Journal Publications
Crowding in or Crowding Out? Evidence from Discontinuity in the Assignment of Business R&D Subsidies
with Martin Srholec
Journal of Public Economics (accepted)
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
How Many of Us Can Work from Home? Evidence for the Czech Republic
with Petr Janský and Marek Šedivý
Politická ekonomie (69:5, 2021)
Download: paper
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
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)
Download: paper
Skutečná kupní síla v krajích České republiky: Zohlednění regionální cenové hladiny a struktury pracovní síly
with Petr Janský
Politická ekonomie (7, 2015)
Download: paper
Work in progress
How Effective Are R&D Tax Incentives? Reconciling the Micro and Macro Evidence
[R&R American Economic Journal: Economic Policy]
with Silvia Appelt, Chiara Criscuolo and Fernando Galindo-Rueda
Download: paper, online appendix
Media coverage: VoxEU
Recent firm-level studies find R&D tax incentives to be much more effective at stimulating firms’ R&D investment than what aggregate analyses indicate. Based on a distributed analysis of official R&D survey and administrative tax relief microdata for 19 OECD countries, we show that two factors can reconcile these contrasting results. Firstly, a limited uptake of R&D tax incentives in most countries makes aggregate studies underestimate the effectiveness of R&D tax incentives. Secondly, R&D tax incentives are (much) less effective for large and R&D-intensive firms, which account for a small share of R&D-performing firms but most aggregate R&D tax relief.
Tax Compliance of Multinationals and Industry Concentration in the European Union
[submitted]
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
with Suren Karapetyan
Using a difference-in-differences design and a global database of startups, investors and deals, we study the effect of exits (IPOs and acquisitions) of unicorn companies — privately held startups valued over USD 1 billion — on 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 27%, relative to investors in a matched control group. The effects are driven by IPOs and early investors of the exiting unicorns: a unicorn IPO % increases the investment count and value of the unicorn’s early investors respectively by 30% and 210%, or equivalently leads, on average, to 2 additional investments and additional USD 13 million invested by each of the unicorn’s early investors. The results provide evidence of an important mechanism in which a successful investment exit boosts subsequent startup activity.
Coverage and Representativeness of Orbis Data
with Giuseppe Berlingieri, Sara Calligaris, Chiara Criscuolo and Jonathan Timmis
OECD STI Working Paper 6 (2020)
Download: OECD STI WP
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)
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