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About the Author(s)

Ashish Arora

Ashish Arora is the Rex D. Adams Professor of Business Administration at Duke University’s Fuqua School of Business and a research associate in the NBER’s Productivity, Innovation, and Entrepreneurship Program. Prior to arriving at Duke, he was on the faculty at Carnegie Mellon University’s Heinz College of Information Systems and Public Policy. He serves as editor of the entrepreneurship and innovation department at Management Science, and prior to that served as an editor of research policy, 2008–14. His research focuses on the economics of technical change and innovation. Arora received his BA in economics from Delhi University and his PhD from Stanford University, also in economics.

Sharon Belenzon

Sharon Belenzon is a professor in the strategy area of Duke University’s Fuqua School of Business and an NBER research associate affiliated with the Productivity, Innovation, and Entrepreneurship Program. His research investigates the role of business in advancing science. Through various lenses and perspectives, this research aims to deepen understanding of why American corporations participate in scientific research and why they have been cutting back on this activity over the past four decades. The work develops large-scale empirical measures of research and development and the application of science to technology. Belenzon earned MA and BA degrees in economics from Tel Aviv University, Israel. He received his PhD from the London School of Economics and Political Science and completed postdoctorate work Nuffield College, University of Oxford. He was the 2007 recipient of the Ewing Marion Kauffman Foundation postdoctoral fellowship at the NBER.


1.  “The Decline of Science in Corporate R&D,” Arora A, Belenzon S, Patacconi A. Strategic Management Journal 39(1), January 2018, pp. 3–32. Go to ⤴︎
2.  “The Changing Structure of American Innovation: Some Cautionary Remarks for Economic Growth,” Arora A, Belenzon S, Patacconi A, Suh J. Innovation Policy and the Economy 20, 2020, pp. 39–93. Go to ⤴︎
3.  “Inventors, Firms, and the Market for Technology in the Late Nineteenth and Early Twentieth Centuries,” Lamoreaux N, Sokoloff K. In Learning by Doing in Markets, Firms, and Countries, Lamoreaux N, Raff D, Temin P, editors pp. 19–60. Chicago: University of Chicago Press, 1999. Go to ⤴︎
4. "Paths of Innovation: Technological Change in 20th-Century America, Mowery D, Rosenberg N. Cambridge, UK: Cambridge University Press, 1999. Go to ⤴︎
5. The Rise of Scientific Research in Corporate America,” Arora A, Belenzon S, Kosenko K, Suh J, Yafeh Y. NBER Working Paper 29260, November 2022. Go to ⤴︎
6. “Public Science and Corporate Innovation,” Arora A, Belenzon S, Cioaca L, Sheer L, Zhang H. Mimeo, Duke University. Go to ⤴︎
7. Knowledge Spillovers and Corporate Investment in Scientific Research,” Arora A, Belenzon S, Sheer L. American Economic Review 111(3), March 2021, pp. 871–898. Go to ⤴︎
8. “(When) Does Patent Protection Spur Cumulative Research within Firms?” Arora A, Belenzon S, Marx M, Shvadron D. NBER Working Paper 28880, June 2021. Go to ⤴︎
9. Guaranteed Markets and Corporate Scientific Research,” Belenzon S, Cioaca L. NBER Working Paper 28644, January 2023. Go to ⤴︎
10. Science Indicators 1980 Report of the National Science Board 1981,” Washington, DC: US Government Printing Office, 1981. Go to ⤴︎
11. "Venture Capital’s Role in Financing Innovation: What We Know and How Much We Still Need to Learn,” Lerner J, Nanda R. Journal of Economic Perspectives 34(3), Summer 2020, pp. 237–261. Go to ⤴︎
12. Caught in the Middle: The Bias against Startup Innovation with Technical and Commercial Challenges,” Arora A, Fosfuri A, Rønde T. NBER Working Paper 29654, January 2022 Go to ⤴︎

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