Alcohol and culture

Abstract

The present paper compare the market valuation on the R&D investement of UK/US and other eropean countries (France, Germany, and Intaly). This investigation is important in that revealing the influence of institutional envrionment on the Market Valuation of R&D investment("relevace of inter relevance of the economies", "the sepcificity of their capital market", "Corporate governenace regimes and lawsytem", and difference in the shcemes of the public incentives to private R&D) Difference in the market valuation of R&D invenstment across the countries. When we control the fixed effect => the valuation of the R&D capital in the countries is very simlar all the estimated coeffiicient of the R&D capita <<1 => non-optimal amount of resources in R&D = may investing too much or the private depreciation about the R&D expenditure would very large than expected