On the Cyclicality of R&D

By Ouyang Min. Review of Economics and Statistics, 2011

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Strategic management during the financial crisis: How firms adjust their strategic investments in response to credit market disruptions (2021, background): “…has long been studied in this literature, the focus has been on more “traditional” disruptions in the firm’s external environment such as industry decline and business cycle fluctuations (e.g., Aghion et al., 2012; Anand and Singh, 1997; Barlevy, 2007; Fabrizio and Tsolmon, 2014; Ouyang, 2011).”
Financing constraints and investments in R&D: Evidence from Indian manufacturing firms (2015, unknown): “Another strand of literature support pro-cyclicality of R&D (Ouyang 2011), i.e., R&D increases during booms and decreases during recessions.”