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, M. (2003): The Role of FDI, R&D Accumulation and Trade in Transferring Technology to Transition Countries: Evidence from Firm Panel Data for Eight Transition Countries. Economic Systems , 27(2): 189

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The soft budget constraint

An introductory study to volume IV of the Life’s Work series

Acta Oeconomica
Author: János Kornai

1165 1182 Lizal, L. - Svejnar, J. (2002): Investment, Credit Rationing, and the Soft Budget Constraint: Evidence from Czech Panel Data. Review of Economics and Statistics , 84

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People’s Choice . New York : Columbia University Press . Lohse , G. L. – Bellman , S. ( 2000 ): Consumer Buying Behavior on the Internet: Findings from Panel Data . Journal of

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Acta Oeconomica
Authors: Ingrid-Mihaela Dragotă, Victor Dragotă, Andreea Curmei-Semenescu, and Daniel Traian Pele

Finance , 32 ( 9 ): 1954 – 1969 . De Miguel , A. – Pindado , J. ( 2001 ): Determinants of Capital Structure: New Evidence from Spanish Panel Data . Journal of Corporate Finance

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. Damijan , J. P. – Knell , M. – Majcen , B. – Rojec , M. ( 2003 ): The Role of FDI, R&D Accumulation and Trade in Transferring Technology to Transition Countries: Evidence from Firm Panel Data for Eight Transition Countries . Economic Systems

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. - Szanyi, M. (2009): The Concentric-Circle Model of FDI Spillover Effects: Estimation Using Hungarian Panel Data. IER Discussion Paper A521, Institute of Economic Research, Hitotsubashi University. Szanyi M

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, generally relying on panel data, but ending before 2014 (the corresponding results of several other papers are summarised in Table 1 – online ). As shown by the lower panel, the pattern reflecting the relationship between price levels and relative incomes

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-country or panel data and made use of GDP as the dependent variable. The selection of variables for this study took these empirical studies into consideration; however, our final model is based on the objectives of this study and the availability of data. We

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.05, *significance at 0.1 level. The panel data analysis included fixed effects, which remove the effects of time-invariant characteristics of economies. The functional form of the model for panel economy-wide data is given as follows: (5) ln ⁡ λ i = α + β ′ x i t

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data of this study are obtained from the COMPUSTAT database and the patent data of this study are gathered from United States Patent and Trademark Office (USPTO). There are 90 American pharmaceutical companies in the sample. The panel data in this study

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