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UID:32e20ce56086317731f682327659947b
CATEGORIES:Seminars
CREATED:20150211T195618
SUMMARY:Francesco D’Acunto - University of California, Berkeley (Job Market Seminar)
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:<p style="text-align: justify;"><strong>Innovating to Invest: The Role of B
 asic Education</strong></p><p style="text-align: justify;">Abstract:</p><p 
 style="text-align: justify;">Despite the focus of entrepreneurial finance r
 esearch on high-tech innovation, more than 75% of innovations are new proce
 sses and products in traditional manufacturing. I show that basic education
  is a key determinant of innovation in traditional industries. I document t
 hat manufacturers in European regions with 10% more high school graduates f
 ile 15% more patents, and invest 4% more in capital expenditures. To absorb
  spatially correlated unobservables, I construct Virtual Regions that only 
 exploit the variation in basic education across nearby locations. To addres
 s the possibility of reverse causality, I establish that regional basic edu
 cation persists for decades, and I use the quasi-exogenous diffusion of the
  printing press after 1450 to instrument for historical basic education. Th
 e results offer a human capital channel for innovation that feeds into the 
 innovation-to-investment literature in finance.</p>
DTSTAMP:20260406T071458Z
DTSTART:20150218T173000Z
DTEND:20150218T190000Z
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TRANSP:OPAQUE
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