The debate about the effects of corporate restructuring on industrial investment in research and development has important implications for public policy, since research and development is vital to the nation's ability to compete in the global marketplace. Researchers worry that debt service will cut research and development funds; financiers argue that restructuring improves corporate efficiency without affecting research and development expenditures. This book eminated from a symposium sponsored by the Academy Industry Program. The speakers represented a range of opinions from government, Wall Street, industry, and academia. In addition to helping all sides in the dialogue learn something of the others' needs and expectations by presenting various points of view on the issue, the discussions identify areas in which more research is needed to guide policy decisions.

For almost thirty years, Brookings Papers on Economic Activity (BPEA) has provided academic and business economists, government officials, and members of the financial and business communities with timely research of current economic issues. Contents Include: Articles SANJA BHAGAT, ANDREI SHILEIFER, and ROBERT W. VISHNY Hostile Takeovers in the 1980: The return to Corporate Specialization BRONWYN H. HALL The Impact of Corporate Restructuring on Industrial Research and Development MICHAEL L. KATZ and JANUSZ A. ORDOVER R&D Cooperation and Competition OLIVER HART and JEAN TIROLE Vertical Integration and Market Foreclosure MICHAEL SALINGER The Concentration-Margins Relationship Reconsidered PAUL M. ROMER Capital, Labor, and Productivity MARTIN NEIL BAILY and CHARLE L. SCHILTZE The Productivity of Capital in a Period of Slower Growth

R&D, Innovation and Competitiveness in the European Chemical Industry explores the science & technology base and the dynamic performance of the European "system of innovation" in the chemical industry, with particular attention to its contribution to economic growth through innovation and competitiveness, and its ability to translate its research into commercially useful products. It also analyses the forces that encourage the diffusion of chemical innovations on downstream user industries and among large and small firms. The studies presented in this book represent an analysis of the issues and questions raised by the Green Paper on Innovation presented by the European Commission, for the specific case of the European chemical industry. R&D, Innovation and Competitiveness in the European Chemical Industry will be of interest to industry and government experts related to the chemical industry, scholars; both faculty and graduate students interested in growth, corporate strategy and the management of innovation.

Presents a discussion of recent trends and prospects in science, technology and industry, based on comparative indicators, such as output, investment and productivity, research and development (R&D), patent activity and innovation and knowledge flows.

Corporate governance constitutes the internal and external institutions, markets, policies, and processes designed to help companies maximize their efficiency and value. In this collection of classic and current articles from the Journal of Applied Corporate Finance, thought leaders such as Michael Jensen and Robert Monks discuss the corporate mission of value maximization and the accomplishments and limitations of the U.S. governance system in achieving that end. Essays address the elements driving corporate value: the board of directors, compensation for CEOs and other employees, incentives and organizational structure, external ownership and control, role of markets, and financial reporting. They evaluate best practice methods, challenges in designing equity plans, transferable stock options, the controversy over executive compensation, the values of decentralization, identifying and attracting the "right" investors, the evolution of shareholder activism, creating value through mergers and acquisitions, and the benefits of just saying no to Wall Street's "earnings game." Grounded in solid research and practice, U.S. Corporate Governance is a crucial companion for navigating the world of modern finance.