjfa.2014.012	NOUN
cjfa-35415	475	2	.	.	PUNCT
cjfa-35415	475	3	tillinger	tillinger	NOUN
cjfa-35415	475	4	,	,	PUNCT
cjfa-35415	475	5	j.w	j.w	PROPN
cjfa-35415	475	6	.	.	PROPN
cjfa-35415	476	1	(	(	PUNCT
cjfa-35415	476	2	1991	1991	NUM
cjfa-35415	476	3	)	)	PUNCT
cjfa-35415	476	4	.	.	PUNCT
cjfa-35415	477	1	an	an	DET
cjfa-35415	477	2	analysis	analysis	NOUN
cjfa-35415	477	3	of	of	ADP
cjfa-35415	477	4	the	the	DET
cjfa-35415	477	5	effectiveness	effectiveness	NOUN
cjfa-35415	477	6	of	of	ADP
cjfa-35415	477	7	the	the	DET
cjfa-35415	477	8	research	research	NOUN
cjfa-35415	477	9	and	and	CCONJ
cjfa-35415	477	10	experimentation	experimentation	NOUN
cjfa-35415	477	11	tax	tax	NOUN
cjfa-35415	477	12	credit	credit	NOUN
cjfa-35415	477	13	in	in	ADP
cjfa-35415	477	14	a	a	DET
cjfa-35415	477	15	model	model	NOUN
cjfa-35415	477	16	of	of	ADP
cjfa-35415	477	17	valuation	valuation	NOUN
cjfa-35415	477	18	.	.	PUNCT
cjfa-35415	478	1	the	the	DET
cjfa-35415	478	2	journal	journal	NOUN
cjfa-35415	478	3	of	of	ADP
cjfa-35415	478	4	the	the	DET
cjfa-35415	478	5	american	american	PROPN
cjfa-35415	478	6	taxation	taxation	PROPN
cjfa-35415	478	7	association	association	PROPN
cjfa-35415	478	8	,	,	PUNCT
cjfa-35415	478	9	13(2	13(2	PROPN
cjfa-35415	478	10	)	)	PUNCT
cjfa-35415	478	11	,	,	PUNCT
cjfa-35415	478	12	1	1	NUM
cjfa-35415	478	13	-	-	SYM
cjfa-35415	478	14	29	29	NUM
cjfa-35415	478	15	.	.	PUNCT
cjfa-35415	479	1	ziółkowska	ziółkowska	PROPN
cjfa-35415	479	2	,	,	PUNCT
cjfa-35415	479	3	w.	w.	PROPN
cjfa-35415	479	4	(	(	PUNCT
cjfa-35415	479	5	2018	2018	NUM
cjfa-35415	479	6	)	)	PUNCT
cjfa-35415	479	7	.	.	PUNCT
cjfa-35415	480	1	innovativeness	innovativeness	NOUN
cjfa-35415	480	2	of	of	ADP
cjfa-35415	480	3	the	the	DET
cjfa-35415	480	4	polish	polish	ADJ
cjfa-35415	480	5	economy	economy	NOUN
cjfa-35415	480	6	in	in	ADP
cjfa-35415	480	7	the	the	DET
cjfa-35415	480	8	context	context	NOUN
cjfa-35415	480	9	of	of	ADP
cjfa-35415	480	10	sustainable	sustainable	ADJ
cjfa-35415	480	11	development	development	NOUN
cjfa-35415	480	12	.	.	PUNCT
cjfa-35415	481	1	copernican	copernican	PROPN
cjfa-35415	481	2	journal	journal	PROPN
cjfa-35415	481	3	of	of	ADP
cjfa-35415	481	4	finance	finance	PROPN
cjfa-35415	481	5	&	&	CCONJ
cjfa-35415	481	6	accounting	accounting	PROPN
cjfa-35415	481	7	,	,	PUNCT
cjfa-35415	481	8	7(3	7(3	NUM
cjfa-35415	481	9	)	)	PUNCT
cjfa-35415	481	10	,	,	PUNCT
cjfa-35415	481	11	71	71	NUM
cjfa-35415	481	12	-	-	SYM
cjfa-35415	481	13	88	88	NUM
cjfa-35415	481	14	.	.	PUNCT
cjfa-35415	482	1	http://	http://	PROPN
cjfa-35415	482	2	dx.doi.org/10.12775/	dx.doi.org/10.12775/	NOUN
cjfa-35415	482	3	cjfa.2018.016	cjfa.2018.016	PROPN
cjfa-35415	482	4	.	.	PUNCT