Journal Publications
Research grants and independent scientific contributions: Evidence from authorship position
with Suren Karapetyan
Economics Letters (262, 2026)
Download: paper, online appendix
How Effective Are R&D Tax Incentives? Reconciling the Micro and Macro Evidence
with Silvia Appelt, Chiara Criscuolo and Fernando Galindo-Rueda
American Economic Journal: Economic Policy (accepted)
Download: paper, online appendix
Media coverage: VoxEU
Crowding in or Crowding Out? Evidence from Discontinuity in the Assignment of Business R&D Subsidies
with Martin Srholec
Journal of Public Economics (245, 2025)
Download: paper
Intangibles and Industry Concentration: A Cross-Country Analysis
with Chiara Criscuolo and Jonathan Timmis
Oxford Bulletin of Economics and Statistics (forthcoming)
Download: paper, online appendix
Media coverage: Harvard Business Review
Industry Concentration in Europe and North America
with Giuseppe Berlingieri, Sara Calligaris, Chiara Criscuolo and Jonathan Timmis
Industrial and Corporate Change (34:3, 2025)
Download: paper, online appendix
Media coverage: The Economist
Climbing the Rungs of the Quality Ladder: FDI and Domestic Exporters in Romania
with Beata Javorcik
Economic Journal (130:628, 2020)
Download: paper, online appendix, replication package
The poor outside the lamplight: On the prevalence of poverty among population groups not included in household surveys
with Klára Kalíšková and Petr Janský
Post-Communist Economies (31:2, 2019)
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Work in progress
R&D Spillovers through Buyer–Supplier Networks
with Jonathan Timmis and Keiko Ito
Download: paper
We study how R&D spillovers propagate through buyer–supplier networks, exploiting a major reform of Japan’s R&D tax credit system in 2003. The reform replaced the incremental credit for large firms with a volume-based scheme, reducing the marginal cost of R&D for firms with eligible expenditure below a ceiling but not for those above it or for SMEs. Using difference-in-differences, we find the reform increased R&D expenditure, innovative output and sales of treated firms. We find evidence of positive forward spillovers to downstream firms: the reform raised productivity of firms with a greater share of treated suppliers. Conversely, we find no evidence of backward spillovers to upstream firms. Treated firms also reallocated R&D from overseas affiliates to Japan while expanding affiliate employment, suggesting that headquarters’ innovation enabled scaling up of foreign production operations.
The Effect of the GILTI Tax Regime on U.S. MNEs’ Global Investments and Reporting
with Zahrah Abdulrauf, Benjamin Glass, Petr Janský and Jane Z. Song
Tax Compliance of Multinationals and Industry Concentration in the European Union
with Petr Janský and Tijmen Tuinsma
Download: paper, online appendix
We examine whether tax compliance of multinationals reduces industry concentration by exploiting a 2016 country-by-country reporting reform in a difference-in-differences approach. We find that increased tax compliance following the reform reduced the consolidated global sales of large multinationals subject to the reform. Specifically, a one percentage point rise in effective tax rates was associated with a 1.8% decrease in sales. We further find that the increased tax compliance was also associated with a decline in the sales of the affected multinationals’ subsidiaries and a decrease in concentration in industries where the top firms were subject to the reform.
Unicorn Exits and Subsequent Venture Capital Investments
[submitted]
with Suren Karapetyan
Download: paper
Using a difference-in-differences design and a global database of startups, investors, and deals spanning 2005–2023, we study how exits—via IPOs or acquisitions—of unicorn companies (privately held startups valued at over USD 1 billion prior to exit) shape the subsequent investment activity of their investors. We find that an exit by a unicorn startup increases the number of investments by its investors over the following 3 years by about 7.5\% and the value of their investments by about 23\%, relative to investors in a matched control group. The effects are driven by IPOs and early investors of the exiting unicorns: a unicorn IPO leads, on average, to 2 additional investments and an additional USD 13 million invested by each of the unicorn’s early investors. Post-exit investments increase both within and outside of the location and the industry of the exited unicorn, but the growth in investments outside the original geography and industry is more pronounced.
The results provide evidence of an important mechanism in which a successful investment exit boosts subsequent venture capital activity, but they also indicate that this activity need not be concentrated in the same locations and industries.
Journal publications in Czech language
How Many of Us Can Work from Home? Evidence for the Czech Republic
with Petr Janský and Marek Šedivý
Politická ekonomie (69:5, 2021)
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Skutečná kupní síla v krajích České republiky: Zohlednění regionální cenové hladiny a struktury pracovní síly
with Petr Janský
Politická ekonomie (7, 2015)
Download: paper
Policy publications
Publikační výkonnost panelistů Grantové agentury ČR (2019–2021) [in Czech]
IDEA, CERGE-EI (2022)
Standardní granty GA ČR a publikační výkonnost vědců: Kontrafaktuální analýza projektů udělených v letech 2005-2014 [in Czech]
IDEA, CERGE-EI (2021)
Coverage and Representativeness of Orbis Data
with Giuseppe Berlingieri, Sara Calligaris, Chiara Criscuolo and Jonathan Timmis
OECD STI Working Paper 6 (2020)
The effects of R&D Tax Incentives and Their Role in the Innovation Policy Mix
with Silvia Appelt, Chiara Criscuolo and Fernando Galindo-Rueda
OECD STI Policy Paper 92 (2020)
Media coverage: VoxEU
Coverage and Representativeness of Orbis Data
with Giuseppe Berlingieri, Sara Calligaris, Chiara Criscuolo and Jonathan Timmis
OECD STI Working Paper 6 (2020)
Can Firm Micro Data Match Macro Trends? Comparing MultiProd and STAN
with Giuseppe Berlingieri, Sara Calligaris and Chiara Criscuolo
OECD STI Working Paper 2 (2019)
Bits and bolts: The digital transformation and manufacturing
with Sara Calligaris, Flavio Calvino, Chiara Criscuolo and Jonathan Timmis
OECD STI Policy Paper 1 (2019)
R&D Tax Incentives: Evidence on design, incidence and impacts
with Silvia Appelt, Chiara Criscuolo and Fernando Galindo-Rueda
OECD STI Policy Paper 32 (2016)
Fiscal incentives for R&D and innovation in a diverse world
with Thomas Neubig, Fernando Galindo-Rueda, Silvia Appelt and Chiara Criscuolo
OECD Taxation Working Paper 27 (2016)
Impact of apprenticeships on individuals and firms
with Chiara Criscuolo
OECD STI Working Paper 6 (2016)
Chapters
Designing Evaluation of Modern Apprenticeships in Scotland
with Chiara Criscuolo
In N. Crato and P. Paruolo, editors, Data-Driven Policy Impact Evaluation, 2019, Springer, Cham